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Why we buy; shopping and the purchasing environment
Published on February 22, 2015 43 min
Other Talks in the Series: Why We Buy: Understanding Consumer Behavior
Consumer behavior: why we buy
- Prof. Michael R. Solomon
- Haub School of Business, Saint Joseph's University, Philadelphia, USA
Aesthetics and consumption
- Prof. Annamma Joy
- Professor of Marketing, University of British Columbia, Okanagan, Canada
Welcome to the lecture on Why We Buy: Shopping and the Purchasing Environment. My name's Vince Mitchell and I'm professor of consumer marketing here at Cass Business School in the center of London.
In this lecture, we're going to be covering things about the old physical retail space in terms of how to conduct commerce and within that, three particular approaches to locating, exploring, and dreaming in order to encourage people to purchase. And we're going to move on to E commerce, talk about the exciting area of M commerce, and then tell you a little bit about what F commerce means at the end of this lecture.
But first, a couple of interesting facts. Physical retail space is certainly not dead. In fact, since 2002, it's increased by over 200%. A company that really exemplifies this yet is Ikea. They now employ 127,000 staff in 41 different countries. And a recent Mintel Report estimated that 1 in 10 babies born in Europe have actually been conceived in an Ikea bed. There are 175 million copies of Ikea catalogue printed annually. That's three times more than the Bible. And actually, 2/3 of British families chose to go to Ikea rather than go to church, and that's given that there are only 18 Ikea stores in the UK.
So what are retailers trying to achieve in store? Well, first of all, they're trying to attract consumers into the store. They want to allow them to find the merchandise that they want very easily. Ideally, they'd like to keep them in store for a long time and make them think about some unplanned purchases and motivate them to make those, and of course, finally, to provide them with a very satisfying shopping experience so that they'll return.