Raydiant’s new series, the Future of Shopping, interviews experts and thought leaders with a goal of better understanding what organizations can do to prepare themselves for what lies ahead.
The following is an interview we recently had with Jovi Overo, CEO and Co-Founder of BarteroPay
How has consumer shopping behavior evolved over the past 5 years?
Companies have really had to shift and progress forward with the continuous digital shift since there is so much noise out there on the internet. Consumers don’t want to be bombarded with information anymore, rather they want to go out and find exactly what they need so they are empowered in the decision-making process. Everyone is competition for the limited attention of consumers. The modern economy revolves around the human attention span and how companies can create shopping experiences that can capture and monetize that attention.
What are the top 3 trends shaping the ways consumers shop?
Brand Trust – Consumers want to feel like they can trust the brand they are interacting with. Not only do they want to trust that the product/service they are paying for is quality, but they also want to trust that the touchpoints after the journey they are going to experience are going to be meaningful, and not just spammy.
Consistent Improvements – Many put the emphasis on the customer service aspect of the overall experience, but really the before and after touchpoints are just as critical. Having the same level of care in every stage is something that consumers can sense, and will keep them coming back if you consistently deliver.
Data Management – Consumers are starting to realize how much their data is worth and how badly companies want it, but they are also more educated on what happens when data is managed poorly, and are willing to go the extra mile to make sure it’s protected.
What’s the future of shopping?
Consumers are happy to give their data, as long as they are awarded for it and it’s protected. We are going to see those retailers who are putting an emphasis on compliance and rewarding consumers soar in the coming years. Consumers want and need a frictionless experience, so even just a simple checkout process will establish trust and send them further down the pipeline.
What are 3 actionable steps an organization can take to prepare for the future?
Plan your engagement strategy ahead – Traditional methods of data collection are going away. For example, in 2023, cookies are going away from Google Chrome browsers. It’s important to plan out your strategy now for when that time comes and make sure you are being compliant with the new privacy laws.
Prioritize Brand Trust – Always make sure you are promoting how you are protecting your customers, and prioritizing their data privacy, they do care! Further more, customers want to share their data with brands they love and trust, so give them that reason to share. Engage, interact and promote values that your customers share using data driven insights.
Always look for ways to improve – Complacency is always the enemy. Companies who stay ahead of the shifts in privacy laws are going to be the ones who thrive in the end.