Understanding the Gender Effect of Technology Disruptors to Meet Consumer Expectations
Shopping preferences of men and women are diverging as each gender responds differently to disruptive technologies. This dynamic was highlighted in our new study, "Mind the Gap: The Gender Effect on Shopping Habits and Technology Disruptors." In fact, according to the results, men are less likely to embrace disruptors like mobile shopping, Amazon.com, and discount retail than women.
Forty-four percent of male respondents to our survey cite being able to touch and feel a product as a main driver that takes them in-store, a sentiment shared by only 33 percent of women respondents. Surprisingly, men are much more likely to shop at full-priced retailers (42 percent) over discount retailers (18 percent), while women are more likely to shop at discount retailers (38 percent) over full-price retailers (31 percent).
Furthermore, only 22 percent of male respondents reported frequently shopping on mobile devices compared to 40 percent of women, and only 46 percent of men are frequently shopping on Amazon vs. 60 percent of women that are doing so.
As the retail industry continues to struggle to meet the evolving tastes of consumers, the results shed light on the importance for retailers and brands to rethink how products are dispersed between stores and online.
Women Are Driving Online Purchases
Not only are men shopping less frequently than women on Amazon and mobile devices, they're making fewer purchases as well. Sixty-seven percent of male respondents made two or less purchases on a mobile device in the month prior to the survey vs. 62 percent of women. In addition, 22 percent of women made five or more purchases on Amazon in the last month vs. only 14 percent of men who did the same.
Men Are Less Likely to Use Amazon to Check Prices
Only 21 percent of men frequently use mobile devices to compare prices while in a physical store vs. 31 percent of women, and 54 percent of men say they check Amazon for products and prices before shopping elsewhere vs. 67 percent of women.
Women Prefer Discount Retailers More Than Men, But Online Discount Retailers Are Gaining Traction With Men
Top discount retailers are seeing a decidedly female in-store clientele. Only 13 percent of men surveyed frequently visit TJ Maxx vs. 30 percent of women. However, online discount retailers seem to be gaining traction with men, as 30 percent of male respondents frequently shop at online discount retailers compared to 22 percent at traditional brick-and-mortar discount retailers.
While predicting product preferences and pricing will continue to be a challenge given the constantly changing tastes of consumers, those able to “mind the gender gap” by tapping consumer-driven data to offer differentiated products that are priced right will be at a tremendous advantage despite these diverging shopping habits.
Greg has a 25-year history in the retail industry with a career spanning merchandising, sales and management. But while at one of the world’s leading supply chain technology firms, he saw a need for retailers and brands to re-engage with consumers to determine which products would be top sellers well before costly investments are made to bring them to market. In 2007, Greg Petro founded First Insight Inc., a technology company that delivers what is now the world’s leading predictive analytics platform for consumer-testing new products. Through engaging consumers online and mining social data, the First Insight platform empowers retailers and brands to introduce the right products at the right price, and target them to the right customers. Today, he serves as its Chief Executive Officer and President. Greg is a member of the Board of Advisors of the Fashion Institute of Technology, as well as a frequent speaker at the graduate business schools of Columbia University and the University of Pittsburgh. Greg also speaks and at a number of industry conferences, where he educates his listeners on how retailers can use technology to identify and deliver what their customers really want. Mr. Petro holds both MBA and Bachelor’s Degrees from the University of Pittsburgh.