With availability and choice at our fingertips to a dizzying degree, consumers have become increasingly agnostic and demanding of instant gratification. Along the way, loyalty — once a constant of the retail environment — has declined significantly, yet another victim of the digital phenomenon.
The impact of digital dominance is real. HRC’s consumer research told us that consumers — Generation Z specifically — own up to five devices today, three of which they engage with simultaneously. They’re completely tapped in, 24/7. But it’s not a reality particular only to the young generations. With innovations like the digital wallet and Apple Pay, even those who’d prefer not to be digitally shackled find they have no choice but to tap in, lest they miss out.
Our research also found that loyalty programs — once thought to be the ticket back to loyal patronage — aren’t always the answer. For every successful program run by Nordstrom, Saks Fifth Avenue and Neiman Marcus, whose credit cards and points programs have been universally embraced, there are 10 retailers who’ve jumped onto the loyalty bandwagon, causing lots of noise but little differentiation. Consumers may sign up for initial savings, but tend to abandon them over time, leaving many
Things are getting turned upside down. Netflix has released a new teaser for Season 4 of the 1980s period piece sci-fi hit “Stranger Things,” which