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85% of shoppers would be more loyal if they were offered something from promotions to unexpected surprises

Posted on by darion

The Shopify Commerce State of Commerce report has been published

According to Shopify’s State of Commerce Report, the battle to stimulate the economy through retail is not yet lost. Consumers and businesses continue to face severe macroeconomic headwinds across Europe. The study noted that there is a value conundrum between the two.

Even though half (50%) of European consumers look for the best value they can find, the majority (82%) of businesses pass on some or all of the cost increases to the customer. It is slightly lower in the UK at 81%. The vast majority (85% in Europe, 82% in the UK) of consumers would be more loyal if brands offered them something. For example, high-quality goods or services, promotions and surprises. However, consumers still expect a human touch in their purchases.

However, only 6% of UK businesses surveyed said they planned to invest significantly in customer experience this year. According to Shopify, this represents a missed opportunity for many businesses. The report recommends that businesses find ways to reduce prices. Alternatively, they should offer additional value if they are to maintain brand loyalty and keep consumers on their side.

The report shows what companies are prioritizing and what consumers across the continent currently feel and want.

Shopify’s State of Commerce Report – European highlights include:

  • For almost half (46%) of consumers, discretionary spending has decreased over the past 12 months.
  • More than half (53%) said that better price/value of a product was one of the reasons they previously purchased a brand other than their usual choice. Meanwhile, 23% would switch to a competing brand if it meant saving money.
  • More than two-thirds (67%) believe it is important for brands to offer good, integrated experiences between online and offline, with this figure rising to 74% for those that have increased their spending in the last twelve months.
  • Nearly half (47%) said they expect brands to offer tech-enabled shopping experiences, and 35% said they would be more loyal to brands that offer them.
  • Nearly two-thirds (64%) believe that AI will make at least one aspect of shopping easier. However, companies have concerns about providing shoppers with a less authentic or human experience.

Deann Evans, Shopify’s managing director for EMEA, said: “This research provides actionable insights and trends from thousands of retailers and consumers about selling and shopping in 2024 and beyond. It shows that surprising and delighting customers should remain a priority. While new technologies, including generative artificial intelligence tools, offer new ways to engage consumers and drive key efficiencies, brands should continue to maintain a personal touch. And deliver a consistent experience wherever the customer shops.”

The full report is available at this link

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