Trust has overtaken pricing as the deciding factor in earning customer loyalty and ensuring that their hard-earned money is spent wisely, according to Jenny Echevarria, VP for Enterprise Data and Strategic Services at Globe.

Speaking at a recent forum, Echevarria talked about how Filipino consumers, shaped by economic realities, rapid innovation and shifting priorities, are leaning towards brands that not only deliver on their promises but also reflect values that resonate with their lives.

“The currency for Filipinos has changed. Offering the lowest price will not guarantee you success. Trust is the new currency of our customers,” she said.

Economic challenges, such as prolonged inflation and stagnant incomes, have driven consumers to demand value and flexibility in the products and services they choose. The widespread adoption of digital payments has made convenience, ease of use, and security non-negotiable.

Environmental realities, particularly increasingly frequent extreme weather events, have amplified the appeal of brands with a clear commitment to sustainability efforts.

Socio-cultural shifts, especially among Gen Z, have brought mental health and the need for supportive environments to the forefront of customer priorities.

Echevarria emphasized that while brands cannot control most of the external factors, aiming for success must begin by gaining a deep and thorough understanding of their customers. Each generation has its own expectations, and the values that are important to them shape their brand expectations.

Stable, reliable services

Baby Boomers prefer stability and reliable services, while Gen X prioritizes practicality, balance and family security. Millennials seek compassion and purpose, while Gen Z looks for authenticity and inclusivity. Gen Alpha, influenced by millennial parents, embraces creativity and curiosity.

Businesses that understand and respect these differences can create meaningful connections across age groups, fostering loyalty and trust.

Echevarria cautioned that trust is fragile. It takes years to build but could be lost in an instant when promises are not fulfilled. This reality makes reliability and alignment with customer’s values and priorities necessary for long-term success.

She also noted the changing role of physical retail spaces, stressing the need to reimagine these areas as venues for fostering shared experiences and creating impactful connections.

Service of connecting

“Retail is like telco in some way. We are both in the service of connecting. For us, it’s connecting people. For retail, it is about connecting people to products and services,” she said. “Retail should move from connecting with shelves to using their spaces for people to connect to other people and allow for space for people to connect to themselves.”

Echevarria urged businesses to always place the customer at the heart of their strategies. Trust, when earned and maintained, creates a lasting bond that benefits both customers and businesses, ensuring shared growth and success over time.

“When we put customers at the center of what we do, we can never go wrong,” she concluded.