rch’s The Future of Loyalty: Metaverse, AI, and Post-Pandemic Challenges //
In recent years, our understanding of customer relationships has changed dramatically. We are reevaluating the concept of loyalty in light of the Covid-19 pandemic, and we’re exploring new ways to achieve it. We can use reports such as Loyalty Technologies Solutions, Q1 2020 to assess the state of the industry. The Forrester report was designed to help buyers make informed technology decisions, but it also provides valuable insights into the current loyalty landscape. Are you ready to learn more?
Loyalty is important in times of crisis
The economic stability of the country has a significant impact on how customers behave. And, in recent years, it’s not been easy for them. People are more cautious with their spending due to the pandemic, and rising inflation. According to Forrester’s July 2022 Consumer Energy Index and Retail Pulse Survey the majority of adults online in the U.S. (64%), U.K. (59%), and France (55%), are concerned about the possibility of economic recession ,, and are looking for ways to save.
Discounts are becoming more important. Promotions are still effective in attracting customers but now they’re even more important to attract new ones. But, they must be well-planned and distributed.
What does it mean to be a’symbol’?
Companies should first focus on offering discounts to customers who “deserve” it – for example, those who are loyal and engaged in long-term business. These clients are worth investing in. Discounts should be tailored to the profile of each customer. You can eliminate “cherry-pickers” by using AI data analysis on a single customer basis and recommendation engine for building individual discount promotions that are based on the needs, price sensitivity and value of the company. Allocating promotional budgets to customers who have the highest ROI will help you protect the brand’s margins.
Marketing without Cookies
The marketing industry faces many challenges, including financial upheaval. Marketers are trying to find the best way to collect customer data as the cookieless future is getting closer. ( Google has announced that it will stop from using third-party Cookies in Chrome at the end of 2020 ). This new reality could be a serious threat to advertisers, given how heavily digital marketing relies upon cookie tracking information to identify customers and send them personalized offers.
What can you do?
The answer is again in the loyalty of your customers. In order to inspire trust, people need strong client relationships. Since 92 percent of clients say they would trade their personal information for loyalty points, creating engaging loyalty programmes is key to obtaining zero-party data that can be used later to optimize marketing efforts.
Marketers can also rely on AI tools to analyze customer data efficiently. These advanced solutions simplify data management, and provide predictive capabilities that propel marketing efforts to new levels. These tools allow businesses to tap into the vast amount of knowledge and resources that have been accumulated. We are no longer in the era of ignoring data, because we can now analyze it and create personalized content at the same time.
All of this is impossible without the trust and loyalty that are essential for gathering all of this information.
Will loyalty enter metaverse?
Metaverse may be the most important challenge and trend in customer loyalty. Meta, a vague concept that was a sensation in 2021 when Mark Zuckerberg rebranded Facebook as Meta, is on its way revolutionizing all web-based activity as we know it.
What does Metaverse mean? It depends on who you ask.
Metaverse is a term that encompasses everything from virtual offices to video game settings. However, they all refer to digital environments as an alternative to reality, whether accessed through VR, AR, PCs or game consoles.
It’s not surprising that major players have jumped on the opportunity to tap into this virtual reality. Metaverses are being developed in many different ways, from Zuckerberg’s Meta to Microsoft, Apple and Fortnite, and Roblox. These platforms, which differ in terms of their purpose, scope, technology required and values, are all fighting to be the best on the market. To achieve this, they must attract users who will stay with them for a long time.
Without loyalty, this is impossible.
Loyalty plays a crucial role in building trust and creating a value that encourages members to share all metaverse data. Its importance cannot be underestimated. Information obtained directly from customers is believed to be the primary currency for mainstream metaverse commerce. Why? Zero-party data is essential for designing a space that’s tailored to the users’ needs, wants, preferences and interests. This will ultimately determine its success or failure.
The relationship between metaverse and loyalty is two-way. Metaverses can benefit from loyalty in the same way that loyalty benefits metaverses. The metaverse is already a part of loyalty programs, thanks to the growth of digital ownership, NFTs and blockchain. Brands like Balenciaga, Adidas, and others have invested in digital products which are increasingly popular with the younger generation. According to the Obsessar Study titled “The Metaverse Mindset Consumer Shopping Insights”, nearly 75% Gen-Z consumers had purchased digital items within videogames. Up to 60% of Gen-Z shoppers believe brands should be selling their products through metaverse platforms.
According to the research, most participants found virtual shopping experiences engaging, personalized and immersive. These factors all contributed to an increase in customer loyalty. Since the value of metaverses in ecommerce continues to grow, marketers must adapt their strategies and explore the possibilities this new reality offers. They may be missing out on many opportunities to create an experience that will engage customers at a whole new level.
The New Tomorrow of Loyalty
It can be hard to predict how customer loyalty will grow. AI and metaverse are likely to play a major role in the future of marketing. It’s difficult to know their full impact, however, due to the rapid development of these fields.
The subject is still a bit unclear. However, brands should be open to incorporating new technologies into their promotional campaigns. Forrester Wave – Loyalty Technology Solutions Q1 2023report shows who is best positioned to keep up with these dynamic changes. Comarch, recognized as one of the top 5 loyalty vendors in the market today, is proud to provide solutions that are suitable for the modern loyalty challenges.
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