Commercial banks operate in a buyer’s market. Since products and services of commercial banks are highly homogenous, banks find themselves trapped in a semi-perfect competition market, where they might be forced to play the price war, leading to dwindling profit margins. All banks hope to break free from this trap through differentiation and in offering […]
Using Behavioral Theory to Improve Bank Customer Experience Read More »
In our previous blog, we envisioned a bright future of 5G smart banks, but there is still a long way to go on the path to 5G transformation. The issues are not necessarily technical ones, but gaps in experience design. Some banks resort to renovation with new equipment without really identifying true pain points or
5G Banking Design: Myths, Gaps and Insights Read More »
To most, shopping means paying a visit to your favorite store or mall to give yourself a feel-good experience that results in instant gratification. You leave the store feeling satisfied and well taken care of. Often, retail associates are there to offer assistance every step of the way, and, most importantly, give a sense of
Online Personalization Strategies for Fashion Retailers Read More »
Over recent years, most financial institutions have embraced mobile apps as a way to provide better service and convenience for their customers. In 2019, over 75 percent of Americans said that they used their mobile device to check their bank account, and as COVID-19 has forced branches to temporarily close, the number is even higher for 2020. However, simply
Super Apps and the Future of Banking Read More »
COVID-19 has accelerated many trends, one of which is the demise of poor performing retail chains. In recent recent news, brands such as Brooks Brothers and Pier 1 Imports have joined an extensive list of retailers filing for Chapter 11. For many retailers, even before the pandemic the size of their network was bloated and brought down the overall performance
Why Retail Stores Are More Important Than Ever Read More »
2020 will surely be remembered for a lot of things. From a global pandemic to growing social movements, 2020 has presented enormous obstacles as well as opportunities for those that rise to the challenge. For financial institutions, one way to take advantage of these opportunities for transformation is through 5G. Some experts estimate that within five years,
How 5G Will Change the Banking Industry Read More »
Your brand’s reputation does a great deal of heavy lifting: it draws in and retains loyal consumers while paving a path to long-term success. Unfortunately, brand reputation is also the most fragile asset your brand owns. As Warren Buffet put it, “it takes 20 years to build a reputation and five minutes to ruin it.”
How to Overcome Negative Brand Perceptions Read More »
Amidst COVID-19, many retail industry experts’ response to the pandemic has been to question the future relevance of the bricks and mortar retail channel. They argue the pandemic has accelerated the current damage created by trade wars, the consumer shift to online retailers and the fact that North America is over stored, leading to the
Strategies For Retail Brands During and After COVID-19 Read More »
Download This Report and Take It With You! China’s post-pandemic shift to a new normal started more than a month ago, with the majority of businesses fully operational. The pandemic has temporarily slowed China’s growth, due in part to the disruption in exports as most Western countries’ manufacturing and service industries remain significantly impacted by
What Banks Can Learn From China’s Handling of COVID-19 Read More »
The past few months have been a whirlwind of ups and downs for CPG brands as the COVID-19 crisis presents new challenges and opportunities. From manufacturing and processing plant contagion to panic buying and empty shelves, CPG brands are under pressure and as part of the food supply chain, that pressure isn’t going to let
Short-Term Strategies for CPG Brands Amidst COVID-19 Read More »
Not since the second world war has the entire planet been so focused on a singular event. Stories about economic impact, charts of the curve… it’s all consuming and can feel exhausting. But in the midst of the anxiety and very real impact, there are also stories of inspiration – people doing what they can
The Best Brand Responses to COVID-19 Read More »
Following the recession in the late 2000’s, consumers tightened their proverbial belts and ushered in an era that was dubbed the New Frugality. At the time, economists predicted that consumers would be more conscious about what they were spending their money on and a renewed focus would collectively be placed on making the most of every
Why Retailers Should Embrace “Little Luxuries” Read More »
The foodservice industry has not lived through a global crisis of such magnitude since World War II. Arguably even the greatest wars have not matched the impact of COVID-19 on the foodservice industry. Built on strong social values of sharing time together, during other kinds of crises the foodservice industry has offered a meaningful way
Strategies for Foodservice Brands Amidst COVID-19 Read More »
COVID-19 has accelerated what was starting off to be a shaky start to the new year with trade conflicts leading to fuel wars, as one example. Our “new normal” means social distancing, washing our hands more in one week than we did through all of 2019, working remotely, worried about whether it’s safe to buy
2020: The Lost Year Read More »
The globe is being disrupted due to the rapid transmission of the COVID-19 pandemic. In response, retailers and financial institutions have initiated social distancing strategies to minimize the spread of the virus. These initiatives include marking safe distances within waiting queues, limiting the number of customers in the store, adding plexiglass screens to separate staff
Strategies for Retail Banks Amidst COVID-19 Read More »
As Europe and North America hunkers down amidst the peak of COVID-19’s assault on our part of the world, in Asia people are emerging from their extended quarantine to a new world. SLD’s Managing Director of Asia Pacific, Teddy Ma, who lives in Shanghai, shared his experiences with us about how consumers are responding in China. What was the quarantine experience like in
What Brands Can Learn From China’s Handling of COVID-19 Read More »
In spite of new agreements such as CUSMA (the new NAFTA) and the China – US managed trade pact, trade wars can be expected to continue as long as protectionism remains a global trend. For foodservice operators, this presents a destabilizing pressure as food costs and availability fluctuates, in some cases wildly. Consider the proposed tariff on
What Rising Food Costs Mean for Foodservice Brands Read More »
Purchase behaviors are often recurring in nature and performed in specific places. Over time repetitive buying behaviors are less driven by goals and intentions leading us to develop purchase habits. When habits have been formed, environmental cues can activate practiced responses in the absence of conscious decision-making. Purchase decisions can also be influenced by elements better
How to Strategically Design Purchase Drivers Read More »
Soaring property values, increased urban dwelling, housing shortages and stagnating salaries are just some of the factors that are keeping younger generations out of the housing market. Many millennials now say they do not think they’ll ever be able to afford a home, and things are even bleaker for Generations Z and Alpha. And for
How A Decline in Home Ownership Will Impact Brands Read More »
We’ve all been there: excited and passionate to do something and then…we don’t do it. Often this can be seen with forgotten New Year’s Resolutions, unopened books, and abandoned gym memberships. This phenomenon, defined by behavioral psychologists as the “intention-action gap,” has been a challenge for marketers, who know all-too-well that enthusiastic consumers in surveys and
What The Intention-Action Gap Means for Brands Read More »
