The Deloitte Consumer Review
Online: A minimum requirement or a competitive advantage?
In this review we examined the ever-increasing importance of channels to both consumers and retailers and looked at how consumers’ online activities are evolving. We also tracked consumers’ spending patterns where we found evidence of an emerging dual economy.
A key message from our latest research is that consumer power is growing. The internet is now the primary source of information on new products and services and maintaining an engaging online presence is becoming a minimum requirement rather than a source of competitive advantage.
Consumers no longer use the internet to simply source information; they want to engage with businesses and other consumers. They want to share their experiences and influence others, while also being influenced themselves. No single communication channel dominates the conversation.
Key learnings of the H1 2015 Consumer Review:
• Products and services need to be made available to consumers through the channels they want to use.
• Businesses must engage with their hyper-connected consumer in two-way conversations that can lead to deeper and more profitable relationships for both parties.
• Social engagement can generate deeper and more real-time consumer insight. Engagement through social media can generate deeper and more real-time consumer insight and can enable consumer businesses to target the individual with offers that are context relevant and location specific, therefore increasing conversion rates.
• Businesses that develop full end-to-end customer experiences that encompass a variety of online mediums in addition to traditional physical interaction will be able to capitalise on this changing environment. Moving with the times has never been more important.