PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

How Much Do Your Customers Want To Be Hugged?

By Pete Reville
September 23, 2020
in Analysts Coverage, Commerce, Customer Experience, Fraud & Security, Merchant, Personal Data
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
How Much Do Your Customers Want To Be Hugged?

How Much Do Your Customers Want To Be Hugged?

Since the advent of retailing, the mantra has always been “know your customer.” Recent times have brought on an onslaught of technologies and techniques that allow retailers to collect scads of information about their customers. With this information, they promise customer relationship management (CRM).

CRM is hailed as a way to personalize the shopping and buying experience uniquely for every shopper. Often times, executing on this requires the collection of personal information (like email addresses or cell phone numbers) so the retailer can deliver things like offers and e-receipts.

I read an opinion piece in PaymentSource this morning titled Contactless payments will falter if they require too much of consumers, in which the author explains that contactless payments, either by card or mobile device, need to be integrated into CRM systems in order to get maximum efficiency from the CRM system. The author goes on to say:

Retailers must also have access to all POS transaction-related data to enhance returns and loyalty programs even with a contactless approach. This means returns should be automated securely through custom rules configurations that validate e-receipts and authorize transactions back to the original card with limited interaction.

A centralized portal to manage all programs — from loyalty to serialized coupons to in-house gift cards — gives retailers real-time enterprise-level tracking of all customer interactions, including those on mobile devices and other touchless platforms.

While I found little connection between the title of the article and the actual article itself, it did get me to start thinking about how much people want these CRM programs to know everything about them in order to save $0.15 on a box of Ho-Hos. 

One of the things I struggle with when I talk to people about their version of CRM is the amount of data they want to collect on consumers versus how much information people are willing to surrender. My experience in studying consumers is very clear; when it comes to giving PII, people fit somewhere on a scale of “fully open” to “fully closed.” Several factors determine where they fit on this scale including security concerns, trust, value received for the information surrendered, and so on. It is not an easy choice.

Some combination of these factors go into the decision to provide personal information and how much of a “relationship” customers want to have with a brand/retailer. Brands have to understand that not all customers want to have a relationship with them and that, in order for true CRM to work, customers need to see the value in what you are delivering.

Personal information is now a currency and many consumers realize that. Furthermore, for some consumers, it’s not you, it’s them. They’re just not ready for a relationship now.

Overview by Peter Reville, Director, Primary Research Services at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: CRMPersonal Data

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    open banking

    Open Banking Has Begun to Intrude on Banks’ Customer Relationships

    December 5, 2025
    conversational payments

    Conversational Payments: The Next Big Shift in Financial Services  

    December 4, 2025
    embedded finance

    Inside the Embedded Finance Shift Transforming SMB Software

    December 3, 2025
    metal cards

    Metal Card Magnitude: How a Premium Touch Can Enthrall High-Value Customers

    December 2, 2025
    digital gift cards

    How Nonprofits Can Leverage Digital Gift Cards to Help Those in Need

    December 1, 2025
    stored-value prepaid

    How Stored-Value Accounts Are the Next Iteration of Prepaid Payments

    November 26, 2025
    google crypto wallet, crypto regulation

    Crypto Heads Into 2026 Awaiting Its ‘Rocketship Point’

    November 25, 2025
    Merchants Real-Time Payments, swipe fees, BNPL

    The 3 Key Trends That Will Shape Merchant Payments in 2026

    November 24, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result