US-based Lacek Group issued 2023 Trends report: Let the Loyalty and CRM Experts Help You Get Ahead of Consumer Expectations: 1. Consumers will focus on value. 2. Brands to delight consumers with phygital experiences. 3. Consumers will continue demand social responsibility. 4. Employee engagement will yield results. 5. Data privacy will get real.
GLOMinneapolis-based The Lacek Group has released “2023 Trends: Let the Loyalty and CRM Experts Help You Get Ahead of Consumer Expectations” report, identifing 5 big-picture marketplace trends that will impact loyalty and customer relationship management (CRM) strategies in the coming year:
- Consumers will be laser-focused on VALUE.
- Brands will delight consumers with PHYGITAL EXPERIENCES.
- Consumers will keep demanding SOCIAL RESPONSIBILITY.
- EMPLOYEE ENGAGEMENT will yield results.
- DATA PRIVACY will get real.
Real risks of 2023 recession and companies’ response – 2 best examples are XPLR PASS by The North Face and Unlimited SIP Club by Panera Rewards.
2. Phygital experiences became necessary strategy of gratificaton in the era of mobile-savvy consumer.
“Phygital” retail experiences – in which elements of technology and reality coexist— offer opportunities to fold your customers closer to your brand. Digitally enhanced in-store shopping provides frictionless transitions across channels, allowing customers to interact with and purchase from your brand when, where, and how they prefer. Consumers want seamless omnichannel brand experiences—and robust apps with deep functionality can deliver.”
Two examples of companies, which a leaders in phygital loyalty experiences are Netflix and Starbucks.
3. CONSUMERS WILL KEEP DEMANDING SOCIAL RESPONSIBILITY. 77% of Gen Z consumers look for brands that align with their values, with social issues dominating agenda (diversity, equity, and inclusion; climate change and sustainability; controversial political issues; and fair employee policies).
4. EMPLOYEE ENGAGEMENT WILL YIELD RESULTS. In today’s ultra-competitive labor market, apply loyalty strategies to workforce engagement to nurture and reward employees.
5. DATA PRIVACY WILL GET REAL. By 2023, modern privacy regulations will cover the personal data of 65% of the global population—up from just 10% in 2020.
