Let’s face it, these three predictions for 2021 can’t be any worse than those that were previously made for 2020!
- The Reinvention of Brands
Brands reinventing their operating models around consumer data; to personalize at scale, respond in real time & continually reinforce a cycle of relevant content & experiences. I believe this will mean more investment by Brands in those value propositions that help capture consumer permissions & consents and those MarTech stacks that enable data optimisation & drive profitable changes in consumer behaviour.
- The Convergence of Loyalty & Payments
More companies will take advantage of Open Banking to build payment services based around the use of personal & transactional data. New payment services will emerge with personalisation at their very core. The value exchange & permission led approach associated with a loyalty program will evolve to drive the adoption of alternative payment methods. Just as loyalty programs have become hidden for Brands like Amazon, the payment process will also be hidden from consumers.
- The Rise of Conversational Commerce
WeChat & AliPay have shown us the way in combining messaging & payments. Western platforms like WhatsApp, Google Messenger & iMessenge will follow. Brands will need to find alternative ways to operate where their customers interact. Imagine being on Instagram, seeing a picture of food and ordering it for delivery on Amazon Prime or chatting with a friend on Facebook Messenger and then leaving a tip on their restaurant food bill. This is a ‘future’ is where customers look to interact with Brands in more ways and have an ability to do so much more within their chosen channel.