Cost savings trumps convenience, according to survey
Cost-conscious consumers are prepared to endure inconveniences to save money this holiday season.
Eighty-percent of respondents said cost savings is more important than convenience, with 42% ranking saving money as their top priority, according to a new survey of 1,500 U.S. consumers by GoDaddy. Most (62%) people would rather pay with cash than pay a 3% surcharge to be able to purchase an item with their credit card.
There are still some cases when convenience wins out. Almost four-in-10 consumers (38%) would abandon an online purchase if the payment page takes longer than 10 seconds to load. Also, 63% report never using personal checks, with only 21% feeling they are convenient.
In other findings, making returns is a big bone of contention with shoppers. The vast majority (77%) of people often check a business' return policy before making a purchase, with one in three Gen Z (31%) and millennials (35%) doing so before every purchase. Thirty percent of survey respondents find paying for return shipping more annoying than jury duty and going to the DMV.
[READ MORE: Study: 36% of consumers shop Black Friday; discounts, deals main motivator]
Other highlights from the GoDaddy survey are below.
•The majority of consumers (69%) said they will still shop at a business even if it doesn't offer the ability to "Buy Online, Pick Up In-Store.” Gen Z is the most likely to shop around if a business doesn't offer the ease of in-store pickup.
•Consumers are more likely to drive themselves to a store (33%) to shop in-person vs. stay home and shop online (30%) this holiday season. Broken down by demographics, Gen X and baby bomers are the most likely (36%) to shop in-person compared to 29% online
•The top reasons people would not purchase an item on social media were uncertainty if a business was legitimate and high shipping costs, followed by a difficult return policy.
"As holiday shopping begins to ramp up, small businesses need to take a look at the ways they could be inadvertently turning customers away," said GoDaddy trends expert Amy Jennette. "Do you have an extended return policy during the holidays? Do you charge for return shipping? Can consumers buy items online and pick them up in your store to avoid shopping rushes? If not, there's still time to make adjustments."
