San Francisco-based MoEngage, an insights-led customer engagement platform, released a new study, The Global Consumer Trends Report 2023, which looks at the behaviors and preferences of 1.3 billion consumers worldwide.
The report points out that North American shoppers interact an average of three times with a brand before converting to customer. And the results of the research showcase the shifting preferences of the consumer, as well as the importance of personalization and omnichannel engagement for all brands.
“Today, consumers are looking for greater value, and price is at the forefront of consumers' motivations for brand switching,” said Raviteja Dodda, CEO of MoEngage. “To succeed, brand marketers must tailor their offerings based on better customer insights. Our research shows that hyper-personalization will help marketers win loyalty, as long as they can provide a consistent brand experience across all channels.”
Here are a few key learnings from the report:
- 50 percent of North Americans spend two to four hours daily on their screen apart from work. It's an opportunity for brands to create a more meaningful relationship with customers through increased personalization and improved customer experience.
- Most North American consumer spending is on entertainment (49 percent) and shopping (32 percent) platforms. Shopping and entertainment brands can further improve conversions by leveraging data analytics and customer insights to provide personalized recommendations.
- 53 percent of North American shoppers visit a mobile app or website more than three times before shopping online. Interestingly, shoppers don't convert right away. The report shows that most consumers need more than three interactions with brands before deciding to purchase online. To ensure maximum conversions, brands must create a robust customer journey that provides a seamless omnichannel experience.
Winning Customer Loyalty
Understanding customer preferences and building a relevant communication strategy can help brands engage with their audience and drive customer loyalty effectively.
"Finding the solution to winning customer loyalty can be daunting for brand marketers,” noted Dodda. “To do it well, marketers need to leverage customer data based on prior browsing and shopping behaviors to inform their customer engagement strategies. Consumers are making it clear what they want and expect from brands. It's up to marketers to deliver that experience to keep them coming back."
According to research from MoEngage, 31.9 percent of consumers are frustrated by brands that send too frequent or too few communications. And most consumers' frustration stems from a lack of strategic customer engagement from brands. Additionally, the research found:
- 32.3 percent of consumers choose one brand over another if the communication is unrelated to their current shopping behavior.
- 56 percent of consumers want a curated shopping experience.
- 66 percent of consumers are comfortable or slightly comfortable with sharing their data including name, location, and email.
A complimentary version of the full report is available here. To learn more about MoEngage, visit MoEngage.com.
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