In a down economy, what do consumers want?
The trends are clear: consumers are looking for value, reliability and a great experience, and they’re finding it online.
A survey of 9,600 respondents shows consumers are in a period of transition. Only 22% of respondents say they continue to shop with the brands they trust regardless of price, putting pressure on brands that rely on loyalty to take a new approach.
Winning strategies for 2023 and beyond will blend marketplace and dropship with owned assortment to offer more products at highly competitive prices, whether consumers shop in-store or online.
Key findings from the survey include:
1 – 51% of consumers are doing the majority of their shopping online
2 – Spending on online marketplaces continues to rise, increasing 10% YOY compared to 2022
3 – 77% of shoppers in the U.S. say marketplaces are the most convenient way to shop
4 – 71% of consumers expect to move more of their spending online in 2023 to find better value