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recently research from Freedom Paya global payments technology company, and retail economicsa leading player in the retail insight space.
The study found that customers use this extra “browsing” time not just to search for deals, but to do more due diligence on the products they’re considering to see if they’re worth buying. I also found out that it is used to do this.
Given the current macroeconomic environment and the pressure rising interest rates and inflation put on personal and household budgets, the idea that customers are becoming more cautious is not surprising.
Interestingly, however, this extra browsing time is not evenly distributed across age groups. This was especially noticeable among his under-35 shoppers, with half of them reporting spending more time “browsing” compared to last year, about six hours per week. Those aged 55 and over.
Again, the young age group’s keen vigilance makes sense given the following: other research Sources suggest that younger age groups are now facing the greatest pressure on income and living standards.
The bad news for retail brands, however, is that more time spent browsing online doesn’t automatically translate into higher sales or the same level of sales as in the previous year. In fact, online retail sales were down nearly 15% last year, according to FreedomPay and Retail Economics research.
But not all are pessimistic.
Despite pressure on customers’ budgets, research shows that personalization remains important in customers’ minds, with nearly 55% of people still placing a high value on personalized offers and discounts when shopping I am reporting. Additionally, the study found that just over 30% of his total retail purchases for 18-35 year olds can be attributed to personalized marketing.
So what does effective personalization look like in this challenging economic environment?
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Persado recently released 2nd Annual Customer Motivation Report provide valuable perspective. Persado used a class of generative AI called Motivation AI to analyze how customers responded to nearly 21 billion messages in his campaigns for more than 3,200 brands during the year 2022. .
When it comes to retail, we found that campaigns and content focused on communicating timelessness and diversity are the most successful campaigns in 2022. -In 2022, performers over overperformers
Persado’s report predicts that the timeliness and versatility theme will continue to outperform throughout 2023. It also adds that quality themes are likely to be strongly exhibited as consumers demand well-made and durable products.
These findings are in line with research from FreedomPay and Retail Economics, which show that in order to deliver engaging and personalized experiences in the current climate, brands need to go beyond just knowing their customers by name, to purchasing. It suggests that suggestions and inferences should be made based on history and digital behavior. To stand out from the crowd, you also need to understand your customer’s context and motivations.
By focusing on customer preferences, emotional drivers, and shopping context, brands can deliver personalized experiences that customers love and drive sales, even in the face of financial and competitive challenges. can be promoted.