New data confirms that Australian shoppers love a discount, revealing that 57% of Aussie consumers will buy products from a new brand if they're offered a discount.
In the Why We Buy survey conducted by Criteo, Australian respondents indicated that they will jump ship for a cheaper price, while 54% will return to a brand if they offer the lowest price.
Other factors influencing the purchase decision include friend's recommendations, with 50% of respondents stating they'll purchase from a new brand if it's recommended to them, while 48% will buy if they're offered a free trial or sample.
User-friendly websites (47%) and brands that align with the customer's values (37%) also factor into the decision to purchase.
Criteo Australia and New Zealand commercial director Colin Barnard, said that Australians' love for discounts is making the job of a retailer increasingly difficult.
"It is no surprise that Australians love a bargain but what we might not realise is the cost it is having on our retail industry with local businesses facing immense pressure to continually offer sales and discounts to customers, impacting overall profit margins.
"Discounts have traditionally enticed new customers to make impulse buys, often with brands that they may have not considered buying before.
"In today’s retail landscape, the number of sales available has completely diluted the market, challenging retailers to stay even more competitive," he said.
The survey also revealed that online advertising influences consumer's attitudes towards a brand. 45% of respondents said that they like when online ads offer a discount for relevant products but 55% said they're turned off when they see ads for products they're not interested in.
As many retailers would be aware, websites (52%), Facebook (46%) and email (41%) are the most popular channels where Aussies are discovering new brands, while 40% of respondents said they prefer to shop on their phone.
Barnard said that technology is helping retailers remain competitive.
"Brands that aren’t necessarily the cheapest but the most competitive are most likely to succeed in this climate.
"Matching consumer expectations with appealing content that inspires shoppers with the right deal at the right time is key, which is where artificial intelligence, data and machine learning come in," he said.