The COVID-19 pandemic has proven to be a massive shock to consumer loyalty. McKinsey’s latest research on customer attitudes and habits has revealed that 35 percent of United States consumers have tried a new brand since the crisis began while 77 percent have also tried new shopping behaviors, including new channels, stores, and brands. That same rate generally holds true for consumers surveyed all around the world during these trying times. A key driver in these shopping behaviors is personalization. A recent report by Deloitte reported that 1 in 5 consumers are willing to pay 20% more for a personalized or exclusive product and 46% of consumers say they are happy to wait longer to get their customized product or service.
Personalization in online shopping is nothing new, but real-time personalized offers based on artificial intelligence in a two-sided marketplace is the new wave of the future.
According to futurist and Forbes contributor Blake Morgan, consumers have come to expect an equal amount and effort toward personalization from companies of all sizes that they interact with. Consumer personalization efforts to build relationships and create better experiences can pay off with serious rewards for businesses and companies that don’t prioritize creating a tailored experience run the risk of getting left behind. According to a Survey conducted by Salesforce:
Right now especially with job uncertainty and financial strain on families, consumers, along with personalization need more purchasing power when they are choosing how to spend their money on things like food, gas and groceries. They are making buying decisions based on affordability and choosing to interact with businesses that are showing them that they understand their personal needs and are willing to reward their loyalty. The reality is that both customers AND brick-and-mortar businesses are weathering these very difficult times and both need to benefit from what is essentially a two-sided business relationship. People need more value for their dollar on everyday purchases and businesses need to generate profits to stay open.
On this episode, our guest Wayne Lin has been working for years to help consumers have personalized buying opportunities and get the most incentive possible from their decisions while helping businesses connect to valuable customers and profits. As Co-founder and COO of the company GetUpside, he has worked to help people get more value for their dollar on everyday purchases and to help businesses consolidate demand for their products and services by digitally personalizing brick-and-mortar business and connecting customers with local businesses that offer the best value on the things that they need. And he is doing something very right.
Just on the GetUpside platform alone, customer transactions have grown 1,700% in the last year. More than 26 million customer users with access to offers have earned tens of millions of dollars in cash back loyalty rewards from more than 20,000 merchants nation-wide, with over $1B in business running through the platform.