What consumers want from small business
New data from Worldpay and Socratic reveals motivations for shopping local
With big box stores occupying retail attention in-store and online, what does it take for consumers to go local? New data from Worldpay and Socratic Technologies uncovers what drives consumers to shop small independent businesses over their larger competitors.
Amazon Marketplace leads small business shopping
It’s one thing for a small business to sell online, and another to also have a presence on Amazon’s Marketplace. And, investing in such a presence may have benefits that outweigh costs. Most consumers across all age groups surveyed—70 percent on average—are likely to purchase from a small business via Amazon, as long as the price is competitive.
Although Amazon Marketplace is an important sales channel, small businesses should not skip selling from their own websites, particularly when targeting younger consumers.
Over half of Gen Z (52 percent) and Millennials (53 percent) report that they are more likely to purchase from a website owned by a smaller business, compared to only 41 percent of Boomers and 22 percent of Retirees.
In-store makes a comeback
Not surprising, an online presence is an important factor in attracting today’s consumers, particularly Millennials and Gen X. Nearly 60 percent of Millennials and 55 percent of Gen Xers prefer to shop online.
Meanwhile, Gen Z is more aligned with Boomers and Retirees with a slight preference for shopping in-store over online, but for older generations, this preference is trumped by price. Fifty-eight percent of Boomers and 60 percent of Retirees say it doesn’t matter whether they buy from small business or large chains online or in-store, and instead seek the best price when making an online purchase.
Get more insights
If you would like to learn about more of the results of this Worldpay and Socratic survey, you can request the complete survey and download the survey tabs here.