Men and women shop
very differently, which shouldn't come as a surprise. People have needs and to
satisfy them they will buy. Shopping is a daily activity for people all over
the world, from cheap products to high quality products.
Most people believe
that women spend more time shopping than men, that they prefer to go to a
store, look for something specific, buy it as soon as possible (despite the
small differences that result in slightly more expensive purchases). ) and then
give up. Women, on the other hand, patiently research all available brands for
the product type, compare models, look for available deals (regardless of the
time they spend choosing a product of their choice), contract, and finally buy.
product satisfactory.
When online shopping
was limited to computers, devices, music and the like, it was a man's world.
Women have taken the lead in online shopping as the product category has grown.
Most women prefer to
shop online on a desktop while men prefer to shop on their smartphones. Men
narrow their search to specific things they are looking for at the time of
purchase, while women search for products other than what they are looking for.
Both genders consider price when making a decision, but men tend to easily
compromise quality over price, while women are more price conscious and make a
purchase based on the best available offer.
Men prefer objective
information (make, model, speed, etc.) over subjective information, but women
are more understanding and value both (customer comments) and objective
information. That's not to say that men don't consider the perspectives and
experiences of others; Rather, their approach is different: women want to know
why others bought an item and whether their circumstances are comparable before
considering them in making a decision, while men use others' experiences with
an item. Looking for. interested in building their vision.
Colors have a huge
impact on both men and women. Males prefer bright colors while females prefer
soft colors. Men prefer ombre colors or colors with black accents, while women
prefer gradient colors or colors with the addition of white.
Men are more likely
than women to comment on purchases and reviews of their products. Singles are
more likely to buy alcoholic beverages, while singles prefer to buy cosmetics
and health products. The list goes on and on.
Gender is a very
important part of all criteria and plays a crucial role in purchasing
decisions. Men have a stronger external focus while women have a stronger internal
focus. When it comes to psychological and physiological differences, men and
women have many differences. Men and women behave completely differently when
buying things or services. While women are more subjective and intuitive, men
are more analytical and logical, basing their decisions on other people's
purchases rather than attempting their own. While men tend to buy based on
their immediate needs, women see buying as a long-term decision.
Despite its
limitations, such segmentation is useful for informing the development and
marketing of corporate offerings. Knowing who you are targeting and what you
are looking for in the market can be a great source of benefits.
Women buy 94% of home
furnishings, 92% of vacation trips, 91% of homes, 60% of cars, 51% of consumer
electronics
Any company would do
well to target women, but the greatest potential lies in six sectors. There are
four areas women are most likely to spend more on or switch to: groceries,
fitness, beauty and clothing. The other two are jobs where women have been very
vocal about their dissatisfaction: financial services and healthcare.
Eating is one of the
biggest opportunities. Women are responsible for most of the shopping and meal
preparation. Grocery is also one of the most important budget items for
consumers that can be adjusted but never eliminated.
About two-thirds of
respondents identified themselves as overweight; What was until recently an
American problem has become a global phenomenon. But while women say their
fitness is a priority, it actually takes a back seat. When asked to prioritize
the needs of their spouse, children, parents and themselves, almost all women
ranked their own needs second or third, meaning that they find it difficult to
find time to exercise.
The challenge for
companies is to make fitness more accessible to women. For example, most gyms
are expensive and designed for men. They may look more like nightclubs than
gyms and are aimed at bodybuilders. In general, women are less interested in
bulking up than in shedding pounds, improving cardiovascular health, and toning
up. Bright lights, electronic music, sweaty men and complicated gadgets are
often turned off.
Recognizing and
responding to women's concerns, the Curves fitness chain has grown rapidly.
Curves has a very simple concept: cheap and fast workouts for women only, with
simple rooms suitable for middle-aged and medium-built customers. Guides are on
hand to lead you through an easy 30-minute walking tour, eliminating the need
to hire a bus.
Beauty products and
services promote emotional well-being in women. Those we spoke to who spent
most of their income on cosmetics felt happier, more successful, and more
productive; They also reported lower stress levels even when working longer
hours.
Despite this, women
are fundamentally dissatisfied with beauty offerings, and the way the industry
is evolving prevents them from spending as much as they could. On the one hand,
there are too many options; It's a male-dominated industry, where men guess all
kinds of things about what women want, and products come and go at a rapid
pace. Women are passionate about the industry and well represented in
entry-level positions, but female employment is declining at the managerial and
senior management levels. A good first step in gaining market share could be
bringing more women to the top, where they can make important decisions and
have a say in what resonates with customers and what doesn't.
Many companies that
have prospered in the beauty industry have creatively used new technologies to
satisfy women's desire to look younger. Face care products, for example, have
become a $20 billion category worldwide. Where before the shelves were full of
products whose sole purpose was to hydrate the skin, today there are formulas
with a multitude of benefits, such as sun protection, skin replenishment and
hair strengthening, all designed to prevent, or at least camouflage, aging .
Our respondents were
fierce in their comments on financial institutions. They cited disrespect, bad
advice, conflicting policies, uniform forms, and a seemingly endless
bureaucratic hodgepodge that leaves them exhausted and distraught. Consider
just a few quotes from our interviews:
• "I hate being
stereotyped because of my gender and age, and I don't like being treated like a
child."
• "As a single
woman, I often hear that financial services institutions are not looking for my
business."
• "Financial
service providers speak ill of women as if we can no longer understand the
basics."
• "I make nearly
$ 1 million a year and should retire with over $ 20 million in wealth, so I'm
not the right candidate for a discounted cookie cutter or high-end wealth
management services."
An unsatisfied
customer who has to invest more than US $ 20 million is a unique opportunity.
In general, the securities and life insurance markets are open to women. (To
see three of the biggest opportunities, see the exhibit "Financial
Categories Where Untapped Sales to Women Are Worth Trillions.")
and schedule and keep
appointments for themselves and their families. To make matters worse, women
generally pay a lot more for health insurance than men.
Again, the
opportunities for companies catering to women are enormous. Johnson &
Johnson, while not a healthcare provider, was almost always present (in the
form of oral contraceptives, baby care products, bandages, and other products)
when we browsed through our respondents' medicine cabinets. The company spends
4% of its revenue on consumer R&D, more than double the industry average,
so it probably understands its female customers better than most of its space.
For example, because mothers of young children are a key customer group, the
company conducted a clinical study in collaboration with a pediatric sleep
expert at Children's Hospital of Philadelphia. Together, they developed a
three-step routine to help babies sleep better, consisting of a bath, massage,
and quiet moments. J&J then launched a product line to complement the
routine, with clinical trial results to bolster its credibility.
overwhelmed and
overwhelmed
Given how often the
time issue has arisen, and not enough, in our survey and interviews, offering
simpler and more affordable ways to shop would create a clear advantage in every
industry we looked at. We have seen that women do not devote enough time to
themselves. They are even more overwhelmed by household chores than men;
According to our survey, around one third of men do not help their spouse or
partner with housework. In Japan, women receive the least support, with 74%
receiving little or no support from their spouses. Conversely, 71% of Indian
husbands help with housework.
Our research has also
shown that pressure changes over time. Women are happiest in their early and late
years, reaching their lowest point in their early to mid-40s. That's when they
face the biggest challenges of managing work and home, childcare and elderly
parents. . As such, this group is particularly receptive to products and
services that can help them take better control of their lives and balance
their priorities.
A future of equality,
power and influence
When the fuss of the
economic crisis has settled, we expect women to occupy an even more important
position in the economy and the world order than they do now. What could this
economy be like? In a way, it will be shaped by the same trends that we have
seen over the past five decades. On the one hand, women will make up a growing
share of the workforce. The number of working women has increased by about 2.2%
per year. We expect an additional 90 million women to enter the labor market by
2013, perhaps even more if employment becomes a necessity. In almost all large
consumer goods companies, most of the middle managers are women. It is only a
matter of time before they rise to higher positions. Women already own 40% of
businesses in the United States and their businesses are doubling
women. Brands
that—directly or indirectly—promote physical and emotional well-being, protect
and preserve the environment, provide education and care for the needy, and
encourage love and connection will benefit.
And women are the
customer. There’s no reason they should settle for products that ignore or fail
to fully meet their needs, or that do so cynically or superficially. Women will
increasingly resist being stereotyped, segmented only by age or income, lumped
together into an “all women” characterization, or, worse, undifferentiated from
men.
The financial crisis
will come to an end, and now is the time to lay the foundation for
postrecession growth. A focus on women as a target market—instead of on any
geographical market—will up a company’s odds of success when the recovery
begins. Understanding and meeting women’s needs will be essential to rebuilding
the economy; therein lies the key to breakout growth, loyalty, and market
share.
At the top of the
range is Switzerland-based La Prairie's Cellular Cream Platinum Rare anti-aging
moisturizer, which retails for $1,000 for 1.7 ounces. The cream contains a
small amount of platinum, which the company says "recharges the skin's
electrical balance and protects the skin's DNA." Despite the price, when
the cream was launched in 2008, customers lined up at luxury stores to buy a
bottle.
At the other end of
the spectrum, Procter & Gamble's Olay brand is available at drugstores. It
has gone from a low-end product with a simple purpose (moisturizing) used by
around 2% of the population to a range of high-end products with multiple uses and
a household penetration of 40%. One of Olay's most successful new products is
the Regenerist Daily Regenerating Serum, touted as the next best thing after
cosmetic surgery.
Clothing, including
accessories and footwear, is a $47 billion global industry with a lot of room
for improvement, especially when it comes to fit and affordability.
Most women don't have
the perfect size 6 and don't like to be reminded with every purchase. Trying on
clothes is often an exercise in frustration that only reinforces women's
negative body image. Banana Republic, one of the women's favorite retailers in
our survey, has gained a loyal following by taking action to solve the fit
problem, especially when it comes to pants. It offers a variety of cuts for
different figures, and the sizing is consistent across the board. Once you've
figured out your "Fitblock" (the chain's technical term for figure
type), you can buy multiple pairs of pants online quickly and reliably. Banana
Republic has become Gap's most profitable brand, the only one to grow in the
last five years.
By contrast, Express
stores focused on style and color, but did not offer a consistent fit. Women
were able to try on four garments labeled "Size 8," which actually
ranged in size from 6 to 12. The chain's sales began to lag so far that its
parent company, Limited Brands, eventually exited the fashion apparel business.
; In 2007, Express sold it to a private equity group.
The cost of clothing
was another pain point for the women in our survey. This explains why respondents
also preferred Sweden-based H&M. Their stores offer affordable, fun, trendy
clothing and, with fast turnover, they have an element of surprise on every
shopper. Women appreciate the opportunity to shop for a new outfit without
breaking the bank. Perhaps what contributes to H&M's success is the fact
that almost 80% of the company's employees, 77% of store managers and 44% of
country managers are women. So are seven of the 11 board members.
Few of the women we
talked to during our research really needed new clothes. Most could get away
with buying once or twice a year just to top up on the basics. But with women
willing to spend more to find clothes that really fit them, manufacturers and retailers
can find a lot of untapped potential in the apparel market if they listen
carefully to what women want, look for
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