Our latest consumer behavior survey shows that despite economic headwinds, fewer consumers than last year believe the economy is headed in the wrong direction, and there’s been a corresponding increase in those who feel confident in their ability to afford their monthly expenses. Brands must therefore be prepared, with a stable, scalable online presence and site experience, for what will happen when the pendulum swings and the market comes back. For the moment, consumers are being especially discerning about their buying choices, so using customer data to build experiences that foster loyalty—such as streamlined checkout for returning customers—is key. And with a significant increase in consumers engaging in virtual experiences, as well as those who are willing to share personal data for a more personalized experience, brands should focus on the sweet spot where these intersect. Personalized, immersive experiences like virtual try-on functionality, which has been shown to generate conversion rate improvements upwards of 90%, are definitely the future of retail.

Michael Khan (MK)

Global CEO, Astound Commerce