Inflation has made 94% of Spaniards look for better prices when buying. In fact, three out of four (77%) have refrained in the last 12 months from making a purchase when finding a higher price than initially expected. These are some of the data reported by Mirakl, the first and most advanced SaaS marketplace platform, which today released its annual consumer report, 'Consumer Preferences in the Digital Economy'. In this second edition of the study, 9,600 global consumers were surveyed about their preferences and habits when shopping both in person and online.

The results of the study show that electronic commerce is progressively gaining weight in Spain: consumers already make 40% of all their purchases online. In line with this positive trend, 79% of consumers expect to increase their spending on the Internet in the next 12 months to find more competitive prices, and 64% point to this ease of finding better prices as the main benefit of marketplaces. Mirakl also reveals that more than one in four buyers in Spain (28%) buy weekly in a marketplace. In one month, 57% of those surveyed declared making at least one purchase per month on one of these platforms.

Buyers prioritize the best deal over brand loyalty
One of the main conclusions is that, in order to preserve the loyalty of their customers, firms must strive to offer a greater offer and at a lower cost. Economic uncertainty makes even the most loyal consumers reconsider their positions to find better prices.

According to the Mirakl survey, more than half of those surveyed in Spain, 54%, stopped buying from a specific retailer as a result of the price increase, a percentage well above the global average (43%). Only 14% of Spanish consumers continue to buy from the brands they trust without looking at the price, which pushes the firms that depend on the loyalty of their customers to reconsider their offer and price strategy.

"Consumer expectations are increasing despite the fact that the outlook is complicated for companies," says Joan López Graupera, Regional VP for Iberia at Mirakl. “The data clearly shows that shoppers are more price- and convenience-focused, with only a small fraction of customers being staunchly loyal to their favorite brands, despite skyrocketing prices. In this economic climate, consumers are trusting marketplaces to deliver the experience they expect more than ever, intensifying the pressure for all retailers to develop a clear marketplace strategy. There is clear consumer demand for retailers to offer a broader selection and more affordable prices, through better shipping options, without compromising a strong brand experience. Business leaders must make intelligent strategic decisions today to emerge stronger“adds López Graupera.

Consumers turn to e-commerce for value, reliability and convenience
While consumers continue to shop in physical stores, they are also increasing their spending on e-commerce, thanks to lower prices and a better customer experience. Four out of five (79%) of the Spanish respondents expect to increase their spending on ecommerce in the next 12 months, hoping to find better prices, which pushes multi-channel companies to increase their investments in ecommerce to balance accounts.

Spaniards also consider that ecommerce channels are more reliable in terms of product availability. More than half (52%) of those surveyed agreed that the products they need have been out of stock more often in physical stores in the last six months. This short-term lack of stock is another factor contributing to long-term behavioral changes in favor of e-commerce: If a product normally purchased in person runs out, more than half (58%) of Spanish shoppers try to find it. In Internet. If they find what they are looking for, almost three-quarters (72%) say they will buy it online the next time they need it.

Other key takeaways
Online shopping is already a defining habit of today's consumer: it is likely or very likely that approximately half (52%) of respondents in Spain will make most of their purchases online by 2023; one point above the global average (51%).
Spending on online marketplaces continues to rise: Spanish consumers made half (49%) of their online purchases through marketplaces, which represents a year-on-year increase of 10% compared to 2021.
Online shoppers consider that marketplaces are more convenient than the competition: four out of five (81%) of Spanish consumers believe that marketplaces are the most convenient way to buy online, 23% more than a year ago, more than the global average (77%). Two-thirds (66%) wish more of their favorite retailers had marketplaces.
Consumers are looking for new features in the "marketplaces of the future": respondents from Spain cited loyalty and affiliate programs (46%), pop-ups where you can see items online in person (28%) and online recommendations by artificial intelligence (25%) as the features they would most like to see in future online marketplaces. Globally, users chose loyalty and affiliate programs (41%) in first position and pop-ups (28%) in second place.

Taken from: https://ecommerce-news.es/los-espanoles-ya-hacen-el-40-del-total-de-sus-compras-en-internet/