Digital transformation driving the personalized retail customer experience

ANTON XAVIER | August 20, 2018

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E-commerce business models are undergoing a dramatic shift. Initially businesses relied on consumers to do the 'heavy lifting' to discover the product and to make the purchase decision. The vendor's role was to ensure that the product was discoverable and most importantly available at the geographic location where the transaction potentially would take place. But the new e-commerce business model is optimized by driving the consumer to subscribe to 'an experience.' Think of Spotify or Apple Music, for example. The customer purchases access to a seemingly endless supply of music and tools that ensure their experience is maximized. The focus of the experience moves from a 'warehouse experience' to more of a concierge, personalized and curated experience. The consumer has already purchased, and so the emphasis is placed on ensuring that they stay engaged and active. Most importantly, the service makes recommendations and learns what the consumer likes, making the discovery of music a delight. In this model the better the tools engage the customers the better the company will prosper.

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Barclaycard

Barclaycard, part of Barclays Bank UK PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance.

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