Leveraging Euromonitor International’s proprietary Empowered Consumers segmentation, this report explores how Empowered Consumers behave during their pre-purchase, purchase and post-purchase parts of their shopping journey. It explains how the retail industry is adapting to these behaviours and highlights specific retailer examples. It concludes with recommendations on how to be successful.
Consumers that engage in empowered actions, such as reading and writing reviews and checking prices at least weekly, account for 26% of consumers worldwide, according to Euromonitor International. This is up from 24.3% in 2016.
Endless information means that Empowered Consumers are engaging with reviews and checking prices frequently during the pre-purchase part of their journey. Retailers have a plan to capitalise on the power of reviews and a plan for pricing in an omnichannel world.
Empowered Consumers expect convenient and experience-led shopping across digital and store-based channels. Retailers must embrace omnichannel retailing to meet these needs.
The relationship between customer and retailer no longer ends with the transaction. Retailers must examine their post-transaction strategies to encourage reviews and deliver best-in-class customer service.
The Empowered Consumer is now at the heart of retail. Successful retailers will understand their different customer types and their shopping journeys. At every touch point, retailers will provide an experience that is consistent with the retailer’s brand story so that their customers will act as their best brand ambassadors.
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