The latest Bazaarvoice Shopper Experience Index reports that a significant 80.5% of Australian shoppers depend on consumer-centric content when making purchase decisions, evidently the same or even more when compared to last year. Most of them are chiefly interested in information concerning products' value for money (65%), quality (49%), and applicability to their intended use (45.9%).
The survey showed that a substantial 61.7% of the respondents feel greatly assured about their purchases when they use shopper-generated content. Furthermore, 39% of the participants stated that without such content, they are hesitant to buy products.
The Index further revealed that of the respondents, a good 48.5% feel adequately equipped to make an informed buying choice based purely on between one to ten reviews. Nearly half of the participants (48.4%) regard the latest reviews as more trustworthy than older ones.
Over half of them, 58.2%, expressed more faith in shoppers' content, including reviews, photos, videos, and Q&A, than content generated by the brand. Notably, a majority of 71.1% believe a balanced combination of positive and negative reviews is crucial for rightly setting purchasing expectations.
Helen Crowe, APAC Managing Director at Bazaarvoice, commented: "This year's study underscores the economic impact on Australian shoppers' behaviours and their reduction in spending and reveals how, in times like these, consumers depend even more on fellow shoppers for advice and view social media as their primary source for product discovery and purchases."
When it comes to content choice for a product, shopping choices are mainly influenced by factors such as high-quality reviews (25.2%), average star rating (19.5%), and how recently a review was posted (7.3%).
The survey also showed that significant changes have been made in buying patterns, with eight out of ten Australians having cut back on non-essential shopping and nearly two-thirds (66%) also reducing practical and delayable purchases.
Responding to the economic downturn, 73.9% have changed their spending habits, demonstrating consumer frugality.This reduction in consumer spending extends even to impulse buying, with only 2.8% of respondents indulging in this activity when it comes to cheaper products.
Social media also emerges as an instrumental platform impacting shopping behaviour, with 49.1% of respondents agreeing that products or services are often discovered through these channels. This influence appeared most robust amongst the age group of 18-24, with 73% having purchased something via social media in the past year and three-quarters (76%) reporting they are more likely to discover a product through this means than any other.
Representing over 1,000 Australian consumers, the Bazaarvoice Shopper Experience Index was part of a global survey encompassing seven countries, including the UK, the USA, France, Germany, Canada, and Spain. It provides the latest insights into current consumer behaviour in light of recent economic challenges and evolving digital habits.