According to EY, consumers around the world are trying to remain resilient in the face of continued cost of living pressure, economic worries and social disruption. Increasingly, they’re adopting new technologies to help them shop, live and work differently — often with a focus on making their everyday lives more affordable.
The latest edition of the EY Future Consumer Index explores the way people around the world are thinking about the personal benefits of technology. Their experiences of using digital tools at home and at work are influencing what and how they consume. There are significant opportunities for brands that understand and shape these changing perceptions, and that anticipate the transformative changes they could lead to.
This isn’t just a question of choosing the right technologies, managing their implementation, and building the infrastructure to support them. It’s crucial that digital innovation protects and nurtures the relationship with the consumer. Three things matter here: trust, respect and value. Can people trust you to use technology responsibly and safely? Do they feel you are using technology to help them, or to take advantage of them? Is the value they get from an innovation fair, considering how much your business benefits?
Get the balance between these three factors wrong and you can quickly do damage that can’t easily be repaired. Get it right and you can strengthen your relationship with consumers now, while securing permission to develop and deepen that relationship in the future, as new technologies become mainstream.
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