Market Force Unveils Insights on Consumer Spending

According to Market Force, Low CX performance can be incredibly predictive of poor sales growth, and ultimately risk for brands in terms of market share and customer retention. 

Market Force’s latest syndicated research covering retail and fashion suggests that consumers focus on getting what they perceive as a good value, regardless of whether the retailer is a department store, or specialty brand. 

Scott Griffith, CMSO at Market Force, said, “Low CX performance can be incredibly predictive of poor sales growth, and ultimately risk for brands in terms of market share and customer retention. If you find yourself ranked anywhere from mid-pack to the bottom of the list it is likely time for a thorough review of the customer journey. We are happy to help with the process of getting your brand back on track, so please reach out.”

Almost 5,500 consumers provided feedback about their experiences across popular department stores and specialty retail brands, providing specific feedback on both clothing and footwear retailers. 

Study results indicate that purchase motivators go beyond value. Though value holds primary leverage with consumers, they also report spending based on their assessment of ease of shopping, both in-store and online, atmosphere at the shopped store, service while in the location, and finally their use of a retailer’s mobile app. 

Interestingly, the motivation to purchase extends much less to loyalty programs, regardless of whether the retailer brand is a department store or a specialty retailer. Perhaps the value of loyalty programs is waning as the market becomes saturated with nearly every brand offering some sort of loyalty offering.