According to Alvin Gan, head of technology consulting from KPMG Malaysia, customer centricity has become more critical to every organisation’s business plan, but the challenge is amplified today in an era of eroding customer trust – in part due to high-profile misuses of data – and new privacy regulations.
“Know your customer” has become more critical than ever. Organisations need to ensure they are extracting the right insights from their data to better understand where, how, when and why customers make decisions. Meanwhile, the Malaysia Retail Industry Report highlighted that retail sub sectors, excluding supermarket and hypermarkets, reported double digit negative growth in Q2 2020.If there’s a lesson to learn from this pandemic, it’s that traditional ways of thinking and working can only take you so far.One way to drive sustainable growth is to look towards the future, more specifically the Gen Z customers which make up 40% of the world’s consumers .
Being ‘digital natives’ and early adopters of technology, organisations should look to offer beyond novelty value to catch this demographic’s interest. By harnessing deep customer insights, businesses can chart a course to meet customers where they are, with what they want and how they want it.
Source: News Formal (newsformal.com)
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