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Surprising opportunities await retailers in 2023 despite forecasts of a challenging economic cycle and decreased consumer discretionary spending.
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Shoppers across every generation are embracing technologies that help them make smarter choices. Retailers need to offer the ones that resonate most with customers and build an integrated customer experience (CX) strategy with the most ROI.
Consumers of all ages in the US and the UK want to use new technologies, based on their preferences, to enhance their shopping and buying experience.
Millennials in the US and the UK are more willing to share their personal information in exchange for a discount or perk. This powerhouse demographic will be essential for retailers to target in 2023.
Most consumers say:
It is important that items are sustainably made or responsibly sourced.
They have recently paid more for such items, even with tighter budgets.
They are more likely to spend on retailers who offer rewards for sustainable choices.
As consumers tighten their wallets in today's economy, retailers must get smart and rely on data and insights with technologies that bring the best return on investment in the short- and long-term.
By focusing on Millennial buying power with tailored products, messaging and offers in the in the short- and medium-term, retailers can earn added loyalty and maximise a critical customer segment for years to come.
TCS Thought Leadership Institute conducted this retail consumer survey to uncover the latest retail shopping trends and understand the biggest influences on consumer behavior in 2023. Conducted in the US and the UK, it polled 1,500 cross-generational shoppers of all genders in each country.
