lt’s no secret that retailers face macroeconomic
challenges.Up to 70%of U.S.consumers and 76%ofUK consumers believe the economic downturn willlast through at least 2024,according to Centimentresearch.As a result,many buyers are planning toeither curb their spending or explore more cost-effective brands and products.
With this pullback,respondents indicate they’refocusing on striking a balance between customeracquisition and retention.When asked to rankgrowth priorities,acquiring more customers (72%)and selling more to existing customers (63%)werethe dear leaders.
Beyond these top priorities,the three most-citedresults reflect more tactical ways respondents planto achieve their growth goals (fig.1).For example,34%of respondents said they plan to diversify themarketing and advertising channels they use.This iskey to optimizing customer acquisition investments,especially because overall cost per acquisition onlineremains high.
Marketing and advertising teams are testing newchannels,such as connected TV (CTV)and retailmedia,while continuing with their high-performingdigital channels,from email to SMS.
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