Why artificial intelligence and technology avoid the recession?

The financial platform Adyen has announced the results of the Retail Report 2023, a study that shows how technology can make a difference in a macroeconomic scenario marked by inflation. According to the research, unified business management omnichannel companies saw eight percentage points higher revenue growth during 2022. If this model were more widely adopted by retailers, it would bring the industry a turnover of 54.2 billion dollars. Globally, the development of a multi-channel approach could generate revenues of $1.5 trillion.

In Europe, the vast majority of consumers (83%) said they spend more time looking for convenient offers and prices due to the current economic scenario. A higher percentage than the aggregated international data, where this trend emerged for 78% of the interviewees. Furthermore, more than a third (37%) say they wait for key moments during the year, such as Black Friday or seasonal sales, before making a purchase. Adapting to new needs, 48% of traders believe that the impact of inflation is such that they have to offer discounts to consumers all year round.

In line with global data, the survey also revealed that, in the face of rising costs of living, personalization of the shopping experience and brand loyalty had become increasingly important elements for average buyers. More than two-thirds of the interviewed (68%) would like to be able to take advantage of more discounts on products, and almost half (48%) say they prefer companies and brands that register the browsing preferences made during previous online purchases in order to take advantage of a personalized purchase. Despite the growing demand for tailored experiences, 42% of retailers say it is increasingly difficult to classify customers based on behaviors, always failing to meet individual needs, rising to 52% internationally.

Analyzing consumers’ purchasing preferences it emerges how the integration between online and offline significantly favors the bond of customers with brands and pushes them to return to the store for new purchases. In fact, a high percentage of those interviewed affirm that they remain more loyal to those who offer hybrid services, such as the possibility of buying online and returning to the store (60%) or the convenience of evaluating a purchase in the store and then concluding the purchase online or vice versa (42%). Furthermore, the in-store shopping experience integrated with technological tools and services such as self-service checkouts, the QR code, or the use of applications during checkout is positively evaluated by consumers: more than a third (35%) said they were satisfied that technology makes shopping faster, and a quarter (25%) said they would visit a store more often that offers shopping services integrated with technology solutions.