Easy, Open and Honest: What Consumers Expect from Businesses in 2024 and Beyond - BodyShop Business

Easy, Open and Honest: What Consumers Expect from Businesses in 2024 and Beyond

Sponsored by Synchrony Financial

How has your business and the world changed since COVID-19? One key takeaway from the pandemic was the need for accessibility—the option to do things conveniently and with as little friction as possible.

Synchrony recently published a report titled “The Rise of the Consumer: Redefining the Brand Relationship,” where they found that consumers overall want to feel more in control, and businesses can achieve this by offering transparency with data, embracing easy and frictionless payments and leveraging new technologies.

Data Delivery Depends on You

In the past, many businesses have used third-parties to source data. However, in recent years, consumers have become wary of how their data is being gathered and used, and growing regulations—both in the U.S. and internationally—have made gathering data legally more difficult.

To combat this and avoid becoming a “data desert,” brands will need to build trust with their customers so they feel comfortable providing insight and data. Some ways to consider doing this is through loyalty programs and other relationship-building tools.

  • 81% of consumers believe the way a brand protects their data shows how well it will treat them as customers.
  • 39% say they want more clarity on how their data is used.

Purchasing Power in their Pockets

More and more, consumers are using frictionless payment experiences, like sending money back and forth on Venmo, tapping their phones on a card reader at the store or having their card info autofill using Apple Pay. And to keep up, most large retailers are taking advantage of these preferences by offering in-house financing in the form of loans and credit cards.

How can this also help increase sales? If a consumer has a great experience using financing and services through the retailer, they may be more likely to go for add ons and other purchases with a business—leveraging their easy-to-use payments.

  • Nearly 30% of spending will be done via mobile wallets by 2025.
  • Over 60% of adults say they use peer-to-peer payment services like Venmo and Zelle.
  • In-vehicle digital wallet spend is projected to exceed $86B by 2025.

The Future is Non-Fungible

The popularity of NFTs (non-fungible tokens) has spiked in recent years, and although their success has varied, there is one major takeaway from their emergence—consumers want a unique, personalized experience, and they crave ownership and to be part of shaping a brand.

These experiences and tokens are just beginning, but it’s important to keep in mind what has driven their popularity in the first place. Moving forward, successful brands will remember that consumers want to feel connected to where a brand is going and have a voice in shaping their experiences.

Want to read the whole study? Click here.

About Synchrony:

Synchrony is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice.

Sponsored by: Synchrony

You May Also Like

Optimizing Your Shop’s Performance through the Collision Repair Community

In today’s times, collision repair facilities are being faced with challenges and obstacles from all angles. Shops finally have more work than they know what to do with, some with six-week backlogs. But with that “gold rush” of cars, some have found it harder to maintain their high level of customer service, profitability, and operational

In today’s times, collision repair facilities are being faced with challenges and obstacles from all angles. Shops finally have more work than they know what to do with, some with six-week backlogs. But with that “gold rush” of cars, some have found it harder to maintain their high level of customer service, profitability, and operational efficiency. Additionally, shops are faced with the ongoing technician shortage – the strongest headwind the industry is up against – constant parts shortages, the rising cost of everything including labor, and increasing vehicle sophistication. Vehicle technology requires a steeper investment in tools and training and negatively impacts cycle time. With rising costs across the board, it can be hard to compete with fast-food restaurants offering $18 per hour and $2,500 signing bonuses. Never before have shops seen such an avalanche of work while facing the challenges to run a collision business.

AirPro Diagnostics Offers the Most Cost-Effective, Tested and Proven Tools, Guaranteed to Reduce Cycle Time!

Brand Specialists Make it Possible to Calibrate Most Makes and Models In-House

Improving A Shop Owner’s Business Takes Center Stage at WreckWeek

Automotive service providers, whether they are collision or auto repair shop owners, are concerned with one thing: how do you maximize your efforts into profits? Like all small business owners, they are affected by supply chain delays, employment retention, inflation, rising costs of operations and the long work hours they put into their businesses. These

Protecting Your Car from Mother Nature

The weather is nearly as unpredictable as the ever-changing industry! Whether it’s summer storms, surprise hail, or the unforgiving rays of the sun, CARSTAR is here to help and lend an expert opinion. Keep reading to discover our best tips on how to protect your car from Mother Nature. Use Sunshades and Window Tints We

Does Compressed Air Affect Color Match?

Compressed air delivered to a spray gun through an air hose can be compared to a water hose delivering water. When painting a vehicle, there is a need to have enough to break up the paint (atomize) into small droplets – but not too small. It needs to be enough to create a fan pattern

Other Posts

INNOVATIONS FOR ACCELERATING PAINT SHOP THROUGHOUT

Opportunities to spark gains in key-to-key productivity lie in the mixing room where digital advancements recently introduced by PPG are proving to save time, reduce waste and improve color-matching accuracy. The PPG LINQTM digital ecosystem is comprised of interconnected hardware, software and innovative services, using a cloud-based platform. PPG DIGIMATCHTM Spectrophotometer This compact spectrophotometer takes

WreckWeek’s Triple Draw – A powerful combination

On the merits of its concept alone, WreckWeek promises to be a winning trade event come June 22 – 24 in Fort Worth, Texas, according to the exposition’s producer, AT Expo Corp, and its president, Doc Calitri. “The event is a microcosm of the nation’s key automotive service trades interacting. Body shops and repair garages

ADAS and Refinish: It’s a Whole New World

Repairing vehicles with advanced driver-assistance systems (ADAS) can be tricky — particularly in the realm of paint and coatings. It is critical that refinishers follow OEM guidelines and recommendations when repairing vehicles with ADAS. Even so, gray areas remain. The repair processes and paint application for damaged vehicles are being influenced by today’s vehicle technology,

ADAS Calibrations: Understanding the When-Why-How

Advanced driver-assistance systems (ADAS) are nothing new anymore to collision repair facilities; these systems have been around for longer than most people think. But more and more vehicles are featuring them; in fact, for the 2022 model year, 11 of the top 15 car manufacturers produced over 95% of their vehicles with forward-facing cameras requiring