Real-time Market Feedback: The new Must-Have Retail Strategy
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Implementing a real-time market feedback vehicle for 2021 and beyond is now a brand must to compete in this new highly volatile, rapidly changing retail environment.
Consumer habits are shifting on a daily basis with social commerce quickly becoming the new norm. Even as restrictions cautiously ease across many regions and countries, the pandemic left consumers much more aware of their health. Safe, fast, and seamless is the new expectation when it comes to their daily purchases. With large OTT platforms like Amazon setting the pace, many brands find themselves in the need to understand the new preferences of their customers quickly, or risk being left behind altogether.
The fact is shoppers are now faced with an abundance of choices online. According to McKinsey & Company, US loyalty is greatly on the line as 73% of customers there have tried new brands, sites, and retailers. Understanding the customer, keeping up with what’s trending, and having real-time capabilities is a new retail necessity.
But with market communication challenges from the recent Apple Privacy updates to newly implemented governing data laws, how can you get close to your customer in this new digital era? It is no secret your customers are now mainly online. But the question remains, how can you reach them there?
Brands can gain a vast competitive edge by investing in innovative technology that empowers the whole organization to quickly respond to market changes. Leading through the voice of the customer, marketers can be bold in their aspirations. By leveraging real-time customer feedback, they can rapidly prototype personalized new offers and relevant messaging. As digital innovation is pushed to the fore-front, marketers can help their organizations pivot by partnering with new digital platforms that capture their customers’ hearts and minds and deliver actionable insights on-demand.
There has never been a time so favorable for marketing professionals than the present to meet their customers on fun digital platforms where they can connect and hear from them on a personal daily basis. Creative data privacy initiatives that handle consumer personal information with transparency will be needed to build confidence, trust, and loyalty. What better than incentivizing your customers to share their information on their own accord, while providing a safe, fun, and seamless way to purchase? By utilizing on-demand digital platforms that engage and incentivize their audiences with rewards, adding social gamified fun, brands can create long-term loyal customers through this pandemic era and beyond. Real-time market feedback eliminates the guesswork and headaches. Imagine the ability to segment your audiences with clarity and confidence for future personalizations. That’s the power of social feedback.
With navigating the murky retail waters of 2021 a challenge for many brands, unlocking the voice of the customer in real-time is the new must-have strategy.
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