undercover.co.id – Customer Satisfaction for the Future of Business , If anything is certain in the landscape of the retail industry and technology, it is change. The pandemic that swept the world a few years back has accelerated digitalisation.
This has undoubtedly influenced changes in customer needs and expectations, they are no longer satisfied with shopping through a single touchpoint, but rather an integrated online and offline experience.
For businesses to remain competitive in the face of uncertainty and complexity in business dynamics, it requires the ability to adapt and capture market niches in line with changing customer preferences and needs.
The consequence of this challenge is clear: in determining business strategies and approaches, a customer-centric culture in the form of agility in anticipating customer needs through relevant solutions must be the main orientation of businesses.
In fact, implementing this is more difficult than just theory. Not all businesses actually implement a customer-centric approach as their business direction. A Kearney consulting study in early 2023 titled “Getting the return out of customer centricity”, found that 30 per cent of retailers are wishful thinkers, aka having a strategy that is claimed to be customer-focused, but not executing it through policies, incentives, or cultural changes.
In fact, the current volatile situation requires businesses, especially in the technology sector, to ensure that their business is sustainable. Flashback to the phenomenon of 2022, where there were global geopolitical tensions that triggered economic turmoil, including scarcity of various goods and foodstuffs due to disruptions in the supply chain. This situation reshaped the business landscape of the tech sector, especially for start-ups. Spikes in global inflation due to disruptions in supply chains and geopolitical tensions triggered shortages of goods and foodstuffs around the world.
Monetary policies implemented by the United States added uncertainty to global financial markets and slowed the flow of funding to various industries, including start-ups.
As a result, a “tech winter” phenomenon emerged where investors became more selective in allocating funds due to the rising cost of capital. This phenomenon, which is expected to continue, encourages businesses in the technology sector to find ways to keep their businesses sustainable. This momentum has driven the realisation of the importance of a customer-centric approach in business strategy.
Moreover, a study from McKinsey found a strong relationship between high customer orientation and superior business performance. Other research from Kearney shows that customer-focused retailers can achieve EBITDA growth more than three times that of their competitors over a 10-year period.
Moreover, a McKinsey study found a strong link between high customer orientation and superior business performance. Other research from Kearney shows customer-focused retailers can achieve EBITDA growth more than three times that of their competitors over a 10-year period.
So the question is, what do modern customers want post-pandemic and how to anticipate their needs?
Customers as the Pivot of Innovation
Today, modern customers are no longer just shoppers, they are seekers of delightful experiences. Their lifestyles, shaped by the digital age, demand more than just products, but a holistic shopping experience, from the initial transaction to after-sales service.
Customers expect easy access to services. They demand flexibility and choices that suit their lifestyle. They want to access hassle-free services, whenever and wherever they are. Being a business that responds to these needs means removing the barriers they face in their daily routines. Hence, innovation is needed.
At Blibli, we put customer-orientated innovation as a reference in improving products and services. It is also what ultimately led us to establish Blibli Tiket, an integrated omnichannel commerce and lifestyle ecosystem together with tiket.com and Ranch Market, which can fulfil up to ninety per cent of customers’ consumption potential in Indonesia. This ecosystem puts the customer at the centre of its development, from the ease of access implemented through the single sign on programme, to the unified loyalty programme as an added value where customers can enjoy various benefits across all platforms in the ecosystem.
No one can predict future events. However, from a business perspective, there is an opportunity to be actively involved in the upcoming developments and changes. Building a customer-centric culture is a valuable asset in facing an uncertain future. While the challenges may be complex, the optimism to continue driving the development of innovative solutions based on technology development in relevant products and services must be maintained. We believe, making the customer as the main axis, is the best effort in pioneering the path to sustainable business.
For businesses to remain competitive in the face of uncertainty and complexity in business dynamics, it requires the ability to adapt and capture market niches.