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Get ready for a deep dive into consumer behavior, cultural nuances, and strategic insights that will have you dominating this lucrative landscape like never before. Here we bring you some conclusions shared in the study led by the Tandem Up agency regarding Spanish Marketplaces.
Bad news, good news
Ecommerce in Spain continues to grow, although it presents some slowdown at times. According to the recent study by Tandem Up Agency, the average Spanish now makes nearly 5.6 online purchases per month. Moreover, the average ticket is 12 euros higher than last year's ticket, reaching €82.4.
So why is the average ticket size increasing even as the number of online purchases sometimes decreases? The answer may lie in the types of products that Spanish are buying online. While there has been an overall increase in online shopping activity, Spanish are increasingly making bigger, more impulse-based purchases. This could be explained by the wide range of ages that consumers have.
Consumer profiles
This ticket is led by the most senior people, especially those aged 46 to 65, who spend an average of €88.6 per purchase. While men and the youngest shop more frequently. Although, as stated by Tandem Up, the frequency usually follows a different trend for each profile.
There are significant differences in the way that different age ranges consume online purchases. For example, younger consumers are more likely to purchase items impulsively and they are also more likely to use social media to discover new products, and they are more likely to be influenced by influencers and celebrities. Older consumers, on the other hand, are more likely to research their purchases beforehand and they are more likely to rely on word-of-mouth recommendations from friends and family.
Younger consumers are much more likely to return an item they've purchased online than older consumers. This could be due to a number of factors, including impulsive buying habits and a greater willingness to take risks.
The study found that there are different types of buyers being differentiated in the marketplaces: intensive, who represent the minority group (11%) and spend more than €100 per purchase at least twice a month; frequent, which represents the second group of buyers (35%) and makes between 1 or 2 purchases per month with a cost of up to €100; and occasional, the most representative group (54%) and make purchases every two months or less frequently in which the ticket amounts to an average of €75.2 per purchase.
Spanish profile
The report exposes that both genders, with an average age of 42 years and having kids at home, are the principal purchasers in marketplaces. Electronics (65%) hold the top spot, followed by clothing and footwear (61%) as well as items for households (57%). On average, they make 5.6 rounds of buying each month. The continuously growing technology along with replacing gadgets like smartphones and laptops explains why electronic products have become so fashionable. Shopping online for such items comes with added benefits, such as paying less for clothes and shoes or conveniently comparing prices and models in a single click.
Marketplaces role
The Future Shopper Report Study, cited by Tandem Up, suggests that though marketplaces comprise a small portion of online sales platforms world-wide, they command more than half of its business volume. In fact, predictions suggest this percentage will rise to 70% in upcoming years. Thus, it is clear that such platforms are fast becoming an important commercial force online, with Spain being no exception according to the Marketplaces Spain 2023 Study conducted by Tandem Up.
The majority of Amazon's shoppers are aware of the marketplace, while 9 out of 10 buyers are retained by the marketplace (90%). In Tandem Up's Marketplaces Spain 2023 Study, users chose this channel for its high quality, speed, and variety. They are followed by AliExpress (57%) and El Corte Inglés (50%), which maintains its third position and increases its percentage of penetration. These three marketplaces have led the vertical for years.
Search & buy
The results of this study suggest that buyers have different preferences when it comes to searching for information regarding their purchases. Primarily, they look to marketplaces like Amazon, AliExpress and Ebay (at 60%), with traditional search engines such as Google or Microsoft Bing (49%) close behind, followed by store websites (46%). Apparently 78% of Spanish online shoppers have bought from these sites in the last year, showing how popular this business model has become.
This highlights the importance of buyers making their purchases through the websites of the different marketplaces (73%), and of having a well-developed web presence. It also shows that buying from apps lags behind (9%).
As a result, users prefer to make purchases from mobile phones (51%), followed by computers (49%), although the latter stands out as a tool to search for information. In contrast to women who say they buy more via the web or both ways (18%), men report that they buy more through applications (75%).
This study also concludes that “price (45%) is the most relevant driver for buying on marketplaces, since buyers perceive cheaper prices, followed by free or cheap shipping (42%), the general quality of the products (30%).”
In today's digital era, the significance of having an online presence and implementing a robust Retail Media strategy cannot be overstated. By strategically leveraging platforms such ecommerce websites and apps, businesses can precisely target their desired audience, build brand awareness, drive sales, and foster customer loyalty. Moreover, an astutely crafted Retail Media strategy provides invaluable insights into consumer behavior through data analytics tools that allow businesses to personalize marketing efforts based on individual preferences and interests while optimizing advertising spend. In essence, adopting a comprehensive online presence coupled with a well-executed Retail Media strategy is no longer optional but rather imperative for businesses seeking sustainable growth in today's fast-paced digital landscape.
