Almost two-thirds of customers polled in a brand new survey are much less assured within the economic system than a yr in the past, and 76 p.c of them are spending much less cash. The brand new analysis from buyer engagement agency Verint reveals how retail entrepreneurs can increase their possibilities of attracting extra discretionary {dollars} in an period of excessive inflation.
The newly launched Verint Information to Buyer Engagement within the Retail Business examine reveals that leisure and clothes have been cited as the highest areas for funds cuts in retail purchases as customers wrestle with inflation and financial uncertainty—and 56 p.c of customers indicated “worth for the cash” as one of many two most essential elements that influence their loyalty to mass market retailers.
The survey additionally reveals the fiscal advantages of buyer retention and protecting present clients blissful. Ninety-one p.c of customers store at their favourite mass market retailer no less than as soon as a month, with 83 p.c spending $50 or extra on common.
Retailers that delight first-time customers may also profit significantly
Three-quarters of customers who tried a brand new mass market retailer for the primary time prior to now six months shopped there greater than as soon as, with 90 p.c of first-time customers making purchases no less than as soon as a month thereafter.
After having an incredible buyer expertise, 88 p.c are prone to make a repeat buy, 82 p.c are prone to suggest to buddies or household, 68 p.c are prone to be part of a loyalty program, and 63 p.c stated they’re prone to write a optimistic assessment.
“At a time when world inflation has grow to be one of many greatest points dealing with customers, leaving them with much less disposable earnings, sustaining ‘share of pockets’ is important for retailers,” stated Verint’s Jenni Palocsik, vice chairman, advertising insights, expertise and enablement, in a information launch. “Creating distinctive experiences must be on the coronary heart of each retailer’s engagement technique. And our examine reveals ‘to the retail buyer expertise victors, go the spoils.’”
The examine additionally reveals {that a} damaging buyer expertise can ship customers packing; causes that buyers have been prone to cease buying from a retailer included: if a customer support problem isn’t resolved in a single try (62 p.c), if unable to speak on their channel of alternative (57 p.c), if compelled to repeat themselves (55 p.c), and in the event that they must endure lengthy wait occasions (50 p.c).
Obtain the total report right here.
This summer time, Verint carried out a web-based survey of two,000 U.S. customers who had bought from a mass market retailer from February to July 2022.
