In this digital, mobile, and hyperconnected era, customers are increasingly sophisticated and demanding regarding products or services and the experiences associated with their interactions with the brand. In this context, companies must understand users and develop work methodologies that allow them to adapt to new demands. How do technology, data and methodologies merge to achieve this success?
The Ipsos consultancy developed the notion of Consumer 5.0 some time ago. Unlike the previous era, Consumer 4.0, which prioritized personalization, sustainable brands, and human conversations, Consumer 5.0 is distinguished by other characteristics.
New consumers value benefits and experiences (that are augmented, multi-sensory and limitless); hyper personalized communication; the creation of their own shopping experiences, defined by the moment and the need; and that a brand accompany them anywhere at any time. Above all, the experience must be fast and convenient.
Another change that occurred between the 4.0 and 5.0 groups is that the former used technology as an enabler, whereas the latter seeks to find delightful experiences.
This new generation of customers and users value both the product they purchase itself, as well as the experience before, during and after obtaining it. They want to move with total autonomy and without friction between the different channels, whether in stores, on the app, the web, social networks, or an eCommerce site, searching for product information and making decisions when and where it is most convenient for them.
An interesting fact about this type of consumer is that, according to a recent McKinsey report, clients who use different channels buy 1.t times more than those who use a single channel to make a purchase.
Companies like Levi’s, L’Oreal, and Adolfo Dominguez have successfully combined social networks, influencers, video, and chats, directing users to their eCommerce platforms to provide a new shopping experience. This method of buying and selling, known as Social Live Shopping, can increase CTR by 60% and Engagement Rate by 50%.
In the years that I have worked in technology and business, I have witnessed significant advances in terms of innovation, which has accelerated significantly due to the growth of the Internet, advances in technology and Artificial Intelligence, and the massification of devices. And, since the ceiling has not been reached, there is still a long way to go.
Different fields, same challenges
What do a multinational supermarket corporation and a neighborhood sporting goods store have in common? What about a beverage bottler and a clothing line? At first glance, nothing appears to unite the two, but this is not the case.
All these companies, regardless of their size or geography, are facing the same challenges these days:
These challenges, which are common to most companies in CPG, fashion, retail, beauty and education industries, prevent organizations from creating a truly omnichannel strategy.
The aforementioned is magnified by the eCommerce figures for 2022, which, while not yet at its peak, keeps growing and gaining more traction:
Multiplica’s proposal for the industry
Not all companies are in the same state of technology adoption, nor do they have sufficient knowledge to adjust to the demands of the digital market. Most organizations want to carry out many (or all) actions at the same time, although they do not know the priorities, or how to do it.
As if that weren’t enough, not all of them have the team to lead these initiatives, and they don’t always have agile processes in place to quickly bring new ideas to market.
Multiplica’s value proposition for the ecosystem of Retail and CPG companies is aimed at solving these challenges, which are divided into four large territories, in response to this mix of complexities.
The four territories of Multiplica’s proposal for retail and CPG make possible an omnichannel strategy focused on creating Total Experiences for consumers.
To attract qualified leads, it is necessary to have not only adequate campaigns and content, but also a deep understanding of the consumer so that the personalized message is of interest to them.
For this reason, Multiplica proposes a comprehensive and iterative approach that analyses quantitative and qualitative data from all available data sources to contextualize the consumer’s social behavior. As a result of research, marketing, and machine learning techniques, audiences created based on needs, rather than just behaviors, can be segmented to create appropriate communication strategies.
This process includes engagement, branding, and sales campaigns; measurement and optimization of marketing activity performance; personalization of the journey; and segment-specific message automation.
The 5.0 consumer is a constantly shifting profile. As a result, it is necessary to monitor their behaviors, trends, needs, and aspirations regarding products and experiences in order to adapt by developing models that can predict them.
Multiplica provides visibility to business areas by responding quickly to research requests and assisting in the prioritization of initiatives based on market trends.
We provide valuable information on target audience trends and interests based on metrics that help weigh current initiatives and detect opportunities that allow shaping the future of consumers, products, and services.
Companies must be able to create a natural environment in which there are no channel limits or differentiation and the experience is optimal.
This is a significant challenge for all companies because they must work more agilely, eliminate silos, merge technology with the physical world, and articulate all channels to provide consistency to the user experience. Moreover, a responsive brand strategy is developed and connected to the experience across channels and platforms.
This strategy is focused on these three aspects:
1. Talent, since it requires multiple techniques, knowledge and specialized tools.
2. Technology and Trends, because users are in constant evolution, it is necessary to determine which technology and trends are more aligned with the business.
3. Methodology, essential to guarantee results and returns on investment.
All companies strive to retain customers by increasing the value of their purchases and/or doing so more frequently through the development of consumer-relevant loyalty and engagement strategies.
Multiplica offers a flexible strategy based on the needs and maturity of each organization, allowing the creation of solid, long-lasting, and profitable relationships with consumers. Thus, by incorporating the Customer Lifetime Value, it is possible to supplement customer segments or look-alike audiences.
Furthermore, the profitability potential for each segment and client can be measured in order to direct investment toward the clients with the highest ROI.
The time has come to do things in a completely different way. The Multiplica team consists of Digital Practitioners with extensive knowledge of the Retail and CPG industries, as well as years of experience assisting companies in these industries to become more relevant everyday. We listen, we comprehend, and we offer business solutions. Is your business prepared to take the next step? Please contact me so that we can discuss how we can assist your company in its digitization process.