BigCommerce Finds Brands Must Keep Pace with Factors Driving Consumer Behavior in New Global Consumer Report
Current and Future Shopping Trends survey provides retailers with insight into key factors shaping how consumers buy from brands, while findings show the Metaverse, cryptocurrency and NFTs are poised to revolutionize commerce
Key insights from the survey revealed:
- Over half of consumers shop online at least once a week (55%), with fashion and apparel as the most purchased items. As for discounts, they prefer free shipping above anything else.
- Consumers who use buy now, pay later (BNPL) do so because they say it helps to fit purchases into their budget.
- Consumers want personalized shopping experiences and advertisements, and are most willing to share their email, gender and name with brands.
- Honesty and transparency are the brand values consumers look for most, but providing fair wages and benefits to employees was a close second.
- The majority of consumers (84%) rated sustainability as important when making a purchasing decision.
- Almost half (46%) of consumers are willing to shop on the Metaverse, and of those, 51% are interested in buying both virtual and physical goods.
“BigCommerce is powered by innovation that gives our merchants the competitive advantage to outperform their competition and thrive in the new era of ecommerce,” said
Consumers shop online at least once a week, fashion and apparel take top category
The report uncovered many consumers are shopping online multiple times per week, with 55% of respondents indicating they shop online at least once a week if not more. Of course this shouldn’t be that surprising considering people are shopping on Google more than a billion times a day.
As for what consumers are buying online, the report shows that fashion and apparel was by far the most popular category (80%), with electronics coming second (56%) and entertainment and media in third (55%).
Consumers are increasingly using BNPL if offered
When consumers were asked which payment methods they’ve used when shopping online, 16% said they’ve used BNPL, and of those who have used it, the majority were in the US,
Helping consumers fit purchases into their budget was revealed as a primary reason for choosing BNPL. In fact, of those who’ve used BNPL, 34% were more likely to complete a purchase if BNPL was an option, while 49% would find it easier to complete a purchase if BNPL was an option.
Personalized shopping experiences, transparency and honesty are key
Digging deeper into shopper motivations, the survey sought to understand how personalization impacts the decision to buy, as well as what information consumers are willing to share in order to get a personalized shopping experience. Thirty seven percent of respondents were willing to share data depending on what information was requested, while 30% said it depended on brand and 28% were not willing at all.
Of those willing to share personal information in exchange for a personalized advertising or shopping experience, consumers in
While consumers ranked honesty and transparency as the most important brand value, fair employee wages and benefits weren't too far behind. However, while US,
Trends transforming the future of commerce
Metaverse, cryptocurrency and NFTs are all poised to revolutionize commerce in some form or another. When it comes to Metaverse shopping, consumers were about evenly split between willing (46%) and not willing (52%). Yet, a small percentage (2%) had already shopped on the Metaverse. Consumers in
Unlike the Metaverse, the majority of consumers say they don’t have a good understanding of NFTs, with 26% saying they don’t even know what NFTs are. And this stays relatively consistent regardless of country.
When asked which payment methods were used when shopping online, 5% of consumers said they have used cryptocurrency with the majority being in the US and
“Our aim in sharing data from the Global Consumer Report is to help brands across these regions better understand consumer buying behaviors. Brands must put consumers at the heart of everything they do or risk losing market share,” concluded Eggerton.
Download the full report and explore even more global statistics on current and future consumer shopping behavior.
All data referenced in this report is sourced from the
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