New research from insights-led customer engagement platform, MoEngage, reveals that cost-of-living consumer caution is making shoppers more considered, lengthening buying journeys and increasing the number of digital touchpoints within their retail journeys.
MoEngage’s 2023 Global Consumer Trends Report surveyed 3,200 shoppers across Europe, finding that 59% of consumers will visit retailers’ websites or apps up to five times before making a purchase.
A further 38% say they will make more than five visits to e-commerce platforms before parting with their cash.
In May, retail sales in the UK remained slow, with revenues remaining down by 3.9% year-on-year, with stubbornly high food inflation blamed for consumer caution and the ‘cutback economy’.
However, despite the cost-of-living crisis, UK retail sales did improve in June with a growth of 4.9%, showcasing a fluctuating market that is challenging for retailers to keep pace with.
MoEngage vice-president of UK and Europe Jason Smith commented: “Impulse shopping is out and savvy shopping is firmly in, as consumers weigh up where they spend and how they can make their disposable incomes stretch further.
“While longer consideration phases in shoppers’ buying journeys mean retailers and brands have to work harder for each conversion, it is also presenting them with multiple opportunities to engage and reengage the customer. Using personalisation powered by customer-insight, retailers can better serve those shoppers on their path to purchase and win both spend and loyalty.”
