Only 3% of UK consumers exhibit loyalty towards online retailers, with 83% making purchasing decisions based on price, according to a report by Whistl.
The report reveals that online spending is expected to decrease by 3% in 2023, although households with incomes exceeding £70k are anticipated to increase e-commerce spending by 8%.
Consumers prioritize the cost of delivery (54%) over speed (24%), and £5.95 is identified as the maximum price point before it negatively impacts the conversion of a sale.
Business growth opportunities include retail subscriptions, as 43% of the population is open to the idea, while discounts (47%) and free delivery (39%) remain crucial for attracting new customers.
Facebook is the most commonly used social media channel, with 61% of respondents using it daily, followed by YouTube for men and Facebook for women.
Candidates with a strong understanding of pricing dynamics and the ability to offer competitive pricing solutions can significantly contribute to attracting and retaining customers in the highly competitive online retail market. To be more balanced, look for candidates who can find innovative ways to provide value to customers beyond just low prices, such as offering unique product features, exceptional customer service, or personalised experiences.
Economic uncertainty is causing marketers to prioritize sales-focused strategies over brand marketing
The tough economic climate has led to an increased emphasis on quick wins that alleviate financial pressures.
A survey conducted by Marketing Week in 2023, supported by Kantar, reveals that 70.5% of marketers feel a stronger need to defend and grow sales due to the economic situation.
This trend is observed among various types of marketers, including B2B, B2C, and a combination of both.
The Language of Effectiveness Survey indicates that the troubled economy has shifted marketers' priorities towards generating immediate sales.
In times of economic uncertainty, candidates with a proven track record in sales-focused marketing strategies are highly valuable assets for businesses looking to navigate challenging market conditions and drive immediate revenue growth, however, a balanced approach ensures sustainable growth and customer loyalty beyond immediate financial challenges.
79% of top-level PR agency creatives believe AI tools are useful for their job.
The majority (68%) consider AI technology slightly useful for now, while 11% find it very useful.
AI platforms like ChatGPT are used for generating copy, insights, and data analysis in PR campaigns.
Some creative directors believe AI is valuable for research and assistive purposes but not as a comprehensive solution for creativity.
While 57% of agencies use AI in some capacity, they often require human input and refinement for usability.
While AI can be a valuable asset, it is essential to strike a balance and acknowledge that human input, creativity, and critical thinking remain crucial in the recruitment process. Combining the power of AI with human expertise can lead to more comprehensive and successful hiring outcomes.
The use of generative AI is resulting in new classes of security threats.
Attackers are leveraging AI to enhance phishing and fraud, and prompt injection attacks are becoming more frequent.
Users often input sensitive data into AI/ML-based services, posing challenges for security teams.
Misuse of AI is a growing concern for consumers, businesses, and governments, leading to increased investments in AI research and policy development.
The development of AI has created asymmetry in the attacker-defender dynamic, eroded social trust, and introduced new types of attacks on AI/ML systems.
The rapid advancement of generative AI technology has led to the emergence of new security threats in the digital landscape, emphasising the critical need for skilled cybersecurity professionals who possess expertise in AI defence and mitigation strategies.
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