As the commerce experience extends to more screens, networks and devices than ever, brands need to refresh their approach in order to target consumers via the appropriate channel at the right moment. Acquity Group’s 2015 Next Generation of Commerce Study took a deep dive into which innovative marketing strategies are most likely to win consumers’ hearts and wallets.
Deliver on Value
Despite the growing importance of fast delivery, clear-cut value still incentivizes consumers most: 82 percent of study respondents said they would rather get 10 percent off an item’s price than same-day delivery. However, value encompasses more than money, and businesses should focus on meeting the unique expectations of their target customers.
Some consumers are also willing to shift their loyalties when social media “currency” comes into play. Eighteen percent of consumers would switch to a new retailer if they offered social media engagement (such as “Liking” or sharing a post) as a form of currency redeemable for discounts. And while a significant percentage overall are looking for an updated commerce experience, it’s important to note that younger (especially college-aged) shoppers are inclined to favor businesses that offer social currency incentives. According to the study, 28 percent of consumers 18-22 and 32 percent of those 23-30 would switch retailers if offered a social currency option.
Data security can be almost as powerful as savings: one in five consumers would choose a new retailer for day-to-day items if they offered enhanced online commerce security measures.
Checking-in Can Pay Off
With 58 percent of consumers reporting they allow mobile devices to use their location, businesses also have major untapped opportunities to connect with shoppers via geolocation. Of this majority, 13 percent keep location permissions turned on for all applications, while 45 percent selectively choose which apps have access. Many of the likely suspects take the lead, such as maps (95 percent), social media (38 percent) and travel/transportation apps (20 percent). However, consumers are more than three times as likely to allow food brands/retailers to access their location as they are clothing and apparel brands—15 percent versus four percent.
Consumers open to sharing their locations through wearable technology such as smart watches can open up a new realm for retailers to add value to the customer experience. For instance, 29 percent of study respondents would consider sharing data with brands if they received suggestions for the best stores to shop for their products. On average, one in four consumers would consider sharing data with brands if it were used in conjunction with third-party applications to track their location in real-time and deliver goods directly to them.
The new face of consumer engagement for commerce needs to involve a thorough understanding of exactly where and how different consumers want to interact with a brand. Brand strategists will need to provide clear value—whether through convenience, discounts or security—at every touch point in order to achieve loyalty with the next generation.
About the 2015 Next Generation of Commerce Study:
The 2015 Next Generation of Commerce study conducted by Acquity Group, part of Accenture Interactive, breaks down consumer expectations for brands in 2015 and beyond, from engagement to purchasing to delivery.
The study surveyed over 2,000 U.S. consumers about their habits and preferences surrounding digital engagement, shopping and services. Consumer preferences and behaviors were analyzed based on demographic qualifiers including generation, region and technology adoption.
For more information on the Acquity Group 2015 Next Generation of Commerce Study and for the full report visit www.acquitygroup.com/nextgenstudy .