North American shoppers typically engage with a brand three times before making a purchase, according to a report by MoEngage. The Global Consumer Trends Report 2023 highlights the changing preferences of consumers and emphasizes the significance of personalization and omnichannel engagement for brands.
"Today, consumers are looking for greater value, and price is at the forefront of consumers' motivations for brand switching. To succeed, brand marketers must tailor their offerings based on better customer insights. Our research shows that hyper-personalization will help marketers win loyalty as long as they can provide a consistent brand experience across all channels," said Raviteja Dodda, CEO of MoEngage.
50% of North Americans spend 2-4 hours on their screens
According to recent findings, half of the North American population dedicates approximately 2-4 hours per day to screen time outside of work-related activities. This is a good opportunity for brands to forge deeper connections with their customers by offering enhanced personalization.
The majority of consumer spending in North America is allocated to entertainment platforms at 49%, followed closely by shopping platforms at 32%. To enhance conversion rates, shopping, and entertainment brands can optimize their strategies by utilizing data analytics and customer insights.
Additionally, 53% of North American shoppers engage with a mobile app or website more than three times before making an online purchase, showing that consumers typically don't convert immediately and require multiple interactions with brands before making a buying decision. To optimize conversion rates, it is crucial for brands to design a comprehensive customer journey that offers a seamless and integrated experience across various channels.
50% of North Americans prefer streaming content on TV
The findings show that 50% of North Americans have a preference for streaming music, videos, and movies on their television. However, it is essential for Over-the-Top (OTT) brands to stay updated with communication channels such as emails, text messages, or mobile push notifications. By understanding customer preferences and developing a targeted communication strategy, brands can effectively engage with their audience and cultivate customer loyalty.
Half of the North American population visits banking platforms a minimum of 2-3 times per week, indicating a significant surge in activity on banking platforms, with a notable 61% rise in monthly active users (MAU). However, despite increased engagement, building customer loyalty remains a major challenge for these platforms. In the past year, customer stickiness, or the ability to retain customers, has declined by nearly 50%.
Furthermore, as many as 58.8% of North Americans rely on travel websites accessed through mobile and desktop devices to gather information and make travel plans and reservations. To boost website conversions for travel brands, it is essential to prioritize the creation of personalized web experiences tailored to each visitor's segment and preferences. By offering customized content and functionalities based on individual user characteristics, travel brands can enhance the likelihood of converting website visitors into customers.
In November last year, MoEngage launched a new product - MoEngage Inform, a unified messaging infrastructure that lets brands create and manage real-time, multichannel alerts through one API.
