Ryan Partnership recently completed a research study on the effectiveness of online shopping tools to determine which tools work best in which situations. While this study revealed multiple trends, one stands out as potentially helpful for a lot of businesses.
The research found that daily deal websites are highly effective tools for products and services that are likely to be impulse buys. The study presented participants with a variety of online tools, which they had to rate based on different buying activities.
When asked about unplanned purchases, 21% of participants stated they bought from daily deal websites. Additionally, 28% of participants claimed they buy products they had never bought before from daily deal websites.
These results strongly suggest that daily deal websites are ideal for introducing new products to the market. This can be effective for new brands, as well as new products with established brands. People are more willing to try something new when they get a good deal, opposed to having to pay full price.
Secondly, daily deal websites are ideal for items that may be seen as impulse buys. These are the things that consumers will be willing to buy simply because it is a good deal, opposed to actually needing or wanting it. For example, a consumer may see a good deal on Groupon and buy it to put away as a gift even though they weren’t intending to buy gifts.
Finally, 16% of participants stated daily deal websites make shopping more fun. Once again, people love getting good deals. Being able to buy something at a really good price, even if they weren’t intending to buy it is enjoyable for consumers.
Websites like Groupon and Living Social have changed the way people shop and think about deals. The introduction of daily deals created a sense of urgency, which encouraged people to make purchases before giving the offer a great deal of thought. That level of impulse shopping has carried over into their new business model.