Tag: customer loyalty

Businesses of all sizes can agree that customers no longer buy just a product or service. More than ever, the modern customer journey reflects the need for and investment in a positive experience. Today’s customers have higher expectations and no longer see online and offline shopping as distinct experiences. So, if businesses are largely geared towards customer satisfaction and retention, connecting with them in ways that matter is paramount.

Seasons Greetings, the time for shopping endlessly has come and it is embraced by millions around the world who have been locked down/in for the passed two holiday seasons because of the dreadful pandemic that ravaged the world over. 

Leaked documents detailing the forthcoming launch of ‘Project Fela’ – a new marketplace with its own membership programme owned by Amazon – has prompted much industry speculation and debate around the role that competition plays in sector development.

The future is never set in stone, but it may be paved by technology. The International Monetary Fund (IMF) recently forecast that growth of the global economy will slow to 3.2% this year, down from 6.1% in 2021, and to an even lower 2.9% in 2023. This can be attributed to lasting effects of the pandemic, fallouts from the Ukraine-Russian conflict, skyrocketing inflation, and rising food and energy prices.

Many people, during their lifetime, consider going on their own by buying a suitable franchise. What some of those people don’t realise is that buying a franchise is more like choosing a life partner than falling for a short-lived crush or even a one-night stand.

Maintaining customer loyalty and business profitability are ongoing challenges for insurers. Many have turned to developing more affordable products. If anything, this has highlighted the opportunities to be capitalised on by meeting customer expectations for a more tailored approach and increasing relevance in their lives by delivering more value beyond insurance products.

From a purely scientific point of view, colour is simply one aspect of an object that is created by the forms or wavelengths of light it reflects or emits. But for us humans, there is so much more to colour than a dry scientific definition. When we see a colour, it triggers a variety of chemical reactions in our brain, leading us to experience an emotional response.

The stats speak for themselves. Firstly, there has been a 169% increase in online purchases from new or low-frequency online shoppers. Secondly, more than 80% of consumers who increased their omnichannel digital usage during the pandemic expect to continue with these.

Businesses who still think that brand and customer loyalty are what will keep them ahead of the competition, are in for a nasty surprise. In today’s age of digital transformation and accelerated technological change, customers are looking for exceptional experiences, and are shifting their loyalties to the brands that offer them.

The customer satisfaction gap between South Africa’s banks is closing rapidly, with the digital acceleration brought about by the pandemic being a significant equaliser. Banks are under significant pressure to reinvent their customer value propositions and differentiators at a time when technology and digitisation are making them increasingly invisible to their customers - until things go wrong.