In retail, the common currency is trust paid SAP
Consumers are increasingly being offered individualized experiences by e-commerce companies on digital channels. As a result, consumers have a clear idea of exactly what they are looking for—whether they are looking on digital properties or browsing in the store. Consumer loyalty is shaped by their experiences and if the “promise made” was “kept.”
The common currency is trust. Was the engagement authentic? Was the promise kept with on-time delivery? Is the product or service genuine, sustainable, and safe? Trust helps establish a common purpose of greater good for society between a consumer and a retailer with a shared set of values and brand identity. This in turn builds consumer loyalty and repeat purchases.Many retailers have made significant strides in understanding their consumers’ needs. However, the bar of “individualized experiences” continues to rise.
Retailers need to build on their digital transformation journey. They need to re-imagine their business models and business processes to take advantage of the immense opportunities offered by continuous innovations in machine learning, the Internet of Things , and data intelligence to embed “intelligence” in every aspect of customer engagement.so they can anticipate and offer individualized experiences to every single consumer.
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