The 3 Habits Of Highly Profitable Shoppers - Phillip Jackson

The only way to truly capitalize on your customer base, regardless of the product offered, is to understand them. Only after examining & analyzing customer buying habits and behaviour patterns can you begin to directly and specifically cater to their needs.

Thankfully, Phillip Jackson has been doing just that, digging deep into the data to determine how consumers are currently shopping, and how they're likely to shop in the future

Seekers Vs Stockers

There are essentially two kinds of customers, explains Jackson.

Stockers: Consumers who find brands and products they trust, and loyally return to purchase those same products at a fairly predictable and consistent rate for years.Seekers: "Disloyal" shoppers who enjoy the novelty of discovering new brands and products, who are much less likely to return for repeat business on a consistent or predictable basis

No matter what you do, no matter how you sell your product, customers will behave as either one or the other, you'll never have a customer base made of just Stockers, or have to worry about relying on the random and chaotic Seekers. 

That means that the most important and influential thing you can do to make a sale to either group is to give them the best initial sales interaction. Luckily, there are some important trends fr you to know about that will help you make the most out of your first impression and chances to score a buyer.

Customers love e-commerce. Despite the naysayers and prophets of doom, customer appreciation for online shopping has never been higher, and their spending habits show this. Rather than going to market occasionally, modern shoppers are always buying or browsing, often from the palm of their hand. This means there is practically no down-time  for e-commerce brands, customers will always be encountering your shop for the first time, giving you lots of chances to get it right.

Most First Impressions Already Are Positive. 94% of polled shoppers said they had a positive impression of e-commerce and buying their favourite products online. That means the vast majority of the industry is doing exactly what they need to for customer satisfaction and retention. Follow the trends you see from other brands, and you'll be golden.

Shoppers Only Expect To Buy More And Be More Satisfied. Contrary to expectation coming out of the pandemic crisis, customer confidence is high, and while brick and mortar stores are opening back up, most responding shopper still expect to do even more of their buying online in the near future, due entirely to the shopping experience itself.

How do I capitalize on these projections?

Jackson says that to get the most out of your already excited and energized customers, you have to consider the three things every consumer is looking for, and make sure your service provides each accordingly.

Convenience - 79% of responses said that online shopping was the best way to shop. people want to shop online, and the more you can offer them, the betterVariety - 81% of affluent shoppers, those who can afford any brand or variation of a product they want, prefer choice and a wide selectionConsistency - 70% of shoppers said they were looking specifically and only at online goods, with the intention to only buy from online retailers for the foreseeable future

Consider how your business could meet these behaviour patterns and shopping expectations, and consider how others brands don't. If you can provide any, or all, of the three to a sector of customer who isn't being catered to, then you've found your money-maker.

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The only way to truly capitalize on your customer base, regardless of the product offered, is to understand them. Only after examining & analyzing customer buying habits and behaviour patterns can you begin to directly and specifically cater to their needs.

Thankfully, Phillip Jackson has been doing just that, digging deep into the data to determine how consumers are currently shopping, and how they're likely to shop in the future

Seekers Vs Stockers

There are essentially two kinds of customers, explains Jackson.

Stockers: Consumers who find brands and products they trust, and loyally return to purchase those same products at a fairly predictable and consistent rate for years.Seekers: "Disloyal" shoppers who enjoy the novelty of discovering new brands and products, who are much less likely to return for repeat business on a consistent or predictable basis

No matter what you do, no matter how you sell your product, customers will behave as either one or the other, you'll never have a customer base made of just Stockers, or have to worry about relying on the random and chaotic Seekers. 

That means that the most important and influential thing you can do to make a sale to either group is to give them the best initial sales interaction. Luckily, there are some important trends fr you to know about that will help you make the most out of your first impression and chances to score a buyer.

Customers love e-commerce. Despite the naysayers and prophets of doom, customer appreciation for online shopping has never been higher, and their spending habits show this. Rather than going to market occasionally, modern shoppers are always buying or browsing, often from the palm of their hand. This means there is practically no down-time  for e-commerce brands, customers will always be encountering your shop for the first time, giving you lots of chances to get it right.

Most First Impressions Already Are Positive. 94% of polled shoppers said they had a positive impression of e-commerce and buying their favourite products online. That means the vast majority of the industry is doing exactly what they need to for customer satisfaction and retention. Follow the trends you see from other brands, and you'll be golden.

Shoppers Only Expect To Buy More And Be More Satisfied. Contrary to expectation coming out of the pandemic crisis, customer confidence is high, and while brick and mortar stores are opening back up, most responding shopper still expect to do even more of their buying online in the near future, due entirely to the shopping experience itself.

How do I capitalize on these projections?

Jackson says that to get the most out of your already excited and energized customers, you have to consider the three things every consumer is looking for, and make sure your service provides each accordingly.

Convenience - 79% of responses said that online shopping was the best way to shop. people want to shop online, and the more you can offer them, the betterVariety - 81% of affluent shoppers, those who can afford any brand or variation of a product they want, prefer choice and a wide selectionConsistency - 70% of shoppers said they were looking specifically and only at online goods, with the intention to only buy from online retailers for the foreseeable future

Consider how your business could meet these behaviour patterns and shopping expectations, and consider how others brands don't. If you can provide any, or all, of the three to a sector of customer who isn't being catered to, then you've found your money-maker.

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Mentioned in this episode:

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