Since the COVID-19 pandemic hit, businesses have had to adapt to keep up with the changing times. One key takeaway from the pandemic has been the need for accessibility. Consumers want to feel in control and be able to do things conveniently and with as little friction as possible.
Synchrony recently published a report titled “The Rise of the Consumer: Redefining the Brand Relationship,” where they found that consumers overall want to feel more in control, and businesses can achieve this by offering transparency with data, embracing easy and frictionless payments, and leveraging new technologies.
Data Delivery Depends on You
In the past, many businesses have used third parties to source data, but in recent years, consumers have become wary of how their data is being gathered and used, and growing regulations have made gathering data legally more difficult. To combat this, brands will need to build trust with their customers so they feel comfortable providing insight and data. Some ways to consider doing this is through loyalty programs and other relationship-building tools.
81% of consumers believe the way a brand protects their data shows how well it will treat them as customers.
39% say they want more clarity on how their data is used.
Purchasing Power in their Pockets
More and more, consumers are using frictionless payment experiences, like sending money back and forth on Venmo, tapping their phones on a card reader at the store, or having their card info autofill using Apple Pay. And to keep up, most large retailers are taking advantage of these preferences by offering in-house financing in the form of loans and credit cards.
How can this also help increase sales? If a consumer has a great experience using financing and services through the retailer, they may be more likely to go for add ons and other purchases with a business—leveraging their easy-to-use payments.
Nearly 30% of spending will be done via mobile wallets by 2025.
Over 60% of adults say they use peer-to-peer payment services like Venmo and Zelle.
In-vehicle digital wallet spend is projected to exceed $86B by 2025.
The Future is Non-Fungible
The popularity of NFTs (non-fungible tokens) has spiked in recent years, and although their success has varied, there is one major takeaway from their emergence—consumers want a unique, personalized experience, and they crave ownership and to be part of shaping a brand.
These experiences and tokens are just beginning, but it’s important to keep in mind what has driven their popularity in the first place. Moving forward, successful brands will remember that consumers want to feel connected to where a brand is going and have a voice in shaping their experiences.
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Priyam Gera