Consumer Spending Trends — 2023 Edition
Forrester eCommerce
SEPTEMBER 8, 2023
Inflation is rampant, and beleaguered consumers are reeling from high prices. Has The Economy Got You Down?
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Forrester eCommerce
SEPTEMBER 8, 2023
Inflation is rampant, and beleaguered consumers are reeling from high prices. Has The Economy Got You Down?
Retail TouchPoints
MARCH 6, 2024
Returnless refunds are improving the almighty customer experience, and in turn, their potential customer lifetime value. Image courtesy Ryder According to Ryder’s 2023 ecommerce consumer study of 1,077 U.S. Of course, no good deed goes unpunished.
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Forrester eCommerce
JANUARY 17, 2024
Forrester just published The Canada Net Promoter Rankings, 2023 report, which includes the Net Promoter Score℠ (NPS) and industry rank for 100 brands across nine industries.
Forrester eCommerce
DECEMBER 29, 2023
New analyses from Forrester's Customer Experience Benchmark Study reveals subdued customer advocacy continues in 2023 as fewer brands have significant improvements and more brands have significant drops in Net Promoter Score℠ (NPS) compared to 2022.
Forrester eCommerce
FEBRUARY 7, 2024
2023 was a confusing year: the consumers blew cold, and the economy blew hot. The recession-to-be did not materialize, and the economic outlook wasn’t half as bad as consumers would have you believe. Yet notes from the post-pandemic blues keep wafting in the air no matter the macroeconomic drumbeat.
Retail TouchPoints
JANUARY 19, 2022
Brands have always focused on personal touches and customization for consumers, yet a recent eMarketer report found growing concerns around data privacy, with nearly nine out of 10 consumers saying it’s important to them. This has led to extreme distrust, fear and even anger.
Forrester eCommerce
JUNE 16, 2023
The Canada CX Index 2023 shows brands backsliding on performance. Read about the results and meet two brands that beat the odds and improved their CX Index scores in a tough year.
Retail TouchPoints
DECEMBER 20, 2023
The top five episodes of 2023 reaffirm some of the most trending topics we covered on Retail TouchPoints over the past year, illustrating how rapidly the industry (and the customer experience) have evolved. Why it Matters: In 2023, we saw employee turnover reach record highs. Let’s begin the countdown… 5.
SheerID
JUNE 8, 2023
As consumers increasingly value data privacy, brands need to find new ways of collecting and using data to improve the customer experience.
Retail TouchPoints
FEBRUARY 17, 2023
Success in the new retail landscape in 2023 requires many of the characteristics of a winning sports team. The “coach” or CEO develops a road map or game plan to achieve the goal, which in retail is providing the ultimate customer experience, every day of the year. Winning teams begin with an end in mind. and it is working.
Retail TouchPoints
NOVEMBER 3, 2022
David’s Bridal will showcase personalized service and inclusivity with a new store format in approximately 30 locations, including 12 all-new shops, in 2023. The revamped stores will feature a new layout designed to support one-on-one customer experiences. West Chester Township, Ohio, Lexington, Ky. and Cool Springs, Tenn.
Retail TouchPoints
JANUARY 24, 2023
The event also gives us business editors the chance to suss out the major trends that retail decision-makers will be grappling with in 2023. Economic headwinds are likely to blow harder when consumers’ savings from the pandemic dwindle, which a Charles Schwab analyst believes could happen by Q3. The NRF Big Show , held in NYC Jan.
Retail TouchPoints
AUGUST 17, 2023
The latest Consumer Price Index (CPI) data highlights a significant deceleration in inflation, now standing at half of last year’s peak. This moderating trend in inflation is an encouraging development, but it is not without its caveats, particularly within the dynamic and complex terrain of the retail and consumer goods industries.
ESW
JUNE 23, 2023
And as the number of ecommerce consumers continues to grow, new markets and segments are emerging along with it. According to Morgan Stanley, parts of Southeast Asia and Latin America could experience 17% to 20% ecommerce growth over the next five years. So what should ecommerce brands know about consumer behaviour in 2023?
Retail TouchPoints
DECEMBER 6, 2023
But, while they continued to make headlines in 2023, marketplaces themselves were no longer the hot commodity this year , marketplace sellers were. Not to mention, those particular platforms are more competitive [when it comes to capturing consumer attention]. There’s fulfillment costs and advertising costs.
Retail TouchPoints
JANUARY 12, 2023
15-17, 2023 and featuring more than 950 exhibitors and 100 educational sessions. Additionally, Lowe’s Marvin Ellison will be honored with the NRF 2023 Visionary Award. New to this year’s event is the Consumer Product Showcase , offering SMB brands the opportunity to show off innovative customer-facing products.
Retail TouchPoints
JANUARY 31, 2024
We’ve all heard that today’s empowered consumer demands seamless and consistent experiences, but new research from CI&T indicates that these expectations are higher than ever. consumers of all ages, races and genders, as well as an assessment of digital retail strategies across various product categories.
Retail TouchPoints
AUGUST 11, 2023
New research from Capterra finds that tip fatigue — exhaustion caused by the pressure to tip more money to a widening array of workers — is a serious problem affecting most consumers who use checkout tablets at restaurants and other businesses. This should give pause to any business that uses checkout tablets.
Retail TouchPoints
JANUARY 3, 2023
With shrinking margins, economic uncertainty, and growing cyber risks from automated threats, retailers face continued challenges in 2023. This article reveals effective strategies to safeguard brands’ customers, reputation and revenue moving forward. Invisible protection for optimal customer experience.
GetElastic
FEBRUARY 7, 2023
Virtual chatboxes are also gaining traction for retailers to help reduce cart abandonment and create a more streamlined and interactive experience as shown in the example below. A poor experience with one seller can create a domino effect and damage consumer confidence in other sellers. position: relative; background:#EDEDED; }.otro-blockquote::before{
ChannelAdvisor
NOVEMBER 8, 2023
What do consumers want? Brands and retailers spend their whole careers chasing down answers to these questions — but we’ve revealed them in our 2023 global online survey results. Consumer electronics buyers are the most savvy shoppers, as an astounding 91% visit two or more sites before purchase. Our recommendation?
Forrester eCommerce
DECEMBER 1, 2023
Forrester's Retail research team highlights data insights from retailers' online Black Friday and Cyber Monday 2023 participation.
Retail TouchPoints
MAY 3, 2023
Let’s dive straight into it and unriddle the mystery of creating modern, highly personalized customer experiences while increasing performance in the cookieless future. But scanning manually through data marts to identify these features is very time-consuming. trillion in value.
Retail TouchPoints
JANUARY 29, 2024
While more than half ( 54% ) of retailers responding to the 2023 Omnichannel and Fulfillment Benchmark Report said active physical stores are the final locations for inventory prior to delivery, retailers are increasingly using third-party services to handle the actual mechanics of picking, packing and delivering items to consumers.
SheerID
OCTOBER 10, 2023
As consumers increasingly value data privacy, brands need to find new ways of collecting and using data to improve the customer experience.
Forrester eCommerce
JULY 12, 2023
In a tough economy, where privacy legislation and technology changes make qualitative consumer data increasingly difficult to access, B2C marketers are struggling to adapt their data strategies for deeper customer understanding and develop AI capabilities to personalize experiences.
Retail TouchPoints
JANUARY 19, 2024
A historic pandemic with a double-whammy of supply chain and staffing issues as well as persistently high levels of inflation have up-ended a lot of industry norms and pushed consumers to increasing their scrutiny on where and how much they spend. consumers are increasingly looking for deals and overall experience when shopping.
MagentoBrain
FEBRUARY 21, 2023
Applying AI to digital marketing can effectively help optimize the consumer experience, increase consumers' favorability for the brand, and directly affect the brand's revenue. The following will describe the seven major marketing trends in 2023 for readers, as well as six tool applications that marketers cannot ignore!
ESW
DECEMBER 21, 2023
As we close out 2023 and prepare for 2024, we look back at our most popular global ecommerce posts of the last year. 2023 was a year of the unexpected. The predicted economic downturn largely did not materalise and, in fact, consumer spending increased. The post Our Top Global Ecommerce Posts of 2023 appeared first on ESW.
Retail TouchPoints
MARCH 18, 2024
The 2023 pilot showed that the self-checkout experience was twice as fast at stores with the Express model compared to those without. “By Despite some consumer and retailer complaints about self-checkout , the technology is well entrenched in retail store operations.
Sailthru
MAY 12, 2023
From streaming subscription services to gaming to podcasts, consumers have an endless choice of options and platforms for consuming content. Success in the media and publishing industries is not only driven by giving customers great content but by delivering an exceptional customer experience.
Retail TouchPoints
JUNE 15, 2023
The 2023 Brand Experience Award winners are brands and retailers taking innovative approaches to all things “experience” — from advanced influencer marketing strategies to immersive store designs and even thoughtful approaches to the metaverse.
Retail TouchPoints
MARCH 31, 2023
by storm, rising to the top of the app charts and garnering millions of fans, until consumers began to realize the cost of those ultra-low prices — long delivery times and often poor quality products. From March 30 (3/30) to April 5, 2023, shoppers will have access to deals on thousands of products and free shipping on all orders over $10.
Retail TouchPoints
NOVEMBER 14, 2023
The retailer, known for its ultra-low prices and treasure hunt customer experience, plans to file a lawsuit on Nov. 16, 2023 in the U.S. The lawsuit accuses these domains of using Temu’s trademarks without a license in order to “to create a false association with Temu and deceive consumers.”
Wiser
SEPTEMBER 18, 2023
The convenience, variety, and value offered by online platforms presents a compelling proposition for consumers. As we move forward, it is essential for retailers to remain agile, leveraging data and analytics to better understand customer behavior, anticipate trends, and make informed decisions.
Fabric
MARCH 28, 2023
Furthermore, losing control of the customer experience can attract bad actor sellers and expose businesses to financial, legal, and operational risks. Yet infinite long tails can potentially give rise to infinite “ zombie products ” and “ zombie brands ” that consume valuable resources and misallocate capital.
lateshipment
JANUARY 17, 2023
Moving onto 2023, we need to draft our plans early to reach our goals for the year. The main reason is due to the fact that customer experience (CX) much like e-commerce is an ever-changing area and you need to keep yourself updated with new trends in the field to thrive and enjoy success. That’s not all!
ESW
SEPTEMBER 1, 2023
American consumers spent an astounding $1.29 Since computers, televisions, smartphones and other electronics are often priced higher than other retail items, the return cycle can be particularly vicious for consumer electronics brands. So how can consumer electronics brands reduce the number of holiday returns this year?
Dynamic Action
JUNE 27, 2023
How is The Customer Experience Evolving in 2023? Customer Loyalty is More Important than Ever As inflation and rising living costs continue to increase, customer loyalties are being tested as purchases become more considered and restricted to essentials. McKinsey & Co. Interested in learning more?
Retail TouchPoints
DECEMBER 23, 2022
Forrester predicts retailers, which are already facing operational and supply chain challenges, will react to the uncertainty in 2023 by shifting to managing rising costs by rolling back offers such as free returns or delivery, and investing in optimization technologies such as order management systems. Retail is already changing.
365 Retail
JUNE 8, 2023
Accelerating Digital Transformation In recent years, the automotive industry has transformed, and consumers have changed the way they shop for vehicles, no longer following a linear process of researching vehicles before visiting dealerships to finalize their purchases.
Retail TouchPoints
JANUARY 16, 2023
The segment she plays in — off-price — is a big factor in her positivity, as is the fact that Saks OFF 5TH serves a relatively affluent customer within that segment. “ 15, 2023. “We’ve I do think that coming into 2023, the first half will be more challenging than the second half,” predicted Thomas. Her response to that?
Retail TouchPoints
JANUARY 19, 2024
“Despite our strong and tangible progress over the last few years, we remain under pressure,” Gennette and Spring wrote in the memo, which also said that the cuts are in response to nearly a year of consumer research into ways “to both better meet their expectations and to generate consistent growth.”
Retail TouchPoints
MAY 22, 2023
Tanger Outlets will deploy a customer engagement platform from Coniq to better empower its retail partners to deliver personalized and contextual offers to consumers. To mark its 30 th year as a publicly traded company, Tanger Outlets has updated its logo and corporate identity.
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