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Recent headlines could cause stress and anxiety ahead of the 2022 holiday season. Supply shortages and economic woes could affect how consumers celebrate this year. The survey found that if consumers had to negotiate their vacation budget, 64 percent would cut travel costs and 36 percent would spend less on physical goods. Furthermore, according to a recent study by KPMG2, 85% of consumers surveyed describe themselves as somewhat, somewhat, or very concerned about inflation.
The combination of these factors increases the pressure on both consumers and businesses during this busy time of year. This has a significant impact on health and well-being. However, when viewed from another perspective, there are opportunities and potential benefits.
How to create value in these stressful times of inflation
An important new topic is personalization, which covers 3 main areas: learning and discovery, efficiency and health and safety. The three areas discussed below can help bring stability, creativity and engagement to the holiday season, and most importantly, put the consumer at the center of decision-making. By definition, it is an exchange of value between a brand and its products and consumers.
1) Education and discovery;
Informed and personalized recommendations help take the stress out of the holiday shopping list and provide new ideas for holiday planning, gifts, recipes and celebrations. By helping shoppers build their lists faster, they can reduce last-minute pre-holiday stress, eliminate potential savings, and help them stay on top of their actual holiday activities. They may find value and joy in the added "surprise and joy" of their holiday arrangements, such as a way to increase their personal charitable giving to a cause, or to help others in need in and around to the local community. Globe with shopping.
This helps reduce stress by making decision making easier and leaving more time for other things.
2) effectiveness;
Additional task tracking tools can be configured and integrated to manage data and task lists effectively and efficiently. This allows businesses to get a holistic view of their customers and focus marketing on customer satisfaction, especially since most people are willing to provide their personal information and preferences "in a fair exchange of value, information and service." ". Good for them.
Ultimately, it's a balance of trust for greater customization and flexibility – a win-win for the customer and the business.
3) monitoring and health monitoring;
The holiday season can take a toll on your physical and mental health. Trackers that track fitness, sleep and nutrition help promote healthy habits. As a friendly reminder designed to calm you down and reduce stress or anxiety, being kind to yourself and others can help you let go of the burden of "doing everything right."
Companies that strive to show empathy create long-term relationships with consumers and leave positive and lasting impressions and experiences that increase customer loyalty.
Summary:
In a world where everyone needs to do more with less, businesses can achieve more with less effort for their customers by providing targeted and personalized content, solutions and experiences that make everyday life a little easier. easy. It all starts with customer focus and putting the customer's needs first. Offer them value by allowing them to log in and sign up. This not only meets privacy requirements, but is also a great way to attract customers.
IBM's aptly titled "Customers Want All 3" report helps sum it up. The key is to understand what consumers want and create the conditions to make it happen. Let's continue to lead with consumers as a business decision center to meet or exceed customer expectations.
Happy Holidays and connect with the author on LinkedIn for more information.
Reference:
Graphics by Daniel Stark / Stark Design.
1 2022 Holiday Shopping and Travel Report, IBM Business Values Institute,
https://www.ibm.com/thought-leadership/institute-business-value/report/2022-holiday-shopping-travel
2 Inflation will impact how consumers buy and receive gifts, Forbes, KPMG, https://www.forbes.com/sites/joanverdon/2022/10/05/inflation-will-impact-how-holiday-shoppers - purchase. -and-who-received-the-gift/?sh=2eb138 4e40cd
3 Customers want it all, IBM Institute for Business Value;
https://www.ibm.com/thought-leadership/institute-business-value/en-us/report/2022-consumer-study
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