How is consumer behaviour changing in the Middle East?
PwC paints a similar picture of the Middle East, with more than 60% reporting higher expenditure on groceries, while spending on clothing, footwear and restaurant food deliveries has dropped significantly. Lifestyle changes are also being reported elsewhere. In a direct sense, being locked up has driven up spending on online entertainment.
How is the consumer base changing over time?
This shows that we have moved to a diverse, splintered, and heterogeneous consumer base with a much broader and varied set of demands and needs. Moreover, the upcoming Gen Z cohort is likely to bring further diversification of the consumer base along racial and ethnic lines.
Is there a rewiring of the modern consumer?
Contrary to conventional wisdom, there’s been no fundamental rewiring of the consumer. The modern consumer is a construct of growing economic pressure and increasing competitive options. The consumer is changing. They are more capricious and less loyal. They have less time but are more conscientious.
How is the consumer in the modern world changing?
The modern consumer is a construct of growing economic pressure and increasing competitive options. The consumer is changing. They are more capricious and less loyal. They have less time but are more conscientious. They shy away from stores and prefer experiences over products.
How does a change in mind set affect customer satisfaction?
A fundamental change of mind-set focusing on the customer, along with operational and IT improvements, can generate a 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.
What are the expectations of a modern customer?
Historically, customers have expected basics like quality service and fair pricing — but modern customers have much higher expectations, such as proactive service, personalized interactions, and connected experiences across digital channels.
How are change agents changing the customer experience?
The customer’s voice is often left silent as change agents latch onto digitization to leapfrog competitors, self-service improvements, and revamped staffing models. One payments player sought to improve its process of resolving customer disputes. It was considering a complete reworking of its technology to reduce processing time.
How does a bank change the customer experience?
One bank that undertook a customer-experience transformation concluded that the lifetime profitability of a satisfied customer willing to actively recommend the bank to his or her friends was five to eight times greater than one who had a negative perception.