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The impact of digital technology on consumer purchase behavior

Author

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  • Yasav, Sue

    (Synchrony Financial)

Abstract

The retail industry is going through a transformation, according to a study by Synchrony Financial. The transformation is largely driven by the influence of digital technology on the shopping experience. According to the third annual Digital Consumer Study, almost 50% of consumers say they have performed shopping-related tasks on their mobile phones in the past three months. Consumers state they are using digital technology to research, browse and purchase, sometimes all on one website. As a result, retailers have implemented new strategies to attract and retain this omni-channel shopper. Some strategies include responsive website design, free shipping offers, mobile alerts and content marketing. The imperative to implement these digital tools has gone from spotty and isolated, to mainstream and necessary. In this article, we summarize the results of the Digital Study and outline strategies retailers use to proactively engage this new shopper.

Suggested Citation

  • Yasav, Sue, 2015. "The impact of digital technology on consumer purchase behavior," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 166-170.
    • Handle: RePEc:ris:jofipe:0094
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    Cited by:

    1. Tripti Tiwari & Mohit Tiwari, 2020. "Current Economic Slowdown and Opportunities for Cost Effective Services and Products using Technological Inventions: An Empirical Study," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 121-129.
    2. Guo, Chenhao & Ke, Yun & Zhang, Jinkang, 2023. "Digital transformation along the supply chain," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).

    More about this item

    Keywords

    Digital technology; consumer behavior;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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