MoEngage, an insights-led customer engagement platform, today released a new report, The Global Consumer Trends Report 2023. The MoEngage global report, based on a survey of more than 3,200 consumers and the behaviors and preferences of 1.3 billion consumers worldwide, found that North American shoppers interact an average of three times with a brand before converting. The results showcase the shifting preferences of the consumer, as well as the importance of personalization and omnichannel engagement for brands.

"Today, consumers are looking for greater value, and price is at the forefront of consumers’ motivations for brand switching,” said Raviteja Dodda, CEO of MoEngage. “To succeed, brand marketers must tailor their offerings based on better customer insights. Our research shows that hyper-personalization will help marketers win loyalty as long as they can provide a consistent brand experience across all channels.”

Here are a few key learnings from the report:

50% of North Americans spend 2-4 hours daily on their screen apart from work

It’s an opportunity for brands to create a more meaningful relationship with customers through increased personalization and improved customer experience.

Most North American consumer spending is on Entertainment (49%) and Shopping (32%) platforms.

Shopping and Entertainment brands can further improve conversions by leveraging data analytics and customer insights to provide personalized recommendations.

53% of North American shoppers visit a mobile app or website more than three times before shopping online.

Shoppers don’t convert right away. The report shows that most consumers need more than three interactions with brands before deciding to purchase online. To ensure maximum conversions, brands must create a robust customer journey that provides a seamless omnichannel experience.

1 in 2 North Americans prefers streaming music, videos, and movies on TV.

While consumers prefer streaming on their television, OTT brands must keep up with communication channels like emails, text messages, or mobile push notifications.

Understanding customer preferences and building a relevant communication strategy can help brands engage with their audience and drive customer loyalty effectively.

1 in 2 North Americans visit Banking platforms at least 2-3 times weekly.

The report shows North Americans are more active on Banking platforms than ever. In fact, there’s been a 61% increase in the monthly active users (MAU) for Banking platforms. However, building customer loyalty is still a huge challenge for them as customer stickiness fell by almost 50% in the last 12 months.

58.8% of North Americans prefer to get information for travel plans and reservations from travel websites on mobile and desktop. Creating personalized web experiences according to the visitor’s segment and preferences is critical to increasing website conversions for Travel brands.

A complimentary version of the full report is available at: The Global Consumer Trends 2023 Report.

https://www.moengage.com/industry-reports/global-consumer-trends/

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