- Don-Alvin Adegeest |
Once upon a time it was a slow loading website that was the bugbear of all online activity. But how things have changed. Shoppers and consumers may forego a site altogether if the experience doesn't match up to their expectations.
As digital experiences have become more advanced, so too have expectations. What is good news for brands, consumers will share personal data if in return they have a better online experience, notes a recent study from Accenture Strategy.
"This is the golden age of retail for consumers – and there are also a wealth of new opportunities for retailers," said Chris Donnelly, senior managing director and global retail lead at Accenture Strategy. "Technological innovation can give consumers the simplicity, convenience and personalization they demand while also allowing companies to unlock trillions of dollars in value through new shopping experiences.
Brands can create online experiences
These include 'surprise me' subscriptions, where an expert personally selects items customers based on prior purchase history, and sensor technologies in the home that can detect when a product is running low and automatically deliver it. Companies that create these types of experiences will thrive into the future, notes Luxury Daily.
More than a third of U.S. consumers would allow companies to collect their personal data via intelligent devices in return for a better experience. According to Donnelly, "These trends reveal a major opportunity for retailers to use technology to their advantage – by embracing disruptive technologies and using digital to gain deeper insights into customers, companies can deliver differentiated, profitable experiences.
The success of companies to unlock value will depend on their ability to adopt innovative, digitally-driven business models that provide customers with the convenient and customized experiences they crave.
Photo credit: Vertu Facebook, article source: Luxury Daily