Business View Magazine | November 2019

14 BUSINESS VIEW MAGAZINE NOVEMBER 2019 Loyalty drivers in 2030 Today 58% of brands cite high quality as the top factor likely to drive consumer loyalty, but most consumers cite low costs or discounts as their top driver. But by 2030, consumers cite mobile apps, high-speed access and ordering via smart home systems as the top three technologies driving loyalty. Brands agree, and believe that AI, machine learning and predictive analytics will play a large role too. Brands are looking at 2030 as an opportunity to use technology to both provide smooth engagement and the intelligence behind the engagement, needed to deliver deeper, more meaningful customer relationships and increased loyalty. Added Newman, “Building loyalty is a critical component for brand growth, and over the next 10 years we will see increased nuance and complexity beyond the traditional price, quality and service matrix that has long stood at the core of loyalty propositions. In the future, the way companies embrace technology, drive speed to market (and consumer) and deliver and measure social impact will all play a bigger role in loyalty. This is already starting to happen today, and its importance will multiply by 2030.” The evolving importance of trust Perhaps the biggest challenge for brands today, is the ability to overcome the trust gap that exists between brands and consumers. Consumers are wary of how brands treat their personal data and feel powerless to change it. Only 54% of consumers trust brands to keep their data private. In fact, 73% of consumers believe the use of their personal data is “out of control.” This is a challenge for brands as they work to balance the CX they can deliver as a result of richness of the user data they collect with the trust concerns of the consumer. But the research indicates that brands do understand the risks they face. 59% of brands strongly agree that securing customer information is the single most important factor in ensuring a strong CX. However, are brands ready? The research suggests some challenges, as 84% are concerned about changes in governmental regulations regarding privacy and their readiness to meet them. “As consumers continue to use technology that opens their lives to others, they have dual expectations of businesses: Understand me as an individual and protect my privacy. Therein lies the opportunity to achieve balance when crafting customer experiences,” added Raj.