According to Criteo, here are five major trends that will shape consumers’ shopping behaviour this year.
Firstly, consumers will be taking the hybrid path of purchasing. Although they will return to offline stores, they will still rely on retailer websites and mobile applications to supplement their shopping experience.
Secondly, shoppers will still find a way to purchase items that they love despite inflation. They are not only spending more on non-negotiables, such as mortgages or food, but also purchasing the goods and experiences they want most.
In line with that, consumers are now planning ahead and thinking of what to buy in bulk to maximise their spending power and make use of cost savings.
They also believe that deals should not come at the expense of quality. This means they are still looking for great products that are made to last.
Finally, shoppers want more from brands than just discounts. Alignment with a brand’s values and loyalty programmes are strong motivators for shoppers to make a purchase right now.
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To maximise consumer traction for the upcoming Lunar New Year or other festive seasons, Criteo advises retailers to:
- Continue expanding their media offerings to own their end-to-end customer journey, while marketers should keep investing in retail media as it can help reach and engage consumers when they are actively browsing and buying.
- Provide consumers with a smooth shopping experience that creates loyalty and trust by including innovative and practical customer services. BORIS (buy online, return in-store), for instance, is a top reason why consumers decide to purchase a product when shopping online.
- Optimise data and analytics on their websites and apps to enable targeted ads at the point of purchase, subsequently influencing sale convergence online.
“Brands and retailers have had a front-row seat to the changes in consumer behaviour and needs over the past few years and will do well to act on these insights. As we approach this festive season, it’s imperative for brands and retailers to consider adopting a refreshed advertising strategy that will enable them to maximise outreach to their target audience across different platforms,” says Taranjeet Singh, Criteo's managing director for Southeast Asia and India.