Real-time data critical to 'surviving or thriving in 2023'

Retail, travel, hospitality, media and entertainment are the sectors most at risk from consumers tightening their purse strings, with shoppers thinking more critically about where they will spend their money this year.

According to a global survey of 5,000 consumers, carried out by Salesforce company Mulesoft, nearly 8 out of 10 (79%) consumers say they will reassess their spending with retail brands over the coming year.

Travel and hospitality and media and entertainment also face the potential for lowered spend, with 78% and 70% of consumers, respectively, reporting reassessment plans in those sectors.

An economy plagued by inflation and staffing shortages has not lowered consumers’ expectations for top-notch service, however. In fact, over half (52%) expect a better experience from their favourite brands as a result of the current economic climate.

And they are clear about what they believe makes an improved experience, with three-fifths (60%) reporting they expect companies to react instantly with the most up-to-date information when transferring across departments.

Bolstering trust can also be an opportunity for loyalty; 76% of consumers say that companies which provide data security will encourage their loyalty.

On the flip side, consumers were also willing to report what made for a poor experience, with 52% citing poor quality service as the primary reason that prevents them from making a repeat purchase.

The MuleSoft study shows that personalised customer experiences are no longer “nice to have”; they are essential to competing in a changing economy.

The firm insists that real-time data offers a path for companies that want to compete in this new economy and deliver the personalised experiences consumers expect. When pulled together into a single source, real-time data offers rich and actionable insights that can help deliver intelligent and connected customer experiences.

MuleSoft global field chief technology officer Matt McLarty said: “Companies that want to increase customer loyalty must leverage real-time, intelligent, and automated technology solutions that support seamless connected experiences and personalised journeys.

“Businesses must be capable of both understanding and acting on their data. This will mean the difference between thriving or surviving as businesses navigate the challenges of 2023.”