Tag: omnichannel experience

South African banks have weathered rough seas during the past year, with many of their customers coming under severe pressure from a stagnant economy, rising cost of living and high interest rates. Despite these storms, the financial services industry is still delivering good profits and growth, but there is constant pressure to maintain these results amid the adverse market trends and pressures that are currently shaping the landscape.

South Africa narrowly escaped a technical recession, according to the latest figures released by Stats SA in early March. Recession or no recession, growth is just not high enough to improve economic conditions and coupled with record interest rates and increasing prices at the fuel pump and grocery store, South Africans are under pressure.

Moving to the cloud is essential. Businesses that don’t move to the cloud can, to some degree, add complicated layers to their legacy systems in an effort to keep up with the times, but eventually, they will be forced to make the move.

Consumers in South Africa are under immense pressure with a cascade of bad news resulting in increased prices at the till. Producer Price Inflation continues to rise, with the latest figures showing an increase from August’s 4.3% to 5.1% in September: things are going to keep becoming more expensive following higher fuel prices, a high lending rate to try to keep inflation in check and a weak, volatile Rand. Despite this, retailers have to sell goods and consumers need to buy goods.

South Africans are navigating a protracted period of high interest rates, food and fuel prices, and low economic growth, which is expected to continue into the foreseeable future. The economic environment makes attracting new customers more difficult, forcing businesses to focus on customer retention and growing wallet share.

In a dynamic world dominated by digital interaction, the power of connection is undeniable. The modern business landscape demands a profound understanding of omnichannel conversations as a key player for success.

South African retailers have successfully driven positive consumer perceptions through special offers and affordable product promotions, but their customer service capabilities are leaving much to be desired. This is according to the South African Retail Sentiment Index, conducted by DataEQ in collaboration with us.

Online product research and discovery influences R293.8 billion in physical sales, accounting for 25% of South Africa’s retail trade, according to the recently released 2022 South African Digital Customer Experience (CX) Report.

The fact that 57% of marketing executives admit they often don’t have the data to understand customers or anticipate their needs is an existential problem. No matter the industry, customer data and insights are vital to helping deliver meaningful experiences, create strong engagement and achieve customer satisfaction.

The face of retail is evolving, with many retailers realising that in the post-pandemic climate, simply having an online and physical presence is not enough. This is backed by research which shows that multi-channel shoppers spend 82% more per transaction than shoppers who only spend in-store.