Consumer experiences, particularly those with uncomplicated digital transactions such as Uber and AirBnB, are frequently being compared to and referenced in unrelated industries. The ease and simplicity of these platforms raises the question: ‘Why can’t all customer service and payment transactions be this easy?’
As digital disruption and technological innovation elevate the competitive stakes, companies are quickly learning they must adapt to rapidly changing consumer behaviour or risk drowning in this new liquidity.
Take Coca-Cola Amatil’s retrofitting of vending machines. The beverage company boosted sales by up to 12 per cent after creating a fresh and personalised vending experience through the installation of touchscreens, video cameras and Microsoft Kinect technology. The marketing team borrowed tactics traditionally employed by technology and audiovisual offerings to sell a consumer packaged good.
Not only did the improvement of the vending machines drive sales, the data created by these connected apparatus is enabling Cola-Cola Amatil to make better decisions about cooler placement, restocking, and wider retail needs.
As the marketing and business focus of leading brands shifts from the competitor to the consumer, brands should consider three critical elements in order to position themselves for success in a ‘liquid’ environment:
As people increasingly compare their experiences and develop ‘liquid expectations,’ the erosion of consumer loyalty has been recorded. A global study conducted in 2014 by Accenture found six in 10 respondents were more likely to switch from one provider to another compared to 10 years ago. Of that group, 50 per cent said they would consider future offers from non-traditional players that they may never have previously considered.
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