Consumer Behavior Research in 2023: Creating a Multidimensional Shopper Strategy

Authored by Novus Insights 12/04/2023

The new economy is shattering barriers with respect to how people think, act, and shop. Thanks to the rapidly changing landscape of new technology, rising social media, and changes in infrastructure, organizations can now fulfill consumer demands at breakneck speed. Today, the retail space is nothing short of a battleground for brands. The era of one-way, aggressive advertising is long gone. To survive the cutthroat competition for customer engagement and retainment, businesses must be committed to staying true to their core values while pivoting, adjusting, and responding to consumers across channels and dimensions. Brands can succeed by developing multidimensional experiences, and for that, consumer market research can help big time. Through customer behavior analysis, you can pinpoint the touchpoints where more opportunity lies for multidimensional shopper engagement. That’s what we will discuss in this blog.

Merging Online and Offline Research to Understand the Modern Shopper’s Behavior

One may argue that today, most customers are online shoppers. As contrary as it may seem, the above statement is not true. According to Statista, e-commerce accounted for only 19% of the global retail market in 2022. True, the market is growing and so is e-comm’s market share, however, e-commerce is nowhere close to claiming even half of the total global retail market anytime soon. This means brands that solely focus on online or offline sales would find it tough to build an omnipresent impression on their customers. The scenario calls for a merge between online and offline experiences. Here are some strategies to achieve this:

• Use a variety of research methods, including surveys, focus groups, and social media monitoring, to gather information about shopper behavior, both online and offline.
• Merge data from different sources to identify patterns and trends across different channels, to gain a complete view of the shopper's journey. You can make use of specialized customer satisfaction data analysis models for a scientific understanding of your customer.
• Analyze the data to identify key touchpoints in the shopper's journey. Conduct customer behavior analysis to predict what the customer wants to buy next.
• Use the insights gained from the research to develop and test new strategies aimed at improving customer engagement.
• Embrace technology to bridge the gap between online and offline shopping experiences. For example, businesses can use augmented reality (AR) or virtual reality (VR) to provide a more immersive shopping experience that delivers the essence of both the online and offline realms.

Customer Engagement in the Age of AI

The rise of Artificial Intelligence (AI) has transformed the way businesses operate, and customer engagement is no exception. AI can offer numerous benefits that work to improve customer engagement. If used wisely and strategically, it can play a crucial role in striking a balance between automation and human interaction. By finding the right balance, businesses can deliver exceptional customer experiences that drive loyalty and growth. Here are some strategies to improve customer engagement in the age of AI:

• Personalization : AI can help you collect and analyze customer data to further conduct customer behavior analysis, helping you to understand customer preferences and enabling you to create personalized experiences.
• Communication : By implementing AI-powered chatbots and virtual assistants, brands can provide customers with instant support and quick query resolution.
• Feedback : Use AI to collect customer feedback and analyze it to find opportunities for product and service improvement. It can help businesses understand customer emotions and address their concerns proactively.

The Need For Hyper-Personalized Customer Experiences

One way to gain an edge over your business rivals is to provide a hyper-personalized customer experience. Hyper-personalization involves customizing a customer's experience based on their specific needs and personal preferences. This can be done by leveraging data and technology. By creating a unique experience for each customer, you can improve your brand’s customer loyalty and satisfaction metrics. Fortunately, the increasing availability of customer data has given organizations greater opportunities than ever before to personalize their interactions with customers, at a deep level. Hyper-personalization can be a key strategy for companies looking to differentiate themselves and improve customer engagement.

Final Word

Today's customer has changed a lot when compared to decades before. Consumer behavior research can help you create a multidimensional shopper strategy, leading to more opportunities to upscale and your operations and revenue. When it comes to consumer market research, Novus Insights stands tall. We are one of the leading consumer research companies offering industry-leading consumer behavior research services to clients across the globe. We help you stay on top of your customer satisfaction analysis game. For more information about our consumer market research services, call +91 124 414 2292 or email contactus@novusinsights.com. You may also fill out our contact form, and we will get back to you at the earliest.