Female shopping - tapping into the female mind
Women might make up half of the population, but they actually influence 85% of all purchasing decisions across industry sectors*. So, the female demographic is - or should be - crucial to most retailers. However, it's often inadequately catered for, and many women today feel that they are not getting what they want from a shopping experience. Human experiences that are focused on female shoppers are essential to retail success - so, what do women really want when it comes to shopping?
Do men and women think differently?
Although there are huge distinctions and differences among women, and we are all humans with the same basic needs at the end of the day, there is research to suggest that men and women think differently when it comes to buying. The decisions we make, the experiences we want to repeat, and the loyalties that we build can potentially be influenced in different ways depending on whether the shopper is male or female. These are just some of the subtle differences between male and female shoppers that provide some insight into the female mind.
Women look for a higher level of personal engagement
The female brain tends to process information based on factors such as emotion, connection and intuition. As a result, when it comes to a retail experience, one that delivers an increased level of personal engagement will be more effective.
Female lifestyles are changing
Today, perceptions of women, the aspirations they may have, and the lifestyles they may enjoy are very different to even a decade ago. Brands seeking to pigeonhole shoppers into certain traditional female roles (e.g. "wife", "mother") may struggle. Female shoppers today are much more drawn to messages of empowerment - as a result, considered omnichannel experiences can have a much greater impact with this ethos at heart.
Retail therapy is real for female shoppers
It's something that affects men too, but a greater number of women indulge in it than men. Almost 58% of women will indulge in retail therapy, as opposed to just 28% of men.
female shoppers are keen bargain hunter
71% say the last purchase they made was something that was on sale, compared to 57% of men. Women often have a keen eye for a bargain, and can be very responsive to deals and discounts that make shopping choices cheaper.
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Perhaps because female shoppers are looking for a bargain, or maybe because they are more focused on the "right" product than a quick purchase, many female shoppers tend to spend more time researching and looking for products before making the purchase. Women often do a lot more research, as well as making more comparisons, before buying, so being able to accommodate this need can help to speed up the purchase process.
The way women spend money is constantly evolving as attitudes and lifestyles change too. For those brands seeking to tap into this huge consumer base, it's crucial to understand how the mind of the female shopper really works.
Wunderman Commerce consultant, Chloe Cox, explored this topic in more depth in her report "Mindset Driven Purchasing and the Female Shopper." Download the complimentary copy of her report below:
*Source: Yankelovich Monitor & Greenfield Online