Finance Derivative: Where Loyalty Lies: How Biometric Smart Cards Will Shake Up Customer Relationships with Retailers
The retail sector has experienced near total disruption in the last 12 months. An outsized shift to online shopping, a move away from in-store experiences and changes to customer behaviour has left retailers needing to adapt following the pandemic shake up. According to Gartner’s latest research report, 73% of CMOs will rely more on existing customers this year as opposed to growing new markets as they rebuild. This means that the retailer’s survival is going to be based on building loyalty and encouraging repeat purchases. Enhancing these relationships with existing shoppers therefore points to a need to maximise in-store loyalty schemes.