As you already know, the online retail world is the virtual space where a lot of stores compete for consumers’ business daily and, also this is the space where a lot of online shopping myths have arisen in recent years, many of which are encouraged by internet gossiping, frequently fed and shared by social media, as well as word-of-mouth. In this article, we will clear the air concerning the most common online shopping myths.
Myth #1 – Your risk of identity theft is obvious
The fact is that online shopping is just as safe if not safer than shopping at your local store. Of the major identity theft breaches that have occurred in past years, hackers targeted major brick and mortar retailer branches to grab personal and financial information from millions of people.
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Myth #2 – In-store shopping is more convenient
The fact is that certainly, there is room for argument that in-store shopping can be more convenient, namely for two reasons: shoppers get to instantly take home the product they purchased; and in-store returns are instant, too. Though, a recent survey of PayPal found that saving money and time was the reason why 43% of respondents chose online shopping.
Myth #3 – Social media is the new shopping platform
The fact is that this is one of the most misunderstood of all online shopping statistics that are out there. About half of shoppers, roughly 49%, will be active on social media daily, though, Business News Daily report found that just 12% are in fact using these platforms to do their shopping.
Myth #4 – Retail stores are just showrooms
The fact is that according to PWC, over 70% of consumers still prefer to shop in a physical store over an online store. The top items to shop for locally involve groceries, furniture, health and beauty products, books, music, and video.
Myth #5 – Webrooming doesn’t matter
Actually, they are equally as significant. Another PWC report found that showrooming i.e.: shopping locally for products but buying them online had a 32% conversion, whereas webrooming i.e.: shopping online for products but buying them locally, had a 30% conversion.
Myth #6 – Cyber Monday is the most profitable day
Definitely, it is well-founded to presume that Cyber Monday is the most popular and profitable online shopping day of the year. Though, a new report is finding that Manic Monday, the second Monday in December, is in reality more profitable for retailers.
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Myth #7 – Desktop is more popular than mobile
As a matter of fact, a mobile shopper has already overtaken desktop shopping, although by a very thin margin.
Myth #8 – Online shoppers want the lowest prices
The common myth that prevails regarding online shopping is that most people are shopping online to get the lowest price. Though, this is not the case. In a Simon-Kucher survey, it was found that a significant majority of shoppers are not using the internet to find the lowest price on products.
Myth #9 – You lose money on returns
With the rate of returns pegged at about 33% of all products that are bought online, according to WSJ, e-retailers certainly have their hands full in managing their reverse logistics. While many businesses see returns as a cost that they must absorb, emerging studies prove otherwise, that offering trouble-free online product returns can actually.