250. The impact of consumer trust and how to build it
Retail Gets Real · with Barbra Bukovac · December 15, 2021 · 18 min
Summary
This episode reveals how the pandemic reshaped consumer trust and what it now takes for businesses to earn it. Drawing on PwC research, it outlines clear strategies for retailers to build lasting trust through transparency, consistent service, and genuine customer engagement. Ecommerce operators will learn how to go beyond transactional relationships to foster deep customer loyalty and mitigate distrust in a post-pandemic world.
Key takeaways
Post-pandemic, transparency, reliability, and authenticity are non-negotiable foundations for consumer trust; businesses must openly communicate practices, consistently deliver on promises, and genuinely live their brand values.
Proactive and empathetic customer engagement is critical for building trust; regularly communicate changes, seek feedback, and tailor communications to individual needs to show customers they are valued.
Invest in robust data privacy, consistent employee training for customer service, and honest marketing to operationalize trust-building across your organization.
Understand that trust directly correlates with key business metrics like purchasing decisions, brand loyalty, and customer retention. Prioritize trust-building initiatives to positively impact your bottom line.
Leverage technology for improved transparency (e.g., supply chain tracking) and personalized customer experiences, but always balance tech with a human-centric approach to build genuine connections.
Barbra Bukovac, vice chair of consumer markets at PwC, discusses insights from PwC’s recent survey that show the impact of the pandemic on consumers’ trust and their relationships with businesses, including what helps businesses build trust and why engaging with customers regularly is so meaningful. Learn more at retailgetsreal.com.
What does this episode say about retail & omnichannel?
Post-pandemic, transparency, reliability, and authenticity are non-negotiable foundations for consumer trust; businesses must openly communicate practices, consistently deliver on promises, and genuinely live their brand values.
What does this episode say about dtc strategy?
Proactive and empathetic customer engagement is critical for building trust; regularly communicate changes, seek feedback, and tailor communications to individual needs to show customers they are valued.
What does this episode say about customer retention?
Invest in robust data privacy, consistent employee training for customer service, and honest marketing to operationalize trust-building across your organization.
What does this episode say about brand & content?
Understand that trust directly correlates with key business metrics like purchasing decisions, brand loyalty, and customer retention. Prioritize trust-building initiatives to positively impact your bottom line.
What does this episode say about retail & omnichannel?
Leverage technology for improved transparency (e.g., supply chain tracking) and personalized customer experiences, but always balance tech with a human-centric approach to build genuine connections.
