TheCustomer QT

TheCustomer Quick-Take: 3/23/23

In this week’s edition of the Quick-Take: When was the last time you weren’t surprised when you took a good look at your customer data?  To wit: You’re spending too much on eating out and you’re probably not feeling too good about it. Plus, where CX spending is and isn’t, and more good reasons to pay attention to what’s happening in retail media.  Also, also – check out the latest episode of Customerland – Retail Recommendation Essentials
Cheers to you!

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AI Prompts

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Americans are spending more money to dine out than they are on groceries.
Consumers spent more than $86.6 billion at restaurants in the month of January, up 24% compared to the same month in 2022, per the latest data from the U.S. Census Bureau. According to the Mastercard Spending Pulse survey, U.S. consumers said dining out is a priority, with demand for it growing 24.2% year over year.


Where businesses are making tech changes for CX? 

  • Here: According to a survey of 480+ CX leaders conducted by Forrester Consulting in September 2022 and commissioned by CSG, 60% of respondents said their organizations have invested in a customer engagement solution (CES) in response to changing customer expectations and behaviors.2 
  • Especially here: journey orchestration platforms, which are purpose-built to deliver data-driven customer interactions, are seeing increased adoption (employed by 41% of respondents using a CES) as leaders recognize the need
    for more comprehensive, automated CX
  • Not here: CRM systems, when relied upon for customer engagement, leave critical gaps in how they leverage customer data or customer interactions across touchpoints, among other limitations. 

Retail Media

Physical stores poised to be the next major retail media channel.
new study by Insider Intelligence found that for 13 leading brick-and-mortar retailers including Walmart and Target, their in-store audience is 70% greater than their digital audiences, citing data from and Comscore Media Metrix Multi-Platform. Many digital surfaces inside of stores are expected to get frequent exposure the study found. These include brand displays on shelves and video advertisements on TVs.

Consumer Psych

Research suggests that the “pain of paying” affects spending and happiness.
The pain of paying refers to a ‘moral tax’ or emotional side effects that come with each payment we make. It refers to the guilt experienced when spending money or how we feel about our purchase after having parted with our cash. The pain of paying is often influenced by the timing of a purchase. For example, many consumers experience a greater pain of spending if a purchase is made at the end of the month and happens to deplete their monthly budget, a phenomenon referred to as “bottom-dollar-effect.”

See you next week!

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