Shoppers in the UK are increasingly seeking better value for money, quality, and convenience during the current economic climate, a recent report has claimed, highlighting how retail environment is set to become even more competitive, presenting retailers with new opportunities to engage customers and drive loyalty.
According to new research from American Express based on consumer survey, 77 per cent of Britons are increasingly focused on value for money, with 71 per cent saying they proactively look for sale items when shopping. It’s also clear that customers are looking for more support from businesses on price, with almost seven in 10 (68 per cent) believing that retailers could do more to help counter rising prices.
The research also points to signs that the retail environment is set to become even more competitive, with 23 per cent of shoppers seeking out the best deals rather than sticking with their usual retailers. Additionally, 52 per cent of consumers say they are more likely to shop with a retailer that has a loyalty scheme, and 61 per cent believe retailers can do more when it comes to rewarding them for their custom; indicating loyalty schemes are becoming a key differentiator for consumers.
Unsurprisingly, 60 per cent of respondents said a convenient shopping experience remains a high priority when spending with a retailer. But with 65 per cent valuing businesses that accommodate last-minute purchases and quick delivery, the study noted that retailers need to keep a positive customer experience front of mind to stay ahead of competitors.
Against a backdrop of escalating cost-of-living pressures, the quality of products is also being interrogated; 62 per cent of UK shoppers believe they have seen a dip in the quality or size of products in the last few months as retailers grapple with supply chain challenges, with almost half (47 per cent) citing they prefer to buy fewer, better-quality items.
Daniel Edelman, UK General Manager of merchant services at American Express, commented, “People’s shopping priorities are understandably changing rapidly in line with the times, with a bigger focus on value and closer eye on quality. It’s important that retailers, as always, stay close to their customers and react quickly in response to their changing needs.
“Offering a winning customer experience both in-store or online should also be front of mind as consumers continue to prioritise convenience and ease when they shop.”