Strong Consumer Loyalty and Economic Confidence Amidst Early Shopping Season: Optimove 2023 Holiday Survey Reveals
Insights Offer Actionable Recommendations for Marketers to Enhance Customer Experience and Foster Brand Loyalty
Optimove, the first Customer-Led Marketing Platform, today released its 2023 Holiday Survey, which uncovers compelling insights into consumer behavior and the factors that drive sales during the holiday season.
The survey’s second annual edition reveals that forty-two percent (42%) of consumers prefer to shop exclusively at familiar stores or websites they have patronized before, highlighting the significant impact of loyalty on driving sales. Plus, an overwhelming majority of respondents, 93%, expressed a strong likelihood to revisit a brand or retailer following a positive experience, underscoring the pivotal role of customer satisfaction in fostering lasting relationships. These findings emphasize the critical importance for businesses to prioritize customer loyalty and nurture enduring connections with their audience.
Read More: Future of RFID: The Cost of Inaccurate Inventory
Marketers should be cognizant of causing marketing fatigue
Further, results show that most shoppers (55%) will tire of Holiday marketing messages by October, which will rise to 73% by November. In addition, results show that holiday shopping starts early, as 50% of respondents will begin shopping by the end of October. While brands want to reach consumers before they buy, marketers should focus on delivering personalized, relevant, and timely content to engage consumers.
Pini Yakuel, CEO of Optimove, emphasizes the importance of understanding consumer preferences and managing marketing communications to maintain engagement and prevent fatigue. Yakuel said, “Managing communication frequency and relevancy is crucial for avoiding customer dissatisfaction and unsubscribing. Most brands struggle to do this effectively as they either batch-and-blast consumers or use rigid journey builders that cater to the ‘average consumer.’ In a world where consumers demand personalization and relevancy, brands must embrace AI to orchestrate individualized journeys and messages. Embracing AI enables brands to meet consumers’ evolving expectations, create meaningful connections, and differentiate themselves in a competitive market.”
He advises retailers to provide early access to offers, lead with competitive pricing, build trust, demonstrate environmental responsibility, and capitalize on early shopping trends. “By implementing these actions, retailers can enhance brand loyalty, attract and retain customers, and drive success during the holiday season.”
Consumer confidence up
Furthermore, the survey delves into the current landscape of consumer confidence, revealing a promising uptick in both personal finances and the broader economy, as 35% of respondents plan to spend more on holiday gifts compared to the previous year. In contrast, last year, only 17% of Optimove’s 2022 Holiday Survey respondents planned to spend more than the previous year (2021), marking a 105% increase.
Read More: ESW Appoints Kelly As Co-Chairman And Eichmann As CEO At It Targets Next Phase Of Growth
