We have a brief chat with Justin Dry, the co-founder and chief executive of Australian ecommerce wine retailer Vinomofo. The company entered New Zealand in 2016.
You made some predictions early on in 2018, including that this will be ‘the year of the consumer’. Can you expand on what you meant by that?
Firstly there are so many more options for consumers than ever before and the quality of these is improving rapidly with increased competition and better technology.
Improvements in personalisation, delivery, and payment options will mean a better user experience.
And finally with the changes happening on social platforms like FB, it’s becoming harder for brands to get attention (organic and paid) so they’ll have to provide more value to engage their audiences. It’s a great thing.
You also signalled a need for loyalty programmes run by pureplay retailers to become more sophisticated. What do you think that will look like?
A lot of loyalty programs haven’t evolved to meet the expectations people now have of brands which means they are losing their impact.
In order to do meet these, their thinking needs to shift from broad segments to the individual. It’s been heading this way for a long time but with improvements in technology, well see it become a reality.
I also expect the behaviours loyalty programs will be trying to encourage will shift from solely focusing on increased frequency of use/purchase to encouraging members to become greater brand ambassadors and help build the community.
People want to be a part of something real and connect so you’ll also see brands, especially in the ecommerce space, putting more energy towards events and activations as part of their loyalty program.
This story originally appeared in NZ Retail magazine issue 754 February/March 2018