Digital spending has increased significantly during the first two years of the pandemic. US consumers alone spent $1.7 trillion online, according to Adobe. However, with inflation and the looming recession, how can brands and retailers sustain growth? Prompt, decisive actions are crucial while considering the following changes and insights into shopping behaviors.
1. Shoppers Expect Savings With Speed and Convenience
Amid the development of new touchpoints, customers are shifting not only spending patterns, but also expectations, with 42% seeking promotions, 32% trading down for lower-priced items and 26% resorting to private labels, according to Ipsos research.