Consumers are prioritising convenience and social media trends over traditional financial considerations. Gender and generational gaps exist in spending habits and communication is now bidirectional thanks to user generated feedback through reviews and social media. With consumers now interacting with up to 20 channels pre purchase its imperative that Brands deliver a compelling experiences and streamlined path to purchase across as many relevant channels as possible.
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The modern consumer journey has undergone a significant transformation offering consumers a plethora of choices and channels to explore before making a purchase - With 73% of retail consumers using multiple channels to shop. Furthermore, the modern consumer has unique priorities that vary not only based on gender, but also across generations.
Now, consumers are prioritising convenience and social media trends over certain financial aspects, with 51% intentionally ignoring elements like credit score, credit card debt, or bank balance.
Gender and generational gaps in spending habits are distinct, with men splurging more on “guilty-pleasure” purchases, while Gen Z and Millennials are heavily influenced by social media, with 62% purchasing trending items and 68% citing TikTok's influence on discretionary spending decisions. Additionally, communication is now bidirectional, and consumers can access information easily and are actively sharing feedback through reviews and social media.
In addition to the shift of priorities towards convenience and social media trends, we have seen a rise in the number of channels consumers use within their consumer journey.
And research shows they’re 350% more likely to buy when engaged on multiple channels.
The transformed consumer path to purchase is now challenging every brand to step up. It's now imperative to deliver compelling experiences across as many relevant channels as possible.
This report examines the pressures facing eCommerce brands in 2024, and how reducing friction from the consumer journey will be vital in maximising sales. In particular, we’ll look at how an Add-to-Cart functionality can complement Where to Buy and Shoppable Media solutions and streamline the path to purchase across media channels.