Future challenges for retailers: trust and CX

Damian Ryan, a partner in the Moore Stephens Corporate Finance team and author of Understanding Digital Marketing, provided the keynote speech on Wednesday 1 March at the European Customer Advisory Summit for RichRelevance. The audience comprised of 120 top European retailers.

In a presentation entitled Future Challenges for Retailers, Damian outlined two key themes of trust and CX (customer experience). Drawing on his experience from both the investment and digital worlds, Damian demonstrated the serious problems being experienced by global retailers as they tackle the growing trust crisis facing the online industry. In particular he cited the spate of cybercrimes around the world which experts now estimate is costing in excess of half a trillion dollars annually. Case studies included the recent Mirai Botnet, the ISIS cyber-attack on US Central Command and Yahoo among others.

Moving into the more generic area of trust, Damian referred to the 2017 Edeleman Trust Barometer which confirms the world is now at its lowest ever point when it comes to public trust in the four key institutions of business, government, NGOs and the media. Taking a lighter note he quizzed the audience of their knowledge of the world’s most trusted brands, people and institutions. Revealing that not only is David Attenborough the UKs most trusted individual and Tom Hanks holding the same spot in the USA, but entertained the audience in guessing the top ten professions in guessing their ranking relative to public trust.

Completing his presentation Damian urged the retail audience to build external trust with their customer base and foster internal trust with their CFOs who can so often be cynical of marketers and what some CFOs consider to be too much of a creative approach to forecasting and planning.

If you would like to discuss the topics above, please contact Damian via 020 7334 9191 or damian.ryan@moorestephens.com or view our retail and wholesale information.

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