Forrester Consulting Study: 90% of marketers will capture zero-party data within the next 12 months

In February 2022, Forrester Consulting surveyed 200 digital marketing decision makers focused on customer acquisition and found that 90% of them are going to actively respond to information deprecation by capturing zero-party data within the next 12 months.

A very interesting study in the context of alreay available research below:

• 80% of consumers are more likely to make purchase from a brand that provides personalized experiences (Epsilon)
• 79% of customers are willing to share relevant information about themselves in exchange for contextual interactions in which they're immediately known and understood (Salesforce)
• 83% of customers are willing to share their data to create more personalized experience (Accenture)

If you want to go into the space of gathering Zero Party data pls have a look at https://www.salesmanago.com/marketing-automation/customer-preference-center.htm. If you would like to have a chat on that reach me out on priv.

And last but not least some fresh stuff me and our team found over last 2 weeks in eCommerce and Marketing space.

Online retailers plan to invest more in technology in 2023

According to Digital Commerce 360’s Digital Technology survey, three-quarters of surveyed retailers (76%) plan to increase their investment in technology to attract new and retain loyal customers in 2023. The next question retailers need to ask themselves is whether to outsource technology or build it themselves. According to the survey, 70% plan to outsource the task rather than attempt to build a tech stack in house. When asked to narrow down their top priorities, nearly half (46%) said investing in an ecommerce platform topped their list. Other priorities included customer relationship management technology (34%), online marketing (30%), and 27% cited content management and customer service software, respectively. That requires investment. Three in four retailers expect to increase spending by 15% or less. Meanwhile, 39% predict they will spend 10.1% to 15% more.

https://community.salesmanago.com/ecommerce-industry-news-33/online-retailers-plan-to-invest-more-in-technology-in-2023-376

Majority of CMOs under pressure to prove short-term ROI

Almost a third (30%) of marketing leaders believe the current uncertainty will force them to become more reactive, while 31% fear the need to curb their creative campaigns, according to new LinkedIn data. Some 77% of CMOs globally feel under pressure to prove their campaigns are providing enhanced short-term return on investment. Indeed, 41% of the businesses surveyed – organisations with 1,000 plus employees and annual turnover of more than ￡250m – say they are preparing financially for tough times ahead, which is putting heightened pressure on marketers to prove their business impact. However, 17.5% of marketers strongly agree their employer is too focused on the ROI of marketing spend when examining effectiveness. A further 28.2% slightly agree with this statement, making a combined total of marketers who feel their brand is too focused on ROI of 45.7%.

In face of recession, 67% of businesses skip customer acquisition, turn to customer retention

These are results of the latest Twilio Segment Growth Report. Because marketing budgets are often the first to be cut when a downturn hits, marketers are laser-focused on efficiency and profitability. In fact, 93% of businesses are taking steps to adapt to current macroeconomic conditions and plan for a recession. The most common step being taken is to focus on customer retention (43%). In addition, 57% noted that their companies are spending money on ineffective tools. So it’s no wonder that 83% of marketers are planning to consolidate their marketing tech stack within the next year. The solutions that make the cut will be the ones that are tried and true. 69% of marketers are leaning into channels with proven ROI. To gain a deeper understanding of their customers and help their business grow, 71% of businesses are working to better capture and use first-party data.

Online retailers plan to invest more in technology in 2023

According to Digital Commerce 360’s Digital Technology survey, three-quarters of surveyed retailers (76%) plan to increase their investment in technology to attract new and retain loyal customers in 2023. The next question retailers need to ask themselves is whether to outsource technology or build it themselves. According to the survey, 70% plan to outsource the task rather than attempt to build a tech stack in house. When asked to narrow down their top priorities, nearly half (46%) said investing in an ecommerce platform topped their list. Other priorities included customer relationship management technology (34%), online marketing (30%), and 27% cited content management and customer service software, respectively. That requires investment. Three in four retailers expect to increase spending by 15% or less. Meanwhile, 39% predict they will spend 10.1% to 15% more.

Bad product information makes 53% shop elsewhere

Correct product information is important in online shopping, according to 94 percent of consumers. Compared to last year, this is an 11 percent growth. A lack of good product information even makes 53 percent of buyers want to shop elsewhere. These data come from the latest report from product information solution provider Inriver. Data shows that 82 percent of shoppers think seeing a product’s eco-credentials is important or essential when buying online. The research also took into account how shoppers react to inaccurate product information. Almost half of consumers (47 percent) find it frustrating, while 36 percent even feel angry because of it. Additionally, more than half of the consumers (53 percent) want to shop elsewhere after they encounter bad product information. It is critical for online stores to share accurate product information, if they want to achieve higher conversions.

Shoppers Spent More Than $9B Online On Black Friday

Adobe Analytics released its final Black Friday numbers. Consumers spent a record $9.12 billion online on Black Friday -- up 2.3% from last year. Electronics drove much of the growth, with online sales rising 221% for the category, compared with the average day in October 2022. Smart-home items rose 271% and audio equipment was up 230%. Sales of toys jumped 285%, and sales of exercise equipment increased 218%. Despite struggling with higher prices and inflation, consumers wanting to purchase items have found flexible ways to spend. "Buy Now Pay Later" (BNPL) orders rose by 78% when compared with the prior week (Nov. 19-25). BNPL revenue rose 81% in the same period. Black Friday mobile shopping also reached a new record, with 48% of online sales coming from smartphones -- up from 44% in 2021.

Most Europeans shop online every week or more, spending an average of over 340 euros a month.?

Most Europeans shop online every week or more, spending an average of over 340 euros a month, according to the results of the new PayPal e-Commerce Index. They mostly buy fashion, pay for bills or order food. One in three purchases is made crossborder. Ireland, Germany and Israel buy internationally the most, while France is the least likely to buy outside of the country. Consumers that shop internationally do so because of better pricing (50 percent) or access to items not available in their home country (almost 40 percent). The report shows that Europeans are habitual online shoppers: more than two thirds (65 percent) purchase something online every week or more. On average, Europeans shop for 342 euros per month in ecommerce stores. Sweden and the United Kingdom are the highest monthly spenders, with respectively 486 and 420 euros spent on average.

Consumers Are Eager To Support Small Businesses, Study Finds

Consumers like small businesses. One reason may be that 88% of them know someone who works at one, according to a new study from AT&T, conducted by OnePoll. 56% say products are better at their local retailer than those they find online. Gen Z likes online shopping with small businesses — 59% frequent ecommerce shops. And 65% overall trust small businesses online that don’t have a brick-and-mortar presence. While 62% of respondents would prefer a small business over a large retailer for the uniqueness of a gift or service, a similar amount (61%) want to support their local community.

Consumer confidence improves but marketers warned of dark days ahead

After five months of rapid decline in UK consumer confidence, November has finally registered a marginal improvement. However, with GfK’s Consumer Confidence Index still at a near historic low, marketers have been warned there is “little reason to take solace”. The index reveals a three-point increase in consumer confidence compared to October, up to a score of -44. All five measures which make up the headline score recorded improvements: consumers’ view of their personal financial situations, people’s expectations for their finances over the next 12 months, perceptions of the general economic situation, view of the year ahead and the major purchase index. However, all measures remain considerably lower than reported in November last year.

InMarket Report: Gift Cards Remain The Top Gift This Holiday Season

InMarket, released its annual report on gift card spending ahead of the holidays. Gift cards are the #1 gift of the season once again, with 67% of respondents planning to purchase one in 2022. Gift cards are outpacing Clothing (56%), Toys (41%) and Electronics (27%), among other categories. Gift card buyers plan to purchase them for a variety of retail categories, with the most popular being Big Box (32%), followed by Apparel (27%) and Beauty (23%). Most gift cards (about 65%) will be redeemed within 180 days of purchase, providing marketers with a clear window to reach shoppers at a critical point in the purchase cycle throughout the holiday season and beyond. While gift card spending has declined from its 2020 peak when many stores were still operating on limited hours, it is expected to remain above pre-pandemic levels for holiday 2022.

Gift Cards Are Less Popular This Holiday Season, Study Finds

Consumers are turning away from gift cards in favor of physical gifts as Cyber Weekend approaches, according to a study by Jungle Scout. Of the shoppers polled, 49% plan to purchase gift cards -- down from 65% in 2021. In contrast, 59% will give products such as clothing, electronics and jewelry.? In addition, 29% will give a virtual product like a Netflix or Spotify subscription, a virtual gym membership or a Masterclass membership.? As for their buying strategies, 56% said they search for deals and discounts. But 40% also seek surprise gifts that recipients didn’t ask for or expect to receive. In addition, 28% week out specific brands, and 19% will buy gifts based on ideas they see in social media.?

Thank you for your time. Greg.