As summer hots up, many homeowners are diving into DIY projects, from sprucing up their gardens and outdoor recreation areas to revamping their kitchens and living spaces. This surge in home improvement shopping is reflected in our latest retail report, highlighting trends in consumer behavior and purchasing patterns.
We used our Where to Buy product data to investigate the hardware category and see what has changed in the last year. Let’s break down some of the key insights from the report:
Shoppers are clicking, but are they buying?
One of the standout findings from the report is the rise in the Purchase Intent Rate, which climbed 1.6% over the past year to 11.5% in March 2024. This rate outshines the average click-through rate from a Google Search Ad, which stands at 5.5%.
What does this mean for you? Consumers are more curious and willing to explore products online, especially in the professional hardware categories like Building Supplies and Electrical. Amazon has been a major beneficiary of this trend, driving a significant portion of these clicks.
However, despite this increased interest, the actual Purchase Rate has dipped slightly year-over-year by 0.7%, settling at 4.9% in March 2024. While this might seem like a negative, it’s worth noting that this rate is still almost double the average ecommerce conversion rate, which hovers between 2.5% and 3.0%.
Shopper behavior is changing
According to our data, shoppers are more willing than ever to choose a product from a different brand than the one they initially clicked on/searched for. Factors like pricing, promotions, and product availability could be driving consumer’s willingness to switch brands.
The time shoppers are taking to complete their purchases is also changing. This has slightly increased, which suggests that shoppers are taking more time to compare options and make informed decisions. In 2023, 46.7% of purchases were made within 24 hours, but this figure dropped to 45.4% in 2024.
What are shoppers buying?
Let’s look more specifically at which products under the Hardware category are seeing an increase in either Purchase Rate or Purchase Intent Rate.
Appliances: Despite a drop in Purchase Intent Rate, the Purchase Rate for appliances saw a modest increase of 0.4%. This suggests that while fewer people are interested in the products, those who are tend to follow through with their purchases.
Building Supplies and Electrical: These professional hardware categories saw a boost in Purchase Intent Rate, indicating strong interest from DIY enthusiasts and professionals alike.
Contrastingly, major retailers like Amazon, Home Depot, and Lowe’s saw a decline in their Purchase Rates in 2024 compared to the previous year. Amazon still maintains a strong purchase rate via WTB at 15.3%, which is much higher than the industry average of 9.87%.
Financial implications for retailers
The impact of these changing shopper behaviors is considerable. The average WTB hardware client generated $13.69 million in Purchase Lead Value for retailers in March 2024. This underpins the profitability of capturing and converting online leads, especially in the thriving DIY and professional hardware sectors.
More About PriceSpider
PriceSpider is on a mission to give the power back to brands to track their buyer’s journey and optimize every digital touchpoint. We crawl thousands of websites each day to give you the clearest view of your market, enabling you to make smarter decisions faster than ever before. Retail is all about agility, and with solutions from PriceSpider, you’ll be equipped with all the tools you need to take your brand to new heights. Measure, manage, and make the most of your ecommerce data with smart solutions like PROWL, Brand Monitor, and WTB Shoppable Solutions from PriceSpider. This is what confident commerce looks like.
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