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What is influencing your customers to change their perspectives of your business?
According to Euromonitor International, these eight megatrends have the potential to disrupt global markets and the way your customers engage in them from now through the year 2030.
1. Middle Class Retreat
Your customers are making purchase decisions based on the quality of the product or service they consume. This attention to detail in finding value is called "Glorified Frugality."
2. Experience More
Customers today care more about experiences than things. Personalize their experiences with your product, service and/or brand, and watch their loyalty grow.
3. Shifting Market Frontiers
Your company may have access to a growing number of customers in new and growing markets. Think about where your biggest untapped opportunity lies. Look in unexpected places.
4. Premiumisation
Your customers spend their hard-earned money on products and services that deliver premium quality AND reflect their personal identities. Make sure your company is on a path to deliver.
5. Ethical Living
Your customers are concerned about:
- Your awareness of sustainability issues
- Your availability should they have concerns
- Affordability of products and services that are produced with an eye on corporate responsibility and customer needs
6. Shopping Reinvented
Personalize your interactions with customers throughout their journey to make them feel valued. This will allow you to convert more transactions into long-lasting customer relationships.
7. Healthy Living
Support your customers’ perspectives on healthy lifestyles by providing alternatives that highlight their well-being through your CSX, products and services. Your customers will respond with long-term engagement.
8. Connected Customers
As your customers become more connected to the digital world around them, their expectations of doing business with you change significantly. Be sure to meet them where they are. Plan for these changes and develop solutions that will provide individualized options in a connected ecosystem.
Conclusion
The engagement your customers are seeking is quickly and fundamentally changing. How will your customer service strategy evolve?
To learn more about identifying which megatrends most significantly impact you, and to learn how to apply them to achieve growth in customer engagement, download this Euromonitor International white paper.
What do you think? Which of these megatrends is most influential to the customer experience? Weigh in with a comment.
