The high cost of living in the UK has had a significant impact on consumer behavior, forcing them to be more cautious with their spending. As a result, consumers are taking longer and more thoughtful buying journeys, and relying heavily on digital touchpoints in their purchasing process.
According to a study conducted by MoEngage, a staggering 59% of consumers visit retailers’ digital platforms multiple times before making a purchase. Even more striking, 38% of shoppers make more than five visits to e-commerce platforms before finalizing their purchases. This shift in behavior can be attributed to the difficult living conditions that many consumers are facing, which necessitates careful decision-making when it comes to spending their hard-earned money.
In response to the need to cut back on non-essential spending, KPMG research reveals that 55% of UK shoppers have become more methodical in their shopping habits. They are taking longer to evaluate purchasing decisions and are more deliberate in their approach. This finding is supported by a poll conducted by Trustpilot, which found that the average UK shopper now takes 30% longer to make a purchase compared to a year ago.
Furthermore, MoEngage’s research also highlights that consumers are spending more time on their devices, with 58% of them spending up to four hours each day. This increase in screen time further emphasizes the shift towards digital touchpoints in the buying journey.
Jason Smith, the VP of UK & Europe at MoEngage, explains that impulse shopping is no longer the norm. Consumers are becoming savvier with their shopping, carefully considering where they spend their money and how they can stretch their disposable incomes. For retailers and brands, this presents both a challenge and an opportunity. While it may be more difficult to convert customers, there are various opportunities for engagement and building loyalty.
One effective strategy for retailers to navigate this changing landscape is by utilizing personalization strategies powered by customer insight. By understanding their customers’ preferences and behavior, retailers can better serve them throughout their buying journey. This personalized approach not only increases the likelihood of conversion but also fosters loyalty among customers.
In conclusion, the high cost of living in the UK has led to consumers becoming more cautious with their spending, resulting in longer buying journeys and increased reliance on digital touchpoints. Retailers and brands need to adapt to these changing consumer behaviors by implementing personalized strategies that cater to their customers’ needs and preferences.
Useful links:
1. KPMG Research on Consumer Behavior
2. Trustpilot’s Poll on Shopping Habits
