{"id":7747,"date":"2024-05-29T17:10:46","date_gmt":"2024-05-29T17:10:46","guid":{"rendered":"https:\/\/tup.kxe.temporary.site\/shoppers-are-saving-their-big-moments-for-later-in-2024\/"},"modified":"2024-05-29T17:10:46","modified_gmt":"2024-05-29T17:10:46","slug":"shoppers-are-saving-their-big-moments-for-later-in-2024","status":"publish","type":"post","link":"https:\/\/okdesign.ca\/en\/shoppers-are-saving-their-big-moments-for-later-in-2024\/","title":{"rendered":"Shoppers are saving their big moments for later in 2024"},"content":{"rendered":"


\n<\/p>\n

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\"Audience\"Audience<\/figure>\n

The latest Salesforce Shopping Index data suggests that shoppers are holding onto their purse strings until later in the year \u2014 at least, if 2023 is any guide. The consumer caution exhibited in 2022 and 2023 will continue through 2024.<\/p>\n

As far as ecommerce goes, this doesn\u2019t mean it\u2019s not showing YoY growth; it\u2019s just that the growth is very modest so far \u2014 just 2% in Q1. That compares with 4% in Q1 2023. Order volume declined by 2%.<\/p>\n

Last year\u2019s price-conscious shopper is still with us<\/h2>\n

We sat down with Caila Schwartz, director of consumer insights and strategy for retail and consumer goods at Salesforce, to get a deeper perspective on the stats.<\/p>\n

<\/p>\n

\u201cWe\u2019re seeing a lot of trends precipitate from last year,\u201d she said, \u201cwhich is mainly this price-conscious shopper. Especially around the latter half of 2023, we saw shoppers wait until holiday season to make bigger purchases and a lot of sales getting concentrated into Cyber Week.\u201d<\/p>\n

Retailers are still seeing good digital traffic. \u201cPeople are coming and browsing,\u201d said Schwartz. \u201cWhere we\u2019re seeing a pullback is in order volumes.\u201d<\/p>\n

But surely these trends are a direct result of the success of big sales events like Prime Day and Cyber Week? No wonder consumers are keeping their wallets shut in the first half of the year. <\/p>\n

\u201cQ4 is the biggest time of the year for retail,\u201d she agreed. \u201cWhat\u2019s happening now is that shoppers are doubling down on essentials and lower-priced goods and they\u2019re waiting to make [non-essential] purchases until later in the year.\u201d A Salesforce sentiment survey conducted in April, 2024 showed three-quarters of consumers waiting until Cyber Week to make bigger purchases: \u201cFurniture, appliances, those big ticket items, because they know that\u2019s when they\u2019ll get a better deal.\u201d<\/p>\n

It\u2019s a Catch-22 for retail. \u201cIf they don\u2019t need it now, they\u2019re going to wait.\u201d<\/p>\n

Dig deeper: <\/em><\/strong>Salesforce piles on the Einstein Copilots<\/em><\/strong><\/a><\/p>\n

Discounts remain important to shoppers<\/h2>\n

Predictably, consumers are still attracted by bargains. \u201cWe saw higher discount rates last year, but I wouldn\u2019t say substantially higher than the year before,\u201d Schwartz explained. \u201cIt\u2019s a balance for retailers right now, margins and profitability against deeper discounts.\u201d<\/p>\n

If discounts are motivating for shoppers, another important prompt is free shipping. \u201cThat\u2019s a little bit different than what we saw in 2020 and 2021. They wanted the product fast and were willing to pay for it. Now speed is not a top factor; it\u2019s all about cost.\u201d<\/p>\n

Strategies that Schwartz identified for retailers included implementing tools that can do intelligent pricing and promotions \u2014 right-time and right-price to the right customer, so not over-promotional. This, of course, requires tracking consumer behavior data: traffic data, information about past purchases, what discounts they\u2019ve used in the past and how they\u2019re using loyalty programs.<\/p>\n

\u201cLoyalty is another factor that\u2019s driving value for consumers,\u201d said Schwartz. \u201cOne of the top factors driving decision-making is whether a consumer can earn and redeem loyalty points. That\u2019s a value play for this price-conscious shopper today.\u201d<\/p>\n

The rising cost of targeting new customers<\/h2>\n

In addition to balancing profitability against the increased demand for discounts and free shipping, brands also face the growing cost of digital marketing. \u201cTargeting new customers is becoming even more expensive,\u201d said Schwartz. <\/p>\n

What\u2019s driving higher customer acquisition costs in 2024. \u201cWe\u2019re in the middle of an election year. Election campaigns are buying up advertising. Temu and Shein are buying up Facebook advertising, Meta advertising. That\u2019s making costs go up for everyone else because there\u2019s less available inventory.\u201d<\/p>\n

Read more about the Q1 Shopping Index data here<\/a>.<\/p>\n

<\/p>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The latest Salesforce Shopping Index data suggests that shoppers are holding onto their purse strings until later in the year \u2014 at least, if 2023 is any guide. The consumer caution exhibited in 2022 and 2023 will continue through 2024. 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