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RESEARCH, ANALYSIS & TRENDS

“More than half of the Reimagined say they would 5. Trust and reputation
switch brands if a brand doesn’t create clear and easy
options for contacting customer service or provide clear Trust as a currency—there is a risk of considerable loss
responses about service levels related to pandemic or of reputation and image damage due to false assump-
economic/societal issues”, Accenture’s report revealed. tions or rumors related to environmental and product
scandals. The problem is that a real, concrete case with
3. Ease and convenience empirical evidence of misconduct is no longer neces-
sary, which has greatly expanded the range of risks
Customers value convenience and comfort—at every and made the effects on the business figures more un-
point in their customer journey. They now expect to be predictable. Consumers have become more critical and
served exactly at the intersection where they are, re- are increasingly questioning whether their own values
gardless of whether they are in the digital or analog are still in line with the actions of their brand. They are
world. For example, they attach great importance to ready to turn their back on their favorite brand much
being able to be reached on an ad-hoc basis instead of faster if, for example, there is a lack of transparency
waiting for minutes in the queue of a customer hotline. regarding equal opportunities, diversity, environmental
protection or the protection of health. In case of doubt,
Insights from Accenture’s focus groups revealed that, in they would even spend more money on a competing
-store, consumers seek the same prices and deals they product if there were a greater harmony with their own
would get online, as well as contactless payment, “click interests. Companies should therefore always approach
and collect” options, speedy home delivery, longer re- questions and needs of customers proactively so as not
turn windows and easier returns, and improved self- to jeopardize existing trust and reputation.
check-out methods. They also seek more, and easily
available, background information on the products in In summary, even before the pandemic, purchasing
front of them, including product reviews and source in- behavior had changed massively, but COVID and its
formation; while online, consumers want the ease of consequences have reinforced and solidified this devel-
purchasing on a device and picking up in-store. They opment: consumers are buying more and more online,
expect better (virtual) services to help them “try on” or aspects of sustainability are increasingly coming to the
“test” products, better insight into product quality, more fore in purchasing decisions and, especially in online
personalized, thorough, and faster service, and faster shopping, customer expectations are higher regarding
delivery. the speed, convenience and simplicity of the buying
and return processes. Hence, to drive growth, compa-
4. Product origin
nies must reimagine their entire business to build new
loyalty and revenue streams. This requires from retail,
Sustainability was a hot topic among consumers even
before the pandemic, but COVID raised this customer branded goods, and consumer goods manufacturers,
request to a new level and has developed into a real dealing with a multitude of personas whose different
customer need. More and more often, consumers want needs and expectations must be met precisely to be
to know exactly where the product or individual compo- able to keep them as satisfied customers.
nents come from. The slogan "For a Better Future" Consumers are increasingly critical. They want to find
alone is no longer enough to satisfy them, instead they out more about brands and the origin of products, at-
increasingly demand verifiable and more in-depth infor- tach great importance to health and safety aspects and
mation. The packaging is useful to deliver important give preference to manufacturers who are in harmony
product information easily: e.g., printed QR codes, with their personal values and attitudes. They also val-
which lead to detailed information pages, are more ue highly personalized services and easy communica-
credible and more productive than a new range of tion at every point in their customer journey. According-
"green" labels that advertise the sustainability of the ly, the differentiation of brands today must go far be-
product and its origin. The purchasing chain should al- yond price and quality. If companies and brands keep
so be transparent for the customer and comprehensible these aspects in mind, they can change together with
at every touchpoint. Not to mention that manufacturers their target group and drive new value creation and
must be prepared for the fact that customers will soon growth. ◊
place more value on greener supply chains, deal more
with the ingredients, and that compliance with the hu- By Daniela La Marca
man rights of all suppliers of a product will become
more and more important to them. By using blockchain
technologies, for example, seamless traceability could
be achieved.

October 2021: IoT in Marketing 9