If you are not entirely sure what is meant when someone talks about sustainability, you are not alone. It can be especially confusing when thinking about sustainability in the context of a business: Is it possible to be sustainable and profitable? Or is it mainly just a PR trick?
While businesses are going through digital transformations, consumers are becoming more concerned with data privacy. Implementing digital processes is necessary for a modern business, but you need to be cautious to not scare away your customers.
This is where building trust becomes a key practice.
More and more customers make purchasing decisions based on their personal values. According to IBM Research Insights, the number of purpose-driven consumers has caught up the segment of value-driven consumers, consisting of those who shop with their wallets in mind, looking to get the most value for their money.
Over 80 percent of people say it is important that companies work for improving the environment, according to a 2019 global survey by Nielsen. Brands are moving beyond the usual standards of sustainability, such as recyclable packaging or paper straws, and customers are more aware than ever in wanting to bring their money to companies that share their values.
As with most things, change can be difficult for consumer-facing industries. Creating new expectations, or requesting customers to change their behaviour can be scary for industries who are so beholden to fluctuating trends, demands, economies, and more. But there is one "trend" that is not going anywhere, and if you want your business to have a future, it's crucial that you start thinking about your strategy now: improving customer experience.
In the last few weeks, a lot of buzz has been surrounding Netflix. It's exposé 'The Social Dilemma' dives deep into media platforms such as Facebook, Twitter, and Google to uncover how advertisers leverage users' personal data in order to drive addictive behavior, and manipulate users' decisions, purchases, and even beliefs and opinions.
When we think about customer service in retail, many companies think about friendly and helpful floor salespeople and the pleasant interaction with customers during their shopping experience. But while friendliness and helpfulness are certainly crucial for creating good in-store experiences, they are just the tip of the theoretical iceberg.
While we're living through the "age of information" and have access to more data points than ever before, retail has a data problem. With current POS systems and retail software, having individual customer data is only possible through memberships and rewards programs. This unfortunately paints a limited picture of your entire customer base.