Brian Grega, CEO & Co-Founder | Infinite Buyer | www.infinitebuyer.com

On Wednesday, August 11, 1994, the album “Ten Summoner’s Tales” by Sting was

the first item purchased via commercially-available data encryption technology.

Less than one year later, on April 3, 1995, the first commercial transaction

happened on Amazon.com when John Wainwright of Kaleida Labs, one of the

earliest Internet joint ventures between Apple and IBM, made just a few clicks and

successfully ordered the book Fluid Concepts and Creative Analogies: Computer

Models of the Fundamental Mechanisms of Thought by Douglas Hofstadter.

Now, twenty years later, the marketplace has completely changed. In 2014, annual

U.S. e-retail sales surpassed $300 billion for the first time ever, finishing the year at

$304.91 billion compared to $264.28 billion in 2013, a 15.4% increase!

(InternerRetailer) According to Forrester Research, e-retail sales in the United

States are projected to reach $414 billion in 2018, a compound annual growth rate

of 9.5 percent. More importantly, e-retail sales in 2018 are projected to be 11

percent of total retail sales, up from only eight percent in 2013.

For all the increased popularity of e-retail, something more significant is happening

than just dramatic sales growth. The consumer is more empowered than ever

before and it’s changed the marketplace.

THE RETAIL MARKETPLACE

HAS CHANGED.

THE CONSUMER IS MORE EMPOWERED THAN EVER BEFORE

AND IT’S CHANGED THE MARKETPLACE

The Rise of the Empowered Consumer | InfiniteBuyer.com

In this new age of e-retail, consumers now dictate their ideal buying experience.

With just a couple of clicks, consumers can compare products, read relevant

reviews, enlist recommendations from family and friends, and even compare

prices without having to engage with a salesperson. eMarketer reports that 40% of

Millennial men and 33% of Millennial women say they would buy everything online

if they could. (eMarketer)

WHAT WAS ONCE A TREND IS NOW EVERYDAY COMMERCE AND WILL ONLY

CONTINUE TO GROW WITH INCREASED ACCESSIBILITY ACROSS ALL DIGITAL AND

PHYSICAL RETAIL SPACES. THERE ARE MANY REASONS.

ConvenienceOnline retail sites are available to consumers 24x7, anytime and anywhere.

VarietyAccess to multiple retailers offers consumers a far greater selection of colors and

sizes than what may be available with local retailers. Consumers can shop from

retailers in other parts of the country or even the world without being limited by

geography.

Better PricesMany online sellers offer discounts, promotions, and rebates, plus many online

transactions are directly fulfilled by the manufacturer or seller.

Price ComparisonsOnline shopping makes research and comparison of products and prices easier and

more efficient. Within minutes, an online shopper can search and find an identical

listing of a product they want to buy. If the price is the same or lower, chances are

they will purchase from the most recent site they visited, not from the site where

they started their buying journey.

Today, the consumer has more control over their buying process than ever

before. With this new leverage, consumers are focusing more on price while

making buying decisions, both in stores and online.

According to research by AC Nielsen, “79% of consumers said they bought from

the site where they found the best price.” In related studies, researchers found

31% of survey participants identified percentage discounts as the most effective

incentive for making a buying decision. (eMarketer)

79% of consumers said they bought from the site where they found the best price.

The phenomena of faster and cheaper computing power places much of the

world’s information at the fingertips of consumers. This leap in computing

power, combined with a growing set of social media applications, makes

information gathering and sharing easier and more efficient. The significant

impact on retailers, both in-store and online, is an empowered consumer with

virtually limitless control over their buying journey.

DOES PRICE STILL MATTER?

Consumers now possess the ability to determine the value of products and

services. The average consumer can be as much as 90% of the way through the

sales process before even connecting with a salesperson. (Forrester Research)

Social proof in the form of reviews by family members and friends carries more

credibility and influence on a consumer’s buying decision, especially among

Millennial consumers.

When a consumer is satisfied that a particular product or service will satisfy their

needs, shopping for price often becomes their primary concern. Consumers can

leverage the advantages of the Internet to search for and obtain the lowest prices

for the exact product and service they desire. Does price still matter?

More than ever. Price is the primary cause of low conversion rates and very high

shopping cart abandonment rates experienced by sellers across the globe.

WITH AN EMPOWERED CONSUMER DOMINATING THE E-RETAIL SPACE, HOW DO COMPANIES POSITION

PRODUCT AND SERVICE PRICING TO STAY COMPETITIVE?

THE AVERAGE CONSUMER CAN BE AS MUCH AS

90% OF THE WAY THROUGH THE SALES PROCESS

BEFORE EVEN CONNECTING WITH A SALESPERSON.

The Rise of the Empowered Consumer | InfiniteBuyer.com

Engaging the Empowered Consumer

“Know your customer” is the first principle of marketing. Retailers need to know

their customers’ e-retail tendencies, including shopping cart abandonment rates,

conversion rates, and what social proof is being considered by consumers. What

may be more important to know than any of these variables is variability of

pricing.

How established is your product or service pricing? The United States and Canada

are two of the rare marketplaces around the world where price is more

established without negotiation.

“Protecting our margins” is a noble answer but hardly one to build a profitable

company on when your shopping cart abandonment rate continues to rise. What

if you could give the already-empowered consumer the ability to propose pricing

comparable to your established retail pricing.

Infinite Buyer works with retailers to create consumer-proposed purchase pricing.

Retailers set a variable floor-and-ceiling buying margin visible only to the retailer.

Consumers use our “Make Your Offer” feature to propose a comparable price.

When a price is offered by a consumer, the retailer is able to accept, decline, or

counter the offer.

The end result is an empowered consumer purchasing the exact product or

service they want at a competitive price from a satisfied retailer. A more variable

purchase price means lower shopping cart abandonment rates, higher consumer

conversion rates, and a true win/win with each transaction.

When it comes to knowing your customer, knowing how to set a variable, yet

profitable, price is worth exploring more, especially when it comes to e-retail

space.

Learn More at http://www.InfiniteSeller.com