85% of shoppers would be more loyal if they offered them something, from promotions to unexpected surprises

85% of shoppers would be more loyal if they offered them something, from promotions to unexpected surprises

85% of shoppers would be more loyal if they offered them something, from promotions to unexpected surprises

The battle to stimulate the economy through retail is far from lost, according to Shopify’s State of Commerce report. Consumers and businesses continue to face severe macroeconomic challenges across Europe. And the study notes that there is a value dilemma between the two.

Although half (50%) of European consumers are looking for the best possible value for money, the majority (82%) of businesses pass on some or all of the cost increases to the customer. This figure is slightly lower in the UK, at 81%. The vast majority (85% in Europe, 82% in the United Kingdom) of consumers would be more loyal if brands offered them something. For example, high-quality goods or services, promotions and surprises. But consumers still expect a human touch in their shopping experience.

However, only 6% of UK businesses surveyed said they planned to invest significantly in customer experience this year. According to Shopify, this represents a missed opportunity for many businesses. The report recommends that companies find ways to reduce their prices. Alternatively, they should offer additional value if they want to maintain brand loyalty and keep consumers on their side.

The report reveals business priorities and what consumers across the continent currently feel and want.

Shopify State of Commerce Report – key European findings include:

  • Discretionary spending has decreased over the past 12 months for almost half (46%) of consumers.
  • More than half (53%) said a product’s better value for money was one of the reasons they had previously purchased a different brand than their usual choice. Meanwhile, 23% would switch to a competing brand if it saved them money.
  • More than two thirds (67%) think it is important for brands to provide a good integrated experience between online and offline, with this figure rising to 74% of those who have increased their spending in the last twelve months.
  • Nearly half (47%) said they expect brands to offer a tech-enabled shopping experience, while 35% said they would be more loyal to brands that offer them.
  • Nearly two-thirds (64%) believe AI will make at least one aspect of shopping easier. But companies fear providing a less authentic or less human experience to shoppers.

Deann Evans, Managing Director EMEA at Shopify, said: “This study provides actionable insights and trends from thousands of retailers and consumers on selling and shopping in 2024 and beyond. This shows that surprising and delighting buyers must remain a priority. As new technologies, including generative AI tools, offer new ways to engage consumers and drive crucial efficiencies, brands must continue to maintain a personal touch. And deliver a consistent experience wherever a customer shops.

The full report is available via this link

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