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Omni-Channel Strategy in Banking to Drive Revenue
Best-in-class customer service and frictionless experiences continue to be pivotal in banking, and underlines many of the trends. The Pandemic has exacerbated the need for video-based interactions and omni-channel banking experiences. Customers across industries want seamless experiences. The banking industry is no exception. With globalization and changing customer neeeds, customers want embedded digital channels in their busy lifestyles. Making customer experiences seamless would mean making the corresponding customer journeys simpler, smoother and sustained.
This further implies that banks must achieve the highest levels of multi-channel delivery outcomes and become truly omni-channel. Customer should not experience gaps as they move across channels. A customer should be able to start, pause on it, move easily to another channel and to be picked up later to complete the same journey.
This means banks have to work on synchronizing processes behing the scenes: the customer and staff journeys must be coordinated to make them omni-channnel friendly.
The customers should be able to choose products or services from the location and channel their voice with convenience and still have a consistent experience. They should be allowed to choose the most efficient and comfortable way for them to interact and still change their minds mid-way. Digital platforms help provide a 360-degree view of customers and their interactions. The centralized and synchronized orcherstration of all customer interactions across multiple touch points must be device agnostic as well.
Digital platforms bring in omni-channel interactions and significant cost savings. This can be achieved by integrating channels, products, processes, peripheral applications, and unterlying data infrastructures, while decreasing the dependence on the core banking systems.
These platforms allow banks to deliver seamless end-to-end digital banking experiences. They are scalable and enable banks to capture a 360-degree view of customer behavior across multiple channels.
Food companies and retailers are experimenting with blockchain tech
Even if the financial sector currently accounts for more than 60% of blockchain’s worldwide market value, an increasing number of food companies and retailers are experimenting with blockchain technology.
The French retailer, Carrefour, is the first company in Europe to introduce blockchain for food products. The company believes that the technology will revolutionize its supply chains, helping raise $5 billion in organic food sales by 2022. The goal is to apply the blockchain technology to all FQC (Filière Qualité Carrefour) food products by 2022.
Walmart has partnered with Nestle, Dole, Unilever, and Tyson Foods to implement blockchain in the food industry. Statistics show that blockchain implementation could generate $700 million in increased productivity. In one pilot project, blockchain made it possible to trace individual mangoes back to the farm in 2.2 seconds. Walmart says that without blockchain it would take more than six days to identify the original farm.
The global market value of blockchain in food and agriculture markets is estimated to reach $1.4 billion by 2028.
Influencer Marketing Trends
The Influencer marketing is expected to grow to be worth $13.8 billion in 2021. While some industries, particularly travel, have had to reconfigure their marketing, others have been able to adapt their marketing models to COVID-19 and Influencer marketing is still growing. From $1.7 billion in 2016, influencer marketing is estimated to have grown to have a market size of $9.7 billion in 2020. That’s expected to reach $13.8 billion in 2021.
The percentage of brands that have a separate budget for content marketing has increased by 4% to 59%.
The majority of brands prefer to develop long-term relationships with influencers rather than finding another influencer every time they run a campaign. Larger brands will probably have a roster of influencers that they work with depending on the target market or products they’re trying to promote, but that still doesn’t change the fact that relationships are important to influencer marketing.
Brands are increasingly focusing on using influencer marketing to generate real results that positively impact their bottom line. That’s why 38.5% of brands believe that conversions and sales are the most important way to measure the success of their influencer marketing campaigns. Other brands measure success based on engagement or clicks (32.5%) and views, reach, impressions (29%).
Instagram is the network of choice for influencer marketing campaigns with 68% of brands considering it the most important platform for them. While this is still a solid majority, it’s down from 80% in 2020.
Micro-influencers on Instagram boast an average engagement rate of 3.86%. This declines for every level of influencer before hitting 1.21% for mega-influencers. Plus, while YouTube engagement rates tend to be low all around, micro-influencers get an average engagement rate of 1.64% compared to the 0.37% rate of mega-influencers. For TikTok, this difference is most notable with micro-influencers on the platform getting engagement rates of nearly 18% while mega-influencers get just under 5%.
50.7% of brands working with influencers run eCommerce stores.
77% of fashion micro-influencers prefer Instagram.
Global Revenue in the B2C eCommerce
Global Revenue in the B2C eCommerce market is projected to reach US$2,723,991m in 2021. Revenue is expected to show an annual growth rate (CAGR 2021-2025) of 6.29%, resulting in a projected market volume of US$3,477,296m by 2025. The market’s largest segment is Fashion with a projected market volume of US$759,466m in 2021.
User penetration will be 50.8% in 2021 and is expected to hit 63.1% by 2025.
The average revenue per user (ARPU) is expected to amount to US$714.11.
The eCommerce market encompasses the sale of physical goods via a digital channel to a private end user (B2C). Incorporated in this definition are purchases via desktop computer (including notebooks and laptops) as well as purchases via mobile devices such as smartphones and tablets.
The following are not included in the eCommerce market: digitally distributed services, digital media downloads or streams, digitally distributed goods in B2B markets nor digital purchase or resale of used, defective or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.
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