Given a strong economy in the U.S. but one that has experienced some high-profile bankruptcies and global trade and economic tensions, consulting firm Deloitte, as part of its 2019 Retail Industry Outlook, is telling retailers they will need to make bold decisions to have a successful year.
According to Deloitte, retailers should consider how to create more emotional connections with their loyalty programs. As the retail industry experiments with experience-based models, retailers need to consider how they might align loyalty programs with consumer values, building beyond points, dollars off, gifts, mailers and other transactional loyalty programs.
When considering consumer experience, Delotte recommends reviewing what China has done well in building capabilities that shape consumer experience. There, many consumers are willing to bypass traditional consumerism for a more connected approach, the consulting firm noted.
At the same time, Deloitte recommended that retailers should be proactive as regards privacy: Data is critical today so keeping consumer information safe is vital. As more regulations loom over the market and compliance road maps take time to build, retailers need to establish their privacy protocols immediately, Deloitte asserted.