E-commerce Insights: How the pandemic changed the way consumers make major purchases

PSB Insider

Consumers are placing more emphasis on the online portion of the buying process than ever before. This was a key takeaway in Synchrony’s most recent Major Purchase Journey Study, which surveyed more than 3,800 consumers who spent $500 or more on purchases in mid-2021, including power equipment and automotive. Two things are driving permanent changes in the consumer journey. One, people want to have confidence in their purchases—they want to know they’re making the right choice with the right retailer. Two, they want the process to be easy. They want to get in and get out with their desired product. All of this adds up to more time spent online researching options, prices and financing terms before they ever set foot in a powersports dealership. Dealers who are cognizant of these changes and embrace them will discover new opportunities to connect with their customers in the current environment and build a strong foundation for future adventures.

Episode 2 Ecommerce Insights based on 8th Major Purchase Journey Study, conducted by RTI Research on behalf of Synchrony, August 2021 and “Powersports Enthusiast Market Insights,” Synchrony, July 2022. This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.