The State of Commerce 2023
How today’s customer loyalty trends are defining the shape of retail’s future
This report explores emerging ecommerce trends and gives merchants a glimpse into the future of ecommerce.
Download the report for actionable insights into how to optimize your retail strategy, improve the customer experience, reduce costs and boost revenue.
The State of Commerce 2023
How today’s customer loyalty trends are defining the shape of retail’s future
This report explores emerging ecommerce trends and gives merchants a glimpse into the future of ecommerce.
Download the report for actionable insights into how to optimize your retail strategy, improve the customer experience, reduce costs and boost revenue.
Consumers are shifting their allegiance from their go-to brands to competitors that offer a better experience
Understanding the current fluidity of consumer loyalty is more important than ever given the soft and uncertain economy. Merchants must develop strategies to keep wavering customers loyal and win back those who are beginning to wander, all while ensuring a seamless experience for those who have taken a new interest in them.
The state of the consumer and the economy
CAN INFLATION-WEARY SHOPPERS FIND PRICE RELIEF ONLINE?
Despite the confusion and uncertainty of the economy, there are signs that ecommerce will have a solid second half of the year, according to Signifyd modeling.
Therefore, retailers need to focus intently on building the kind of customer experience that will help them win their share of increasing online sales.
As always, speed, selection, price, hassle-free returns and superior post-purchase support will be integral to retailers’ success. But in this economic era of consumer empowerment, understanding the inner workings of customer loyalty — who stays, who goes and why customers do what they do — will be just as important.
Read the full report to uncover Signifyd’s ecommerce growth projections for the remainder of the year, dive into consumer behavior trends in response to economic uncertainty, and find strategies for boosting customer acquisition and retention.
2022-2023
Ecommerce sales % change
(year over year)
2022-2023
Consumer spending trends
Consumers spending habits reflect economic uncertainty
Consumers have cut back on spending and plan to remain frugal throughout the remainder of 2023.
According to Signifyd’s recent consumer survey, nearly 80% of respondents said inflationary pressure had led them to cut back on spending this year and 70% said economic conditions would mean they would delay or forgo purchases they had planned to make later in the year.
Consumers don’t see things getting better any time soon. Consumers’ pessimistic outlook underscores the challenge merchants are faced with while competing for shoppers’ dollars.
Signifyd consumer survey results
Inflation has caused me to restrict spending this year
The ecommerce loyalty spectrum in 2023
Soulmates, Hot Dates, Ghosters, Exes: How deep is your love with your buyers?
Loyalty can mean different things in different retail verticals. Therefore, by analyzing the frequency and recency of online purchases across three of the biggest online retail verticals — apparel, electronics and home goods — the Signifyd data team found it can characterize and categorize the shifting loyalties of consumers in 2023 into four befitting buckets — Soulmates, Hot Dates, Ghosters and Exes.
Soulmates, while rare, are precious, particularly in ecommerce, where for the past two years they’ve made up less than 2% of online brands’ customers. Despite their small slice of the population, they’ve been a key driver of sales in the past year, increasing their spend by 45% and accounting for nearly 12% of sales for their go‑to merchants.
Signifyd consumer survey results
The loyalty spectrum across ecommerce
The loyalty spectrum across ecommerce
On the flip side, more than three out of five online customers can be classified as Exes, those who have left a given merchant behind.
Taken together, those facts tell the story of how important it is for merchants to hang onto their Soulmates and work hard to bring Ghosters back around and get more serious about their relationships with Hot Dates.
Read the full report to see why only certain consumer behavior is worth the emotional (and financial) investment while others raise a red flag, as well as specific ways to foster a long and fruitful relationship with loyal customers.
Consumers in 2023 are not just shopping around online, they are “buying around” — moving among retailers and brands looking for better deals, faster shipping and more selection.
The challenge for merchants is finding the formula to attract them while they’re on the move and to keep them around once they visit a site and buy.
State of Commerce Report 2023
Download the full report for an in-depth look into the 2023 consumer
spending trends and what is in store for the future of retail.
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