In 2023, we saw consumers rethink how they approach shopping. Gone are the days of impulse-driven purchases, shoppers are becoming more strategic than ever. A huge reason for this shift is economic – consumers are reaching the end of their pandemic-era savings, student loans are an issue once more, and inflation really took a toll this year. Consumers are doing ample research on what they’d like to buy, sitting on an idea, ensuring it’s the right move, and saving up long before clicking purchase. Savvy retailers will need to continuously personalize great products, ads and offers to shoppers in order to convert sales.
Chief Strategic Business Development Officer, Algolia
In 2023, we saw an increase in influencer relations across all industries including automotive. Influencer marketing helps drive higher engagement rates on social media and can be tied to sales increases. We have an ongoing partnership with Faye Hadley, automobile technician and co-host of All Girls Garage. Most recently, we saw a lift of 20%+ when she promoted two Schumacher products on Instagram in her holiday gift guide. Because influencers have cultivated a strong relationship with their followers, the marketing dollars invested into these partnerships and content deliver a measurable ROI. We believe this is another sales channel that can be leveraged to help grow Schumacher’s top-of-funnel reach as well as deliver conversion.
CEO, Schumacher Electric Corporation
The launch of the FedNow service for instant payments was an important milestone in the evolution of Pay by Bank, driving additional interest in a payment type that brings more efficiency to retailers. As we press into 2024, Pay by Bank solutions leveraging ACH and real-time payment rails will see further retailer adoption, allowing more merchants to enable a simple new payment option for consumers while lowering the cost of payment acceptance. Savvy merchants also will be able to maximize the benefits of Pay by Bank to strengthen consumer loyalty and rewards programs that enhance buying experiences.
VP & GM of Alternative Payments at Fiserv
2023: Retail's Standout Year
Harnessing First-Party Data