Customers are exercising more discretion, largely by directing their tightened cash reserves to products and services emphasizing quality and customer experience (CX). An incredible 86 percent of shoppers are willing to pay more for an exceptional CX.
Experts suggest leaning on these five tactics to increase consumer appeal, loyalty and repeat business:
AI with a human touch
While AI has many uses, a chatbot can’t do everything — and 75 percent of customers want more interactions with real human beings. So, don’t use automation to replace all customer service representatives; instead, use it to free reps up so they can solve customers’ unique and unforeseen problems.
Hyper-personalization
Almost half of customers will become repeat buyers for a more personalized experience. Leverage interaction data for more bespoke customer experiences — think Amazon’s personalized shopping recommendations, Starbucks’s real-time food recs, or Spotify’s algo-driven personal playlists.
Customer rewards programs
People love to earn when they shop, with over 81 percent of loyalty program owners reporting these programs are helpful during an economic downturn.
Unified touchpoints
With CX spread across mobile, desktop and in-person interactions, customers want multichannel consistency. Make sure their interactions on one platform seamlessly carry over to another; nobody should have to remember different passwords for your website and your app.
Data-driven digital twins
It’s not quite as science fiction as it sounds. Digital Twins of Customers (DToC) will combine purchasing history, social media habits, customer service interactions, and more into a model that helps anticipate customer moves and preferences. We might not be living in a simulation ourselves, but — with 70 percent of large companies exploring the technology, according to McKinsey — our digital doubles soon could be.