Erwin Busselot, Director Business Innovation & Solutions, Ricoh Graphic Communications, Ricoh Europe
Ricoh Europe, London, January 12, 2024 – We have all noticed shrinkflation – higher prices for less product. Against a strained economic backdrop brands are protecting their profits by downsizing their product while retaining, or even increasing, the price.
A newer practice has also been identified. Skimpflation is the decline in the quality of service throughout the global economy, among travel companies, retailers, and restaurateurs.
Increasingly both approaches are impacting customer care.
After years of focusing on delivering a fantastic customer experience because it wins business and fosters loyalty, cuts are being made. Poor customer support, higher prices, changing subscription models and cuts in quality. Cost savings are being achieved wherever possible at the customer’s expense.
Customers are noticing and are not happy reports Accenture, a specialist in information technology services and consulting. Its global survey found 37% of people worldwide think that many companies are prioritising higher profits over better customer experience.
Customers feel less valued because of:
- Poor customer service (47%).
- Ignored feedback (41%).
- Declining product quality (37%).
- Worsening packaging (25%).
It also found that 40% of customer experience officers (CXOs) say they plan to raise prices to pass cost increases on to customers.
As a result, people experience the impact in multiple aspects of daily life and many micro-disappointments are adding up to a big dent in the quality of their experiences.
A June 2023 study from Customer Contact Week Digital concurred. It showed 57% of those questioned thought that customer service had worsened in the last year, and a quarter said it had become much worse. Just 4% thought customer service was much better.
In a recent webinar, Great Britain’s Data and Marketing Association stated over half of European consumers surveyed were willing to spend more to shop with the brands they’re loyal to. It discussed how this could be achieved with the following:
- Personalisation
- Gamification
- Experiential design
- Sustainability
- Subscription-based loyalty.
Elements of all of these can be delivered quickly, seamlessly and powerfully with vibrant, creative personalised digital print, which refers to a customer’s history and buyer behaviour, This can be achieved with the new RICOH Pro™ C9500 and RICOH Pro™ C7500 colour sheetfed presses and the new RICOH Pro™ Z75 B2 sheetfed inkjet press.
Intelligent and accurate data capture can help shape individualised content that is delivered to specifically select groups. QR codes can be added to drive action, enable accurate measurability, or ensure a seamless collaboration of physical and online channels.
To explore the many ways you can elevate customer experience, keep clients engaged and drive long term loyalty, talk to Ricoh’s team of experts and make sure you visit us at drupa 2024.
