More Than Two-Thirds Are Less Confident in the Economy Than a Year Ago and 76 Percent Are Spending Less, Trimming Retail Purchases
MELVILLE, N.Y., September 29, 2022--(BUSINESS WIRE)--Verint® (NASDAQ: VRNT), The Customer Engagement Company™, today released the findings of a new study that shows nearly two-thirds of consumers polled are less confident in the economy than a year ago and 76 percent of them are spending less money, with entertainment and clothing cited as the top areas for budget cuts in retail purchases.
This summer, Verint conducted an online survey of 2,000 U.S. consumers who had purchased from a mass market retailer from February to July 2022.
Struggling with inflation and economic uncertainty, 56 percent of shoppers indicated "value for the money" as one of the two most important factors that impact their loyalty to mass market retailers.
The survey also shows the fiscal benefits of customer retention and keeping existing customers happy. Ninety-one percent of consumers shop at their favorite mass market retailer at least once a month, with 83 percent spending $50 or more on average.
Retailers that delight first-time shoppers can also benefit greatly. Three-quarters of consumers who tried a new mass market retailer for the first time in the past six months shopped there more than once, with 90 percent of first-time shoppers making purchases at least once a month thereafter.
After having an amazing customer experience, 88 percent are likely to make a repeat purchase, 82 percent are likely to recommend to friends or family, 68 percent are likely to join a loyalty program, and 63 percent said they are likely to write a positive review.
"At a time when global inflation has become one of the biggest issues facing consumers, leaving them with less disposable income, maintaining ‘share of wallet’ is critical for retailers," says Verint’s Jenni Palocsik, vice president, marketing insights, experience and enablement. "Creating exceptional experiences should be at the heart of every retailer’s engagement strategy. And our study shows ‘to the retail customer experience victors, go the spoils.’"
The study also shows that a negative customer experience can send shoppers packing; reasons that consumers were likely to stop purchasing from a retailer included: if a customer service issue isn’t resolved in a single attempt (62%), if unable to communicate on their channel of choice (57%), if forced to repeat themselves (55%), and if they have to endure long wait times (50%).
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For more information on how to create exceptional customer and employee experiences, visit Verint.
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement™ to help customers close The Engagement Capacity Gap™.
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This press release contains "forward-looking statements," including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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