Only 16 percent of online consumers make purchases primarily based on their familiarity with a brand, according to a study on marketing and branding on the Internet released yesterday by Accenture (formerly Anderson Consulting) of New York.
Most online consumers value speed and convenience above all else.
The study, which examined the buying habits of 2,000 U.S. consumers in 17 industries, identified five groups of consumers and what matters most to them. 'Cherry Pickers' who account for 26 percent of online consumers, are bargain hunters and want a variety of products to choose from. 'Time Savers' are also price sensitive but favor speed and convenience even more. 'Brand Reliants' almost equally value competitive pricing, information privacy and brand reputation. 'Variety Seekers' want a wide selection of brand name products and customized offerings and they want them delivered quickly. 'Netizens' are most comfortable with the Internet but are also the most concerned with information privacy and often feel personalized sites are invasive. Catering to all these different audiences is the key to online success, the study concluded.