The Future of Retailers in the Supplement Space
Let’s think for a minute of our buying habits. How many of you actually go to a store these days to make your purchases? Now, how many of you do the majority of your buying online? You might be thinking that there are certain items that you only purchase online while others that you only prefer to purchase in an actual store. There are many factors that come into play with our shopping habits and behaviors. Regardless, will supplement retailers ever be completely pushed to the side by the big bad internet? Let’s look at the future of retailers in the supplement space.
Disclaimer: This article is for informational purposes only and is not meant to treat or diagnose any condition. It is recommended that you speak with your doctor before starting any exercise program, changing your daily nutrition, or adding any supplements to your regimen.
Buying Behaviors in the Supplement Space
According to statistics, 96% of Americans shop online while 65% of them also shop in actual stores. What causes them to skip buying everything online in places like the supplement space? For starters, not everyone offers free shipping which can often raise the cost to a point where it’s more cost effective to run to the store to pick it up instead (especially if you’re going to be driving right past the store location). Some people simply can’t wait for the delivery and prefer to have the item immediately.
When it comes to the supplement space, some consumers still prefer to “touch and feel” the product before making a decision. They like the ability to hold the product, look at the label, check the ingredients, and ask the clerk questions regarding the product. Another reason people won’t buy online is due to tainted products as well as privacy concerns. While the internet is getting better all the time at protecting your privacy and payment information, there are still occurrences where information becomes compromised.
If an item is easily available at a store where a consumer shops frequently (the grocery store for instance), their buying habits also shift towards retail simply out of convenience. They’re at the store, they know they need to purchase a supplement (such as protein powder or protein bars), and they put it in their shopping cart. No shipping costs, no waiting for delivery, no hassle with returns if the product arrives damaged or is defective.
With all of this said, many consumers who purchase initially in retail will sometimes eventually migrate to e-commerce if the difference in price is significant. While there are loyal consumers in the supplement space, many become more loyal to their bank account and shop wherever will give them the best savings.
Generational Differences
Different generations also have different shopping behaviors, especially in the supplement space. 28% of Seniors shop online. 41% of Baby Boomers shop online. 56% of Generation X shop online. 67% of Millennials shop online.
This, in my opinion, is a technological difference between groups. The younger generations are more familiar with technology and the internet, whereas the older generations to this day still might not own a smartphone, tablet, or computer. This is also represented in how many hours each generation spends online each week. Millennials and Generation X spend the most time online at six hours each week (which personally I think is low), Baby Boomers spend four hours a week online. And Seniors spend on average two and a half hours online each week.
People often joke that Millennials are lazy and inactive and based on the following statistic, it might be hard to argue their point. 43% of shoppers make online purchases while in bed. 67% of those who make purchases online in bed are Millennials. They have a significant presence in the supplement space.
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