What consumers want from brands in 2024: 5 key stats

Today’s consumers have high expectations of brands and retailers. They want to shop seamlessly across digital and physical channels, they want to get from inspiration to purchase as quickly as possible, and they prioritize value above all else.

Here are five key stats on what consumers expect from brands in 2024 and beyond, based on VML’s “2024 The Future Shopper” report.

1. An omnichannel presence is table stakes

The key stat: 64% of consumers worldwide prefer to shop at a retailer or brand that has both a physical and online store, per the report.

• Nearly three-quarters (72%) of consumers research their products online before buying them in-store.
• 61% want seamless communication across sales channels, with data following them across the purchase journey.

What it means: Brands need to provide consumers with a consistent experience no matter where they’re shopping. This is where technology like customer relationship management (CRM) platforms or customer experience platforms come in, helping connect the customer journey across multiple channels.

2. Mcommerce has room for improvement

The key stat: 66% of consumers worldwide think retailers and brands should work harder at making the mobile experience better, per the report.

• Nearly half (49%) of consumers said they felt mobile purchasing still lags behind buying on desktop or laptop.
• 40% find shopping on mobile difficult and 42% say the checkout and payment process is frustrating.

What it means: Consumers want to shop on mobile, but a poor experience may be preventing them from doing so.

• We forecast US mcommerce sales will grow 12.7% this year to reach $534.88 billion, 44.6% of total retail ecommerce sales.
• Retailers should make mobile shopping frictionless, focusing specifically on checkout and payment processes.

3. Consumers want to speed up the buying journey

The key stat: 63% of consumers worldwide want to get from inspiration to purchase as quickly as possible, per the report.

• 64% say they like the idea of buying everything from one retailer.
• 31% of global consumers expect the products that they have ordered online to arrive in less than two hours.

What it means: The path to purchase is evolving as everything from social media to TV becomes a potential shopping destination.

• To shorten the distance from inspiration to purchase, brands may consider shoppable media.
• This year, there will be 98.4 million shoppable media buyers in the US, representing over a third (37.4%) of internet users, per our forecast.

4. Brick-and-mortar can learn from ecommerce

The key stat: 47% of global consumers believe ecommerce provides a better experience than physical retail, versus 22% who say offline provides the better experience, and 30% who say that both are the same, per the report.

• Consumers reported online shopping offered a better variety of products/items, made it easier to review/evaluate products, and was a better value overall.
• Offline shopping ranked higher than online shopping in just two areas—providing consumers the ability to try the right product or get the right fit and the freshness of products.

What it means: Though we forecast the majority (83.8%) of US retail sales will take place in physical stores this year, there’s room for improvement when it comes to the in-store shopping experience. Brick-and-mortar retailers should continue to focus on their strengths (allowing customers to touch and feel products) while also making the physical shopping journey more engaging.

5. Direct-to-consumer brands should use value as a differentiator

The key stat: 56% of consumers worldwide say that a better price is the top way to encourage them to buy directly from brands, per the report.

• Free delivery, fast and convenient delivery, free returns, and loyalty programs round out the top five factors that encourage consumers to shop with brands directly.
• Supermarkets have the highest percentage of consumers who belong to loyalty programs (43%), followed by leading marketplaces like Amazon (37%), and health and beauty retailers/brands (28%).

What it means: Consumers want the best deals and brands that make it easy will win.

• Brands may consider using a mobile app to provide customers with a centralized location to get all the information they need.
• Half of US shoppers use retail apps to get the best prices, 46% use them for loyalty rewards, and 34% use them to find coupons tailored to their needs, according to a May 2024 survey from SPAR Group.

This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.