The economy expands and contracts in response to thousands of independent variables – one such variable, the COVID-19 coronavirus, is just the latest in a long list of examples. Still, periods of economic and social instability can be a scary time. In the interest of recalling lessons from past periods of uncertainty and helping brands answer how to best react during these periods, we want to share with you valuable lessons and insights we learned from during the Great Recession. For starters, it’s important to remember that not every brand is the same. For example, brands that serve consumer needs, rather than wants, generally have an easier time withstanding the days of uncertainty. It’s vital to understand and recognize that your customers’ needs change during a downturn, and it’s incumbent on the brand to respond by fulfilling them in unique ways. When executed well, it’s possible to actually gain market share, increase profit margins, and be better positioned for growth when the upswing begins. Still, almost every business will feel the effects of an economic downturn in some ways, and these are some tactics you can use to protect yourself: click read more below...
Consumers want personalized benefits, so much so that they’ll share some personal details to get them, according to the State of Consumer & Retailer Data Survey 2020, a study by data management company Stibo Systems.
But only up to a point.
Among shoppers, 49% will provide data to get loyalty program points. Yet only 23% will do so to receive weekly coupons.
And a mere 11% will trade information for personalized product recommendations, location-based offers or streamlined in-store service.
Moreover, brands have to be careful about sharing the personally identifiable information they do pull in — 70% of consumers want their address/phone number protected above all else.
Shoppers seem less worried about seemingly anonymous online behavior –15% demand that their browsing history be protected and 9% say the same about their cart contents and 6% their purchase history.
Stibo surveyed over 500 retailers and 500 consumers.
more at source: https://www.mediapost.com/publications/article/345097/consumers-will-share-data-for-retail-benefits-stu.html