Customer Loyalty in the Smart World - 4 Factors CIO Should Consider
retailciooutlook

Customer Loyalty in the Smart World - 4 Factors CIO Should Consider

By Retail CIO Outlook | Wednesday, September 11, 2019

Maintaining customer loyalty and drive consumer adoption of their products as the world revolves around technology.

FREMONT, CA: Technology, today, affects just about everything that the modern human being does. The technology even leaves its prints in the business world. One of the few examples is the way the technology works towards building better customer loyalty and thereby increasing business. In order to build customer loyalty, organizations should know about how technology and innovation impact customer relationship management (CRM). The organizations should be not only interactive with their customers, but also efficient in offering assistance. However, many advancements are seen in the evolution of smart technology. These advancements have unleashed a new wave of competition between brands like never before. Today, not only the brands need to be able to work with leading smart products such as Amazon Alexa or Google Assistant, but also the organizations need to successfully differentiate themselves in their respective consumer categories, along with which, they should provide standalone smart device management options, should a consumer opt-out of using mega tech integrations. 

Here are 4 factors CIOs should consider for maintaining customer loyalty and drive consumer adoption of their products as the landscape evolves.

1. Trust and Security

Reliability is not the only essential feature that needs to be considered these days, especially when it comes to fostering consumer confidence in a smart product, the brand also plays its part. However, brands like Schlage strive to provide products that are security-focused, and ensure that their products are tested thoroughly before releasing it in the market. Manufacturing products that are revolving around the consumer needs can only benefit from the smart tech brands in the long run, but also that will aid them in bringing their brand in the minds of the consumer when they are considering a smart tech purchase, especially the one that offers security measures to protect their home.

2. Affordability based off use case

As the smart technology products have expanded accessibility to customers around the globe, the brands are collaborating with other brands to maximize their user experience across the board, to aim at the users from various price points and interests based on the smart products they already use regularly. Therefore, it is mandatory that smart tech brands create products that can connect with other systems or operate independently. This offers consumers a whole spectrum of products to choose from. Brands can meet the consumer demand in terms of the person's smart product experience, and in turn, they can enhance and drive consumer loyalty and product adoption across the board.

3. Creation of Value

The term, "connected world" was started initially to serve the needs of motorization and targeted the homes of the one percent capitalizing on selling the cool factor rather than catering to a specific function to fill a void or provide a better product for a consumer. With increasing demands on the Internet of Things, brands can address a wider range of consumer needs across different price points. Organizations and brands should be keener about providing products that value people's lives as they invest in technology rather than providing a cool factor.

4. Purpose-built products

Brands are bringing a completely new level of personalization to our screens. Consumers are entering a new era where the products are empathetic; they understand the situation, know your voice, and can respond in real-time to requests and questions. Products are now built to integrate with other like-minded devices so that they can be easily incorporated into a consumer's routine or operate on their own.

It is estimated that by 2020 the number of devices connected through the internet worldwide is expected to reach 31 billion, as per the reports from Statista. Right from the beginning, devices are connected through the internet. Internet of Things is bridging the gap between devices, people and devices, and between people as well. The global smart home market is forecast to reach a value of more than $53 billion by 2022, mentioned Zion Market Research in a report. Technology is always making a better transformation by offering better customer care and thereby increasing the level of customer loyalty for the brands.

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