Women are 'smarter shoppers' than men, saving on average more than seven per cent due to preferring discounted items, according to relationship marketing platform Optimove.
Optimove's research has also revealed that although women make 2.5 per cent more orders than men, their purchases are less expensive.
Roni Cohen, Data Science Team Leader, says, “In the world of retail there has been a longstanding assumption that women will pay more than men, and with many retailers recently sticking a higher price tag on Valentine's cards addressed to 'husbands', it's clear that this notion still exists.
“However, research from Optimove demonstrates that this is far from the truth. In fact, women are without a doubt the savviest shoppers, favouring discounts and remaining loyal to retailers which increases their chance of personalised rewards.”
Roni continues, “Retailers can best serve their female demographic by offering discounts up to 30 per cent – as women are found to buy in larger quantities than men, but typically spend less, offering this reduction aligns well with smart shopping habits and encourages brand loyalty.
“Our research highlights that women are more likely to return to the same retailer after their first purchase. But this shouldn't be taken as gospel – if retailers want to retain their female customers, they must give them a reason to stay loyal.
“Engaging female customers with personalised offers and rewards, such as birthday gift vouchers or offering free delivery as part of a VIP service, is a great way to provide the treatment they deserve. If customers aren't treated exceptionally – regardless of gender – they will inevitably go elsewhere.”
Posted: 30 May 2018