Explain why Consistent Innovations are the most important features to retain Customers with respect to this Case Study . 10 Marks . ( It's Question of CRM Strategy used by Organizations )

12:04 Search X Pg 5.jpg 7 CONTINUOUS INNOVATIONS-A SURE WAY TO RETAIN CUSTOMERS Innovations give life and new energy to the brands. In order to retain the best of the customers and to influence all of its stakeholders, brands have to innovate continuously. Technology and digital media has opened up innumerable opportunities for brands to innovate. Future Group which has many new initiatives to its credit has launched a digital wallet, FuturePay, to integrate its loyalty programmes across different Future Group outlets-Big Bazaar, Ezone and Hometown. Best experience coupled with lowest prices is what FuturePay offers its customers. Price Match" is its one important feature, which matches items from the customer's bill with the advertised prices of any competitor retail store. If it finds a lower price elsewhere, it credits the difference to the buyer's wallet. Another feature is its Oxygen Services, which enables customers to make transactions at any of its retail outlets, or through credit and debit cards, and net-banking. These technology-based innovations are definitely creating impact on everyone, especially on the digital millennials. The company states that they already have 60,000 downloads for FuturePay so far (by Oct 2016) and are targeting one crore downloads in the next 18 months. There is also a flip side to the use of technology. Customer loyalty can get completely jeopardized over an unsatisfied digital experience. Indian Digital Experience report by SAP, unveiled in April 2017, stated that only 8 % of customers unsatisfied with their digital experience would continue to remain loyal to the brand. In order that the brand remains relevant for its customers a strong digital infrastructure is imperative. There are many brands in other sectors, too, which are experimenting with different ideas, and the success largely depends on the relevancy factor that those experiments attend to. Like McDonald's is planning to lure consumers through a new breakfast menu that will include culinary delights suiting Indian palates, ranging from masala dosa burgers with molaga podi sauce, to the familiar anda bhurji. As part of a brand transformation, McDonald's is moving towards a healthier menu over the past few years offering lower sodium in fries and nuggets, lower calorie sauces, and preservative-free patties. The restaurant is also launching soups and salads. All initiatives going in line with the current consumer trend towards choosing healthy food options McDonald's India is also launching a series of concept restaurants called "Experience of the Future" (EOTF), with features of self-ordering kiosks, table service, and healthy menu. The first one of this kind has already opened in Mumbai in March 2017, with enhanced digital capabilities to improve customer experience. It plans to open 5-10 more outlets in the city in the next 18 months. Another big brand that is walking the health route is Nestle. This world's largest packaged food group has made a scientific breakthrough by discovering a completely new way to use the traditional, natural sugar so that it get reduced in its candy products by up to 40% with no difference to taste. CRITICAL FACTORS FOR THE SUCCESS OF LOYALTY PROGRAMS Rijish Raghavan, Vice President, PAYBACK India, in one of his interviews has emphasized on factors like transparency, convenience, relevance, engagement and ease of use for the effectiveness and success of a loyalty program. A clear and transparent communication while providing offerings and benefits to the customers goes a long way in developing their loyalty