Shopify has been knocked off its pedestal. It is no longer Canada’s most valuable listed company. Why is that? Well, the Financial Post put it down to a “tech wreck”, and said that despite traffic numbers rising and consumers shopping in ever increasing numbers, rising between the start of 2020 through to the end of 2021, the company has fallen back in 2022 to third place due to changing consumer behaviours as shopping patterns changed.
The customer is the boss, and a business isn’t about to survive if the customer loses interest in the industry. So, we’re looking at what companies can do to keep up with what the customer wants. Read on to find out.
Personalisation
Personalisation is a concept that is hard to implement. If you are a big company, you can’t be kissing every cupcake on the factory line in order to say it was made with love. But there are other ways you can implement a personal touch.
For one thing, the use of algorithms in your social media and data-based personalisation of your website will give your user a hand-held tour through the products you offer that might appeal to them most. Offer your high-end customers a gift for a premium touch, and you will retain customer loyalty and assure customers that this is the place for them to find anything they want.
Convenience
The typical user is looking for anything that makes life easier, which is why optimizing your business website for the use on a mobile has gone from a helpful but rare occurrence to the norm and in fact you will be judged accordingly if you don’t. This is because users decided if it could be done on a mobile, then it likely wasn’t worth waiting 10 minutes for your laptop to boot up.
This is obvious in the iGaming industry, which is one of the few industries that has embraced cryptocurrency in its pure form. At the moment the most practical use for cryptocurrency is simply to trade it in for the national currency, buy a Tesla or a flight from particularly enthusiastic airlines.
But the online casinos have started allowing players to add their deposits and withdraw their winnings in the form of cryptocurrency. Players have enjoyed faster approval for both without the input of the bank stalling things for 3-5 working days. If you’re looking for somewhere to play online, find more details here.
Customers are always looking for something faster, easier, etc. and tech is busy trying to keep up.
Anytime, anywhere
Since the arrival of the internet, we have been moving closer and closer to a 24/7 lifestyle. Our jobs are now in shifts, the 9-5 life becoming a rarity, we’re living digital nomad lifestyles, either abroad or simply working from home, working when we want, and because businesses make jobs, a lot of times this means that swathes of businesses are accommodating these changes in lifestyles.
Why are they accommodating this? Because businesses are also moving towards a 24/7 cycle. Customers are demanding their one-day delivery services, are trying to contact customer service at 3 in the morning and are no longer accepting that the banking hours apply to all industries.
And it would be in business’ best interest to keep up. Customer service centres open at all hours will mean a less disgruntled customer if they can solve their problems quickly, next day delivery is starting to be considered slow, and by keeping up with these evolutions, businesses will evolve and grow.