If your company is shifting to a subscription billing model, your team is focused on moving from a transaction-centered mindset to one centered on forging and nurturing long-term customer relationships. It would be easy to take this new mindset as an excuse to jettison all the lessons your company learned from ecommerce. But choose wisely, for some ecommerce lessons still apply — especially when it concerns consumer psychology.
Take today’s inforgraphic from BargainFox. Though they use the language of transaction-centered ecommerce, these lessons apply equally to a subscription business. Many of the facts presented below have a direct impact on subscribers. Since in a subscriber model, building positive experiences for a long-term customer relationship is key, consumer psychology has an even deeper impact on a subscription business than it does in a purely transactional business model.
Consumer Psychology & Your Site
In the areas of website design, video displays, site usability and loading speed, we find that 93 percent of consumers consider visual appearance to be the key deciding factor in whether or not to make a purchase. Further, 76 percent of people say the most important characteristic of a website is ease of use. Having a well designed site that is easy to use is just as important to subscription consumer psychology as it is in ecommerce. Here your company is building trust for many future transactions, not just this one.
Consumer Psychology & Your Customers
No matter the nature of a customer’s relationship with a brand, monetizing that relationship depends on a customer’s ability to make payment easily and in a trustworthy way. Providing a payment experience that bolsters customer trust is essential no matter what the customer is purchasing. In fact, 61 percent of online shoppers decide not to complete a purchase because the site did not have a trust seal on their cart. Customers will abandon a cart that doesn’t appear trustworthy, and customers abandoned nearly $4 trillion worth of merchandise in online shopping carts in 2014.
Consumer Psychology & Your Brand
Another important factor in consumer psychology has to do with how customers perceive your brand. Being mobile friendly, providing meaningful customer loyalty programs, having a presence on social media and promoting your company’s social responsibility all contribute to a positive brand image in the mind of customers. Doing so not only deepens the customer relationship, it increases the perceived value of your brand. 66 percent of global respondents were willing to pay more for products and services from companies dedicated to social and environmental change.
Explore the rest of these 65 proven statistics about ecommerce consumer psychology in the infographic below.
Want to dive deeper into consumer psychology? Download Attracting & Acquiring New Subscribers today
