Digital transformation affects the way companies interact with their customers, which is reflected in the offers after the purchase. This innovation of digital technology allows companies to collect more data about their customers through various sources, and with digital capabilities to transform this data into knowledge, offer the best products and personalized experience.
In this article, we will tell you how companies can optimize their offers and better interact with customers that are using digital technologies.
Modern technologies today can save money and time, take care of our health, entertain us, and just be indispensable for people, completely changing the rules of the game in the consumer market.
Moreover, in addition to having to spend time with family, cook, eat and sleep, most people have very little free time for things like going to the gym, paying bills or buying clothes, food and other things.
This makes the need to solve various problems or buying things on the Internet a necessity. For example, in 2019 there were 1.92 billion digital shoppers, and e-commerce sales accounted for 14.1% of retail purchases worldwide. In the United States, holiday sales of e-commerce are up 18% from 2018. In 2020, this trend will accelerate.
Business and modern consumers
The less time buyers have, the more important it is for retailers to offer the most convenient purchases. A Vanson Bourne survey of 7,000 people in Europe and North America examined the demands and expectations of these modern people. It helped to see three key areas where retailers should pay attention:
Focus on security and privacy
Customers are now paying much more attention to how their personal data is used. According to the survey, 61% of respondents believe that companies that have access to their data are responsible for preventing fraud. If consumers experience fraud on the company’s platform, 91% say they are likely to no longer use the company in the future. As new regulatory initiatives to protect consumers, such as GDPR, emerge, enterprises will need to increase their privacy policies to gain an advantage over consumers by gaining their loyalty and trust over other competitors.
Make friction-free experience a priority
Today, consumers have high expectations for their digital experience. According to the survey, 92% of respondents expect a carefree, quick, maximally safe and reliable experience. With minimal time to meet the demands of digital commerce, consumers will not tolerate friction.
In fact, three quarters do not have patience for a low digital experience due to the alternatives available in the market. Also, 73% percent say that transaction processing or creating an account on a digital platform should occur instantly. This may be the reason that the other 66% refused to transaction or open an account in at least one case due to friction, including a process that takes too long.
Implement digital identity solutions
When consumers make transactions on the Internet or create accounts, they are tested for digital identity. However, only 12% of users fully understand what it is and why it is necessary. According to the survey, more than half of respondents believe that the degree to which companies verify the identity of their customers affects how much they trust the company.
While careful fraud prevention procedures can help build that trust, they can also interfere with user experience. To maintain safety without losing customers, more and more retailers are moving from rule-based systems to more accurate decision making using machine learning models that provide speed and scale for risk assessment, which significantly reduces friction for good consumers.
In today’s world, companies need to understand that consumers don’t want to compromise on security, convenience, and speed when it comes to digital transactions. They are under pressure to create trusting relationships with users from the very first interaction, ensuring a good interaction with them. Now enterprises that can supply in all directions will earn the loyalty of today’s consumers.