Feature
3RD QUARTER, 2017
Many retailers today seem fixated on
introducing new technologies to appeal
to the millennial consumer. Millennials
— those born between the mid-80s and
2000 — are now the largest group in the
workforce and according to a recent study
from Accenture, are expected to spend
$1.4 trillion in the U.S. by 2020. With
millennials making up approximately 30% of
the population, retailers strive to tailor all
their efforts to reel in this group, yet often
overlook the remaining 70%. The millennial
generation may be driving retailers to
keep up with their tech savvy speed and
connectivity, but retailers must build an
environment that works for all generations.
While millennials represent a sizeable amount of
shoppers today, concentrating all efforts on them
can cause retailers to miss out on key customers
who have a passion to shop and willingness to
spend. There is no ‘one-size fits all’ approach to
reach all generations, however retailers must bring
a more diverse attitude to build a system that
works for everyone.
Defining today’s retail consumer
According to the research firm IDC, a majority of
U.S. shoppers using digital platforms have a wide
range of technical expertise. These consumers fall
into four categories:
• Equipped and ready (10%) — majority under
45 years old and early adopters, promoters and
power users.
• Equipped and unsure (30%) — underutilizing
digital assets, adopt a lot of technology, but
require long lasting value proposition and great
customer experience.
DATA-PRIVACY COMPLIANCE...
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companies in the Philippines need to
implement their data-protection and data-
privacy obligations not only to keep their
existing clients, but also assure future
growth.” Liboro said.
Malcolm Crompton, former Privacy
Commissioner of Australia explained why
having a privacy-management plan is
essential for organizations to ensure the
longevity and competitiveness of their
business.
“With the successful implementation of
privacy-management plans, companies
• Varied experience (50%) — both over and
under 45 years old, have variable levels of tech
ownership.
• Generally interested (10%) — over 45 years old,
lack tech independence.
As communication preferences, media and
technology skills constantly change, retailers must
become aware of these generational differences
and create a desirable customer experience for all.
Whether, its online, mobile or in-store purchasing,
customers strive for a sense comfortability, ease
of use, and convenience around their purchase
decision-making.
The right mix of tools
No matter the generation, consumers will remain
loyal to a retailer based on the type of experience
they have visiting a store. As retailers must
compete with the growing e-commerce market,
they have begun installing new technologies that
focus on developing a unique in-store experience.
As retailers cater to millennials with mobile
apps, digital coupons or social media promotions,
these technologies can seem daunting to those
varied experience shoppers. While those quick
and easy solutions are great for the equipped and
ready consumer, there remains an opportunity to
connect with the customer base that is not yet
ready to fully adopt these technologies.
How to bridge the divide
Retailers are now taking steps to shift their efforts
to accommodate all generations with a special
focus on the Baby Boomers who tend to be less
tech-savvy than millennials. One tactic retailers
are using is implementing smaller store layouts
to help reduce customer confusion and anxiety
levels when shopping. Also, to ensure customer
can expect; increased business, enhanced
reputation,
more
satisfied
clients
and improved adaptability to change.
Organizations need to rethink the risks
associated with data processing in order to
manage them effectively,” said Crompton.
As part of information drive on the DPA,
the NPC has been conducting seminars
and talks in collaboration with various
stakeholders in the public and private
sector.
satisfaction, retailers provide an assortment of
product options to avoid confusion with site-to-
store shopping. Reader-friendly digital signage is
also being implemented in stores to help older
customers adapt and easily navigate the space.
In-store kiosks are positioned throughout stores
to help customers order desired products or
explore other options that may not be in-store.
Giving staff members the tools to better serve
customers in a more relaxed fashion helps ensure
that retailers meet consumer needs without
compromising those for whom speed is their
number one priority.
Looking to the future
While efforts to appeal to the older generations
continue, retailers must begin to gear up for
Generation Z and their increasing interest in
social media and digital devices. On average, Gen
Z uses their smartphones 15.4 hours per week
— more than any other type of device. They shop
about eight to nine times per month and prefer
mobile payment options. The younger generation
thrives on social media and brand engagement
on these platforms. Retailers are recognizing and
adjusting accordingly to reach this generation on
social channels and digital devices.
As retailers continue to make adjustments to
consumer behavior, it is important that they
incorporate products and services tailored to all
generational needs. While millennials demand a
speedy, innovative customer experience, solely
focusing on these consumer demands could come
at the cost of alienating many key customers.
The most effective retail operations are those
that recognize the diverse needs and preferences
of their shoppers, and work hard to make sure
they’re offering the right solutions for everybody.
Retail Customer Experience, 7/5/2017
be made aware of the need to responsibly
handle personal information.”
The Data Privacy Act applies in general to
any person or organization, whether from
the government or private sector, that is
involved in the collection, processing and
any further use of personal data. Personal
data is any information that may identify
a person, such as names, identification
numbers, and personal circumstances.
Business World, 7/27/2017 / NPC website
Liboro said, “With the prevalent use of
personal data in access devices, social
media, and smartphone apps, as well as in
the delivery of basic services, it is extremely
important that the public and organizations
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