The Connected Consumer is King

Many talk about the interesting trends in economies driven by consumerism – with the rise of consumer spending on domestic products and services, fueled by growing population and higher wage earners across many of world’s growth markets.

Couple this with the rise of Connected Consumers – those living a digital lifestyle who expect to be able to run their lives through a smart phone and will quickly (and publicly) comment on the value of your brand when you fail to support them in doing so.  Suddenly we find ourselves in an age where the Connected Consumer is King.

Today’s consumers:

  1. Have increased spending power – with more financial products and services offered on the market than ever before.  From traditional financial institutions, to Telcos and even Postal organizations!  This increases the importance of ensuring you have the right Credit and Risk Rating systems to approve the right customers and minimize the risk of financial catastrophe.
  2. Have access to – demand access to – your products and services anytime, anywhere, on any device.  With networks and devices growing in pervasive use and complexity, it is essential that you have Smarter Products and Services to give your customers what they need, when the need it.
  3. Have a choice and aren’t afraid to exercise it.  Consumers will just as quickly turn to social media for product advice than any well-trained sales representative, and expect a better buying experience when they are ready to purchase.  Smarter Commerce and Analytics is essential in understanding what potential buyers want and need, to make sure you offer the right product or service at the right time, via the right medium.
  4. Demand goods in hand shortly after purchase, making streamlined Logistics an essential part of delivering the best buyer experience for return business.
  5. Are prepared to share personal, confidential data with you, but expect you to have the right data governance and Security in place to protect their privacy.

There is no doubt today’s consumers are connected to the world.  The question is:  Are you connected to the world’s consumers?