The Stellar Trends & Insights Report keeps us at the cutting edge of trends in our industry and in customer experience. It kicks off internal conversations at Stellar about how our clients might be impacted and how we can make improvements to our business to navigate change.
Look out for the Stellar Trends & Insights Report every month on our blog.
Increasing consumer interest in the idea of buying insurance from global tech giants
According to the 2018 World Insurance Report by Capgemini, ~30% of customers globally would be willing to buy insurance from tech firms such as Amazon and Google. It is expected that they would be white-labelling services provided by traditional insurers, which is an approach currently used by Coles, Woolworths and Virgin.
This is a good example of high-profile tech brands potentially relying on their strong reputation to sell products outside of what they’re traditionally known for.
Revolution for mobile payments in coffee purchases
The rapid growth in mobile payment technologies in China is epitomised by Starbucks’ success
Starbucks is adjusting its strategy to win over Chinese customers who are much more likely to use mobile payment apps in comparison to the US market. In China, cashless transactions have become common, and the company’s loyalty program now has over 7 million members.
With the fast moving market of China where the number of Starbucks stores is expected to double to 5,000 by 2021, digital interaction, in particular mobile payments, is only going to become a more prominent force in the retail sector.
Food retailers explore the opportunities arising from self-service technologies
Several fast food retailers around the world are exploring innovative ways to integrate self-service into their businesses. Such innovations include two examples of companies (Caliburger and KFC) introducing AI kiosks to allow customers to pay for their orders using face recognition technology.
As AI and self-service technologies improve, the high-volume environment of fast food is likely to be a major beneficiary of the evolving trends in the coming years.
Read more here: https://www.psfk.com/2018/05/dining-diy-service.html