Over the last decade, customer expectations have changed drastically. People today are no longer satisfied with purchasing only quality goods and services. They are also mindful of the experiences that they encounter with a brand at every stage.
Brands, too, are recognising the importance of delivering this experience that will provide them an edge over competitors. The same was taken up for discussion at the 15 th edition of HT Brand Studio Live on Tuesday.
Speaking on the occasion, angel investor-cum-business strategist Llyod Mathias said: “Marketers often take a product-centric approach instead of an experience-centric one. For consumers, however, brick-and-mortar stores and online and social media channels are all part of the same experience.”
The internet has also redefined the retail space. Said Jiten R Mahendra, Senior Vice President Marketing, Max Fashion India, “New-age consumers engage in what is known as research online and purchase offline (ROPO).
About 50% of our purchases are driven by ROPO. Earlier, it was about hopping from one store to another, looking at the trends and then making a decision. Now, the same can be done on internet or social media.”
Shireesh Joshi, Founder CEO, Priism Consulting, spoke about how technology has made consumers spoilt for choice. “The internet has given consumers a lot of exposure and thrown up many choices for them. As a result, consumers today are well-informed of global trends, and looking at shopping as an integrated experience,” Joshi added.
In lieu of the above, how has the definition of customer loyalty changed?
“Customers today want the highest quality at the lowest price from brands that they trust. Quality is not a stated expectation; it is assumed as something that all brands will deliver. If they fail to do so, then they lose out on consumer loyalty,” said Uma Talreja, Customer Care Associate and Chief of Marketing & Customer Officer, Shoppers Stop.
One sector, where gaining customer trust is of prime importance, is healthcare. Highlighting the same, Tanmay Saksena, Chief Operating Officer of 1mg, said: “Patients need to be at the centre of all healthcare experiences. Trust is a precious currency in this industry. It is important to rely on credible sources for providing all information.”
During the episode, it was also pointed out that brands need to make the shopping experience more convenient for customers. “Online payments enhance the shopping experience. Therefore, they need to be fast, seamless, and intuitive. The long-term objective of brands should be to enable India’s transition to a less-cash economy in a frictionless manner,” said Sujatha V Kumar, Head of Marketing for India and South Asia, Visa.
HT Brand Studio Live is a series that gets the brains behind India’s top brands to decode marketing innovations and more. The event is anchored by Rameet Arora, COO, HT Digital Streams, and co-hosted by HT Brand Studio and DMAasia.
First Published:
Jul 16, 2019 10:00 IST
Source: HindustanTimes