In a report titled 'State of Consumer Behavior,' Raydiant CEO Bobby Marhamat reveals the key insights into consumer behavior in 2024, compared to 2020.
-Preference for shopping, whether online or in-store, continues to fluctuate. The balance between those favoring online versus physical stores has shifted over the years: while physical stores were preferred in 2020, online shopping took precedence in 2021 and 2022, only for physical stores to regain popularity in 2023.
-The significance of in-store experiences is on the rise. Customers increasingly value the in-store experience, with 69% considering it "very important" or "important" in 2020, rising to 85% in 2024.
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-Consumer forgiveness is increasing despite one negative experience potentially deterring further purchases. In 2021, 60% were more likely to stop shopping with a brand after a single bad experience. However, this dropped to 43% in 2023, rising slightly to 50% in 2024, yet still lower than two years ago.
-A positive in-store experience is less likely to drive online sales. In 2021, 65% believed a positive in-store experience would lead to online purchases. However, this has decreased to 58% in 2024, indicating potential shifts in omnichannel strategies.
-Price remains the primary factor influencing shopping decisions. While convenience and product availability have exchanged positions over time, price has consistently ranked first for five years.
-Providing exclusive in-store discounts remains the top method to attract more customers, followed by offering enjoyable in-person experiences, a trend since 2022.