Try before you go home and buy on a Sunday evening

Posted by Jasmin Stopford in Personal Finance on 5 January 2017 - Jasmin is a Credit Analyst at checkmyfile

Current shopping trends see a growing amount of consumers treating stores as showrooms for products, before returning home and ‘shopping around’ for the best price.

Figures from Lloyds Bank show that we love to shop on the sofa in front of the television on a Sunday evening, rather than buy the item on the High Street at the weekend.

Paul Gordon, Managing Director of credit cards at Lloyds, says, “It’s likely that the peak we see in online spending is driven by those who use the weekend to find the goods they want in store, then shop online to make sure they get the best deals.”

As a result of “second screening”, where customers shop online at the same time as watching TV, online credit card transactions in the last year are at their upmost on Sunday evenings after 8pm. Retailers such as John Lewis support Lloyds’ numbers, as it said between 8.30pm and 9.30pm on a Sunday is the most popular time for online orders.

With the switch from desktop computers to smartphone shopping apps, it has also become worryingly easy to make online purchases using one-tap or fingerprint payment methods. John Lewis revealed that orders placed via smartphones increased by 60% this year and, on average, online shoppers only spend an astonishing 6 minutes browsing before purchasing.

To support the spending patterns of millions of consumers, retailers are left with no choice but to operate 24 hour warehouses, in order to meet demand and promises of speedy delivery. Next year, Amazon is set to open the UK’s largest ever warehouse to help speed order processing time.

Although, by value, 80% of card spending remains in store, the 20% of purchases made online flow in fast and in a short space of time inflicting intense pressure on retailers.

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