With the new year just around the corner, the fashion industry is already working on its plans for 2023. The Qualtrics XM Institute has conducted a study on consumer behavior trends for 2023. Three possible trends were identified there. Twenty-nine countries, including Belgium and the Netherlands, and 33,000 consumers participated in the study. The effects of the current economic situation are leading to an increase in the personal needs of consumers
The study reveals three trends that appear to be having a positive impact on consumer satisfaction and loyalty in today’s challenging environment. Thus, the human relationship seems to become more important than the effectiveness of the services. In addition, the ability to innovate and knowledge about the consumer are of crucial importance. Also, unstructured data such as social media posts, online reviews and chats play a greater role in understanding changing consumer needs.
A closer look at the trends shows that customers are happier when they are served by helpful, engaged employees. Dutch consumers are 6.2 times happier as a result, according to the survey. Customers who only have to wait a short time are only 2.7 times happier. Empathetic employees are therefore more important.
Consumers crave personalized customer experiences
Consumers are relatively lenient, the survey shows. However, they are feeling the effects of the current unfavorable economy in their wallets, so this grace will not last long. According to Qualtrics, building long-term loyalty is crucial to maintaining customer loyalty. Companies do this by exceeding their own expectations and differentiating themselves from their competitors when it comes to customer contact. “Understand them and actively respond to their needs,” is the message.
Around 52 percent of the Belgian respondents would like companies to listen better to their feedback. In the Netherlands, this applies to 39 percent. One solution cited in the survey for retailers is analyzing the context of chats or other qualitative responses. In this way, they learn to understand the customer’s situation and to react appropriately. Consumers often seem to talk about brands on social media. Businesses can also get feedback here to better understand their customers and provide them with better service.
In summary, customer experience and retention are more important than ever to keep loyal customers. The current economic situation is leading to great uncertainty among companies and consumers. According to Qualtrics, companies can respond to consumer behavior by studying needs.
This translated and edited post previously appeared on FashionUnited.nl.