TheCustomer Quick-Take: 1/10/23

From the Editor –
In todays’ QT – Meta finds out how sharp GDPR’s teeth are (there’s a lesson for the rest of us there as well), a gentle reminder of why you’re investing in customer loyalty, consumer expectations – especially the ones you should care about, who’s actually reading your social posts? (hint: almost nobody), and what’s replacing Big Data. Happy Tuesday!
– Mike Giambattista, Editor in Chief

ecommerce outlook

Today’s consumers have more options than ever. As these consumers become increasingly diverse and seek a customized, convenient shopping experience, retailers need to adapt quickly. Ecommerce trends play a huge role in shaping the performance of your online store. Let’s take a look at 12 trends that will likely shape the future of ecommerce in 2023 and beyond. Read more here.


Meta (Facebook and Instagram) prohibited from using personal data for advertisement – Major blow to Meta’s business model in Europe, following noyb litigation. Fine for Meta more than tenfold from € 28 million to € 390 million. Third case on WhatsApp pending.


More Profitable CustomersThe goal of any business is to increase revenue, and one of the best ways to do this is by keeping your customers happy. A study published by the Harvard Business Review found that loyal customers are willing to pay 18% more than those who are not. They also remain loyal for longer — an average of six years compared to three years for those who aren’t loyal. When you treat people right, they’ll be more likely to return again and again. 


What Matters to Today’s Consumers – Our research indicates that amid the rising cost of living and resulting concerns about personal finances, consumers expect companies to play a role in helping them through this difficult time, with the likelihood that they will reward the most considerate brands with long-term loyalty.


Hardly Anyone Reads What You Share on Social Media – In fact, many people press the button out of sheer inertia or due to certain unconscious needs. Indeed, according to research conducted by Columbia University (USA), six out of ten people don’t read the messages they receive on social media.  The Science Post website published a story with the following headline: “70 percent of Facebook users only read the titles of scientific articles before commenting”. This article was shared thousands of times. However, almost nobody opened the link to discover that the text was simple Lorem ipsum. In other words, totally unconnected and meaningless typeface text.


The Shift from Big Data to Big AI – Big data is often messy. To make the best use of data, AI operations teams devote valuable time and resources to managing, governing, cleansing, and wrangling it. It’s not the amount of data you have that matters; it’s how you use it selectively and effectively. For example, with LLM (Large Language Models), an employee could ask for “a report comparing Q4 2022 sales to Q4 2021,” and the LLM delivers the request instantaneously. Here, AI evolves from being directionally accurate to specifically correct. This is big AI – and as a result, enterprises are experiencing higher performance from out-of-the-box models compared to traditional models trained with big data. Consequently, big AI is reducing the need for big data.

See you on Thursday!

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