Key year-end indicators are all painting a portrait of a healthy, resilient, and growing retail economy...but sellers need to remain focused on customer loyalty in order to take advantage of conditions.
Ecommerce retail spending over the 2021 holiday period was up 11% from the parabolic gains of 2020, and a whopping 61% over 2019. Meanwhile, the most feared economic crises of last year are on a path to improving. Commerce Secretary Gina Raimondo announced that supply chain congestion was 50% improved, a 50 billion dollar investment in semiconductor is moving through Congress, job growth is exploding and inflation is starting to ease.
However, succeeding in 2022 will require an additional, more intangible quality than just great stats. The consumer market is justifiably fragile after 2 years of non-stop disruption. That’s why it’s crucial to deepen the customer relationship and foster loyalty which will outlast the current season.
As Rick Wilson suggests on the new Dragonproof Podcast, the first step to real customer loyalty is cultivating a feeling of “soul” within the company—a passionate, thoughtful, human quality which is communicated through all of the activities of a brand and its leadership.
“The question for business leaders in 2022 is simple: can you infuse a humanity beyond the transactional nature of a business?”
Trust Is The Core of All Customer Loyalty...And It Starts With The Shopping Experience
Customer connection to any brand story relies on trust. Unlike the security-oriented anxiety of the early ecommerce shopper, today’s customer has many ways to assess the value of a business, from the efficiency of its fulfillment to the content on its social media page.
“This may sound counterintuitive,” Rick says, “but a soulful business has to have great systems. The person creating those systems has to understand the buyer experience. They have to understand how their customer experiences the company. When your total shopping experience not only works, but also conveys the depth of your commitment to the customer, your clients come to assume positive intent. That’s how they know you have soul, and that’s where trust begins.”
Investing in Customer Loyalty Should Be A Top Priority For All Digital Businesses in 2022
When paired with a strong economy and all of the other benefits of ecommerce, this human connection is the key ingredient which allows sellers to capitalize on all of the promising news about the economy. So in addition to setting their January strategies for growth and efficiency, leaders also need to prioritize nurturing this relationship.
Investing in loyalty and CX initiatives has been identified by Forrester as a top priority for 80% of firms across industries and countries, but that goes without saying. The challenge for these businesses is conveying their commitment to the customer experience in a way that feels authentic.
“No one expects perfection, but people want to know that you care about their experience,” Rick concludes.
“If your brand wears its humanity on its sleeve, offers products people really need, and backs it all up with systems that shine, you're going to succeed. It’s as simple as that.”
To hear more about the building blocks of great customer relationships, please visit the Dragonproof Ecommerce website.
