Brands that pay close attention to the changing tide of consumer expectations and embrace the new digital wave will be the ones that win in the age of Amazon.
SAN FRANCISCO (PRWEB) March 15, 2023
Global retail analytics leader Intelligence Node today released its 2023 Consumer Buying Behavior Report, which tracks patterns in consumers’ shopping habits amidst growing inflationary trends and recession fears in 2023, to identify key trends and insights. The report is a go-to guide for retailers and brands looking to understand consumer sentiments and buying patterns during unprecedented events and the evolving retail landscape.
“The post-pandemic retail industry is going through massive transformation,” said Sanjeev Sularia, CEO of Intelligence Node. “Unprecedented external factors have carved a sure-shot path for a data-driven, digital-first retail landscape. Consumers have never been more complex or had higher expectations, and it is critical for brands to have an intimate understanding of how consumer preferences and behaviors are shifting. Brands that pay close attention to the changing tide of consumer expectations and embrace the new digital wave will be the ones that win in the age of Amazon.”
Key events and findings from the report:
Inflation and Recession Fears Lead to Cautious Spending
- 1 out of 2 shoppers are likely to cut their retail spending in 2023
- Luxury and fashion spending will be most affected by the recession
- >70% of shoppers search and compare prices online very often while shopping in-store
Consumers Prioritize Sustainability and Conscious Consumption
- >90% of shoppers consider nutritional information on grocery packing important
- 1 out of 2 shoppers are willing to pay a premium for sustainable brands
Shopper Prefences Evolve Amidst Digital Upheaval
- Over 60% of respondents abandon carts due to delivery charges
- 60% of shoppers use Amazon to look up products online
- Delivery fees trump all other factors when making an online purchase decision
Brand Loyalty Still Relevant in 2023
- Brand loyalty is the most important in the electronics industry for a majority of respondents
- >40% shoppers prefer buying daily essentials from trusted brands
The report also reveals Intelligence Node’s recommendations for eCommerce in 2023 and beyond. These include:
- Brands should invest in sustainable fashion collections in response to shoppers’ growing preference for environmentally conscious products.
- Brands and retailers must embrace advanced pricing and analytical tools to combat price sensitivity in shoppers with competitive prices and discounts.
- Omnichannel retail is becoming increasingly mainstream with shoppers comparing prices online while shopping in-store. This trend is making it critical for brands and retailers to offer seamless shopping experiences across channels.
To get deeper insights into the shopper sentiment across the consumer buyer journey, download the full Consumer Buying Behavior Report here.
For more information on Intelligence Node’s retail analytics and competitive intelligence solutions, please visit http://www.intelligencenode.com.
About Intelligence Node
Intelligence Node is a real-time retail eCommerce intelligence platform that empowers businesses to drive product-level profitability and grow margins using data-driven competitive insights across pricing, assortment and availability, digital shelf visibility, MAP monitoring and more. Intelligence Node maintains the world’s largest product and pricing dataset with unmatched accuracy, at 99%, which feeds the growth of more than $600 billion in retail revenue globally. Proprietary patented algorithms are delivered via SaaS portal, file feed, or APIs, providing rapid plug and play accessibility. Intelligence Node is used by global retailers and brands, including category leaders like Nestle, Lenovo, Prada, LVMH, and many others. Learn more about the company at http://www.intelligencenode.com.