Mollie report: 98% of European online shoppers using social media for product research
A new study from PayTech firm Mollie reveals an upswing in consumer optimism and online spending in the next 6-12 months. However, the past year’s economic environment has driven significant changes in buying behaviour that indicate a need for e-commerce merchants to evolve their customer acquisition and retention strategies.
The report is based on an online survey of 5,000 consumers during July and August, evenly distributed across Belgium, France, Germany, the Netherlands and the United Kingdom.
Key findings: Only 2% of European e-commerce consumers don't use any social media for product research. YouTube (47%) is the most favoured platform, followed by Facebook (43%) and Instagram (40%).
Buy now, pay later (BNPL) is being used more now than in the last 12 months by 56% of consumers; 51% feel negatively about their country’s economy, but 47% predict improvements in the next 6-12 months, with 47% expecting to spend more online in the next year; 99% of European online shoppers have changed buying behaviour in the last 12 months.
“In our 2022 study we saw a great deal of uncertainty from European consumers as rising inflation and the cost of living crisis followed the Covid-19 pandemic,” says Ken Serdons, CCO at Mollie.
“Although we don’t face quite the headwinds we did last year, economies across Europe remain in a precarious position. The good news for online retailers is as economic confidence returns, so is the confidence of consumers who expect to spend more online this year than last year.”
“As spending increases, e-commerce businesses need to evolve their customer acquisition and retention strategies. This involves providing diverse payment choices, streamlining the checkout experience, and ensuring their products are discovered and well reviewed on consumers’ preferred social media platforms.”
“It’s clear that buying behaviour is changing rapidly, and e-commerce companies need to know how to successfully navigate the ever-evolving economic landscape, convert customers, build loyalty, and supercharge business growth.”
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