Introduction-
In order for any business to be successful in this competitive edge, it is crucial for them to identify things the customer wants in 2023 and fulfill customers’ needs. Research conducted by Statista on residents of UAE reveals that 77% of the consumers stay loyal to the brand that puts people’s priority first and offers top-notch service to them.
But what all comes under the priority list of a consumer, that is non-negotiable and should be kept in mind to deliver excellent customer experience and service? In order to build a long-lasting meaningful connection with the consumers, here are the 4 main things customers want in 2023 that a business must consider during their strategic planning.
4 things customers want in 2023-
1. Personalization
A study by Epsilon research states that 80% of consumers are more likely to purchase from a certain brand when they’re specifically designed keeping in mind their needs and preferences. Because well, who doesn’t love having items uniquely tailored to make them feel special and connected in the process of designing and creation?
Personalization enhances the customer experience, as 91% of consumers state that they’re more likely to shop with brands that provide personalized offers and recommendations.
Even a report says people are willing to offer a 20% premium for any customer service, recommendations, and products that are customized specifically for them.
Personalization begins the time a brand collects data about the customers like name, preferences, account history, previous purchases, and returns, etc, and caters to their individual needs to make them feel valued.
For example- Nike and Adidas have added “personalizable sneakers” that can be modified however we want them. Similarly, Podcast services like Spotify combine recommendation with hyper-personalization by developing custom playlists for specific situations.
It shows that a business cares about its customers and is ready to go the extra mile to provide them with a positive experience. This gives the brand an opportunity to build trust and loyalty among the customers, thereby increasing the customer base and driving sales by referring their business to other friends and acquaintances.
Which helps businesses and companies to stand out from their competitors, provide a personalized experience at the right time through the right medium and create more intimate relationships with the customers in the current business landscape.
2. Transparency and Trust
As we look for the things customers want in 2023 the main thing is trust is an essential foundation for any long-lasting relationship. Honest and open communication should get as much involved in the business as other strategic practices.
Transparency has become a critical deciding factor for consumers as to whether or not to trust and brand and make a purchase. The way a brand presents itself to be open and genuine, delivering accurate production details, being outspoken about pricing and fees, and safeguarding customers’ data and privacy is what all come under brand transparency.
In the current scenario. Consumers are curious to learn more and more about the products they’re consuming i.e., the information about materials included, manufacturing process, and so on. So whichever brand prioritizes transparency and gains consumers’ trust wins the customers’ loyalty and bolstered brand reputation, thereby ultimately increasing the sales and retention rate.
Research conducted by Label Insights has shown that 94% of consumers will stay loyal to a brand that is more transparent and has open communication and 74% of them are ready to pay a premium price for services from a brand they believe to be genuine.
Customer retention can be difficult as there are multiple options available out there for the same product/service, but if you’re honest about what you’re presenting them, then only a business can gain and maintain consumers’ loyalty.
With the new era of data privacy, 61% of consumers today are happy to reveal the amount of personal data they’re sharing, but only under the right conditions. They only share the data with the organization they have complete trust in, as they care about how their data is being collected and used. They understand that to have a valuable and positive customer experience, they’ve to trade access to personal information for precise & relevant opportunities in return.
Customers’ genuine feedback about the service and the brand helps the organization to develop more ideas, and deliver incredible results.
3. Sustainability is the key
The Covid-19 pandemic has clearly exhibited how fragile and interconnected supply chains are. Consumers understand that sustainability is a social responsibility as it is the currency of the future.
Research indicates that 82% of consumers want companies to embrace the sustainable and people-first approach in their business and 8 out of 10 consumers want businesses to pursue a sustainable business model.
Irrespective of just buying some random stuff, customers are largely concerned about its impact on the environment. They are shifting towards more eco-conscious and sustainable methods of what and how to purchase.
This signals a huge opportunity in companies’ minds on how to grow their business and tailor their services by adopting green choices in production, hence building brand awareness among the audience. This can be simply done by reducing or treating waste, embracing second-hand materials, using eco-friendly products and packaging, and improving shipping and transportation plans.
A survey reports that 83% of residents of the UAE are aware of their environmental footprints and are reducing the impact on the environment by making choices that lead to more sustainability in nature. They see sustainability as a crucial and non-negotiable part of the decision-making process.
From manufacturers to startups to fleet owners, business today adopts the process of sustainability by using cloud computing services, collaborative manufacturing, and sharing facilities and equipment to increase the efficiency of resources available.
4. Convenience
People today are concerned as much about convenience as they are about trust and sustainability in the business process. Who won’t love spending time on what sounds more meaningful like personal goals or hobbies?
A study reveals 1 in every 5 consumers in UAE seek products that are convenient to use and make their life simpler. Customers are often willing to pay more for services that enhance the customer’s experience through fast access to the product, a hassle-free checkout process, a convenient delivery process, and ease to use.
An example of this would be buying clothes, food, or movie tickets online, rather than traveling to a store physically and making a purchase. This has increased the demand for on-demand services like the go-to meal, office or home-related products, tech-driven and digital platform services, etc.
52% of consumers believe convenience is what influences half of their purchasing decision. So, Whatever it takes- should be the mindset of every business to win the trust of the consumers, but in a way, that’s harmless to the environment and customers’ data. And if you succeed in delivering that package of convenience to the customers, then customer loyalty will be the best reward you can ever have.
Conclusion
In the world of alternatives, it is crucial that a business should have a thorough understanding of the things customers want in 2023, the target market, and consumers to deliver the solutions a consumer requires in a timely manner. This will increase the overall degree of customers’ experience, and enhance the brands’ performance and customer retention rate simultaneously.
