The US eCommerce Forecast 2021 projects a double-digit e-commerce growth within five years to come. The increase in eCommerce spending highlights a surge in online purchases and the pandemic’s impact on retail sales. Today, most households rely on online vendors for essential items and services. As a result, households make recurring purchases of used-up products and renewable services, meaning they have to spend a substantial amount of time to complete every transaction. With this escalation, let’s take the time to answer some questions about this increasingly common activity.
What is a recurring purchase?
A recurring purchase occurs when you manually place the same order with a company consistently. An example is when you visit your online vendor every month or week to get deodorant or hair gel.
How is that different from a subscription?
A subscription is an advanced payment that you make to access a wide range of services from a business. The deductions happen automatically at set intervals and can only stop after your subscription expires or you retract your permission.
So, a recurring purchase is initiated by the consumer, while on the other hand, a subscription is handled by the business.
What are the most common products for people to purchase repeatedly?
People are increasingly spending most of their time settling into the new normal and avoiding stores to stay safe from the deadly coronavirus. Consequently, households have turned to online purchases to meet their needs and remain active and comfortable at home. Online purchases are safer and more convenient than physical purchases, especially for family members who have little shopping time. Since most online vendors offer affordable or free shipping, households are now shopping for every item they need, ranging from furniture to healthcare and personal care items.
The most common products that people purchase repeatedly include the CDC recommended items to protect themselves against Covid-19. They include face coverings, disposable gloves, disinfectants, and hand sanitizers. Households also regularly purchase essential products such as groceries, canned food, bottled water, medication, toothpaste, and soap every month. Other recurring purchases for households may include digital entertainment and drinks.
How many online purchases does the average household make?
With the dominance of technology and online shopping, especially during the pandemic, the average number of online purchases in a month per household has skyrocketed. A 2021 eCommerce study shows that most online shoppers make at least one online purchase every month. Notably, a single purchase from a specific vendor includes numerous items on a cart. Going by the highlighted most common products for people to purchase regularly, each and every household purchases more than 15 items in a month.
How much time is that per month?
A recent Time Tracking Statistic found that the average time an individual spends per day to make online purchases is 21 minutes. For a household, those numbers might actually be low, as you probably need more items or have to visit several online vendors for all the items. Not to mention the hectic torture of recalling passwords for the different sites.
Without incorporating any of that, it adds up to all of us spending more than 10 hours per month purchasing things. For members of larger households in charge of purchasing, that number could be doubled or tripled. And for many of us who forget what sites we buy what from, we can tack on at least another hour per month.
What can you do about it?
With Ok Subscribe, you can turn any recurring purchase into an automated subscription. Take back the endless hours a month you spend making the same purchases. Set them up to arrive when YOU need them. Not just monthly, but at any frequency. Be confident that the items you love will be there when you need them, and not a minute sooner.