Welcome to a new frontier in marketing strategy! Here, knowing your shoppers isn’t just a strategy — it’s the key to your success.
Chasing elusive clicks and fighting for digital pixels on social platforms might have worked in the past. 2024 beacons a somewhat different approach for modern marketers. It starts with a radical shift: putting shopper retention, not acquisition, at the nucleus of your marketing plan.
It’s no secret that the world is overflowing with choices, and more shoppers will walk away from you after they endure poor shopping experiences. These can be as trivial as forgetting a birthday discount or something more severe like a clunky checkout or even a commonly observed overbearing barrage of robotic, unintuitive emails.
But don’t worry, the situation can change. Imagine a scenario where you can craft the perfect shopper experiences, anticipate their needs, resonate with their desires, and seamlessly offers consistent experiences across all channels. Imagine becoming the heroes of the shopper journeys. That happens when you stop chasing acquisition strategies and focus on fostering relationships.
The goal is to unlock loyalty, boost conversions, and build brands that thrive in the face of any economic storm. Gartner reports that over half of marketing funds are directed toward digital media and paid ads to acquire new customers, and total marketing budgets represent a significant slice – nearly 9 -15% of a company’s revenue. The stakes are high for 2024. But when your shoppers are happy, everything else falls into place – budgets, channels, success.
Ready to rewrite the rules of engagement? Join us as we decode the true power of shopper-centricity in our new study, “Quantifying Today’s Shopper: Netcore’s 2024 North American Consumer Benchmark Report.” Dive in and discover how to make your shoppers the true stars of your brand story.
Highlights From the Report
This report is an adventure into shopper conscience like never before! It presents over 40 data points that reveal the secrets of shopping. Unravel insights into shopper behavior, unearth hidden trends, and grasp their motivations and channel preferences. Master strategies to turn shoppers into loyal advocates and more!
1. Consumers are still spending
62% of all consumers state they will make more purchases in 2024.
Amid economic challenges, North American consumers persistently continue to spend. They focus on essentials such as household goods, school supplies, and apparel. Inflation is driving this increased demand, prompting budget-focused purchases and establishing online shopping trends. Retailers now foster loyalty via incentives and personalized offers.
2. Shopping has moved online
84% of all consumers will buy online products. They will buy daily or as frequently as several times a month
Online shopping provides convenience and saves time by eliminating store visits. Shoppers enjoy diverse product choices, price comparisons, exclusive deals, promotions, and subscription services, all of which enrich their shopping experience.
In 2024, shoppers will increasingly prefer to buy on mobile apps and websites. Only 3% of shoppers will not have an online touchpoint in their buying journey.
3. Shoppers will trade personal data for quality experiences
63% of shoppers will give you their data in exchange for superior brand shopping experiences.
This growing willingness reflects the increasing value placed on tailored services. It also indicates a shift toward personalized interactions in the retail landscape. Shoppers seek discounts, loyalty programs, special giveaways and contests, and more!
When questioned about the kind of experiences they anticipate from retailers in exchange for sharing personal data, shoppers expressed their expectations.
4. Shoppers will abandon you because of poor experiences
85% of all shoppers will leave a retailer over poor experiences in 2024.
Numerous disappointing experiences could significantly dampen shoppers’ moods. For instance, almost 40% encounter irrelevant recommendations lacking value. That’s a prime example of the outcome of poor experiences. These issues, if left unresolved, can lead to severe shopper churn.
Statistics obtained, when shoppers were questioned about the experiences classified as ‘poor’.
5. Marketers need to focus on improving the shopping experience across virtually all channels
When questioned about experiences that require improvement in 2024, shoppers expressed their opinions.
With an increase in channels and tech-savvy shoppers, brands are compelled to provide consistent, delightful experiences to meet evolving expectations. According to shoppers, these are some critical areas of improvement brands need to address in 2024. We recommend you download and read the complete study now for more insights!
Conclusion
The shopping landscape has shifted. Chasing metrics is no longer enough. 2024 demands a radical shift – a move from dollar-centric to shopper-centric marketing. The “Quantifying Today’s Shopper: Netcore’s 2024 North American Consumer Benchmark Report” is a treasure trove of insights. Delve deeper, you’ll uncover the secrets to turning fleeting purchasers into loyal advocates.
Imagine crafting personalized experiences that anticipate needs, resonate with desires, and seamlessly flow across channels. Imagine becoming the hero of your shoppers’ journeys. That’s the power of shopper-centricity. It’s not just a buzzword; it’s the key to unlocking loyalty, growth, and resilience.
Master the strategies to make your shoppers the stars of your brand story. In 2024, forget about chasing clicks; embrace the heroes of your journey – your shoppers.
