Structured currency opportunities for customer service

Cresencia Marjorie Chiremba

When you assume negative intent, you are angry. If you take away that anger and assume positive intent, you will be amazed” – Herve Humler

In a bold move Zimbabwe has introduced its latest currency, the Zimbabwe Gold (ZiG) – a structured currency.

The transition to a structured currency necessitates strategic adjustments, especially in the realm of customer service.

In this article, I explore how businesses can enhance their customer service practices in the face of this significant economic shift.

Understanding the structured currency

Before delving into customer service strategies, it is important to grasp the concept of a structured currency. Unlike traditional fiat money, which relies solely on Government regulation and central bank policies, a structured currency combines elements of both fiat and commodity-backed currencies.

It marries the flexibility of fiat money with the intrinsic value and stability of commodities, like gold or other precious minerals.

In Zimbabwe’s case, the introduction of a structured currency aims to address inflation, currency volatility, and economic instability.

This move reflects a commitment to innovation and resilience.

Benefits of a structured currency for businesses

Businesses operating in the country can leverage the transition to ZiG to enhance their customer service.

Here are key points to consider:

Stability and credibility – A structured currency promotes stability. By incorporating commodity-backed elements, it reduces the risk of wild fluctuations. Businesses can assure customers, that transactions will occur with predictable values, fostering trust and confidence.

Diversification – Structured currencies diversify the monetary landscape. Businesses can adapt to this diversity by offering flexible payment options. Accepting multiple forms of currency (both structured and existing) demonstrates adaptability and accommodates customer preferences.

Transparency and communication – Transparent pricing and exchange rates are crucial. Businesses should clearly communicate how they convert prices between structured and other currencies.  Educate customers about the benefits of the new system, assuring any concerns they may have.

Customer education – Businesses can play a vital role in educating customers about the ZiG.

Train frontline staff to explain the transition, answer questions, and guide customers through the process.

i)                   Adaptation of systems and processes

Update point-of-sale systems, billing software, and accounting procedures to accommodate the structured currency. Ensure seamless transaction for customers, minimising disruptions during the transition.

ii)                  Customer support channels

Strengthen customer support channels. Provide clear avenues for inquiries related to currency conversion, pricing, and payment methods. Consider dedicated helpline or online chat for currency-related queries.

iii)                Risk Mitigation

Businesses should assess risks associated with the structured currency. Understand potential fluctuations and develop contingency plans. Hedge against currency risk where possible.

Challenges to overcome

While the benefits are promising, businesses must also address a number of challenges:

1.     Dual pricing

During the transition, businesses may need to display dual prices (in both structured and existing currencies). Ensure consistency across platforms (physical stores, websites, and mobile applications).

2.     Customer Perception

Some customers may be wary of change. Businesses must pro-actively manage perceptions. Highlight the advantages of stability and long-term benefits.

3.     Training and sensitisation

Train employees thoroughly. They should understand the structured currency and its implications. Sensitise staff to handle customer queries with patience and accuracy.

Zimbabwe’s decision to introduce a structured currency represents a bold step toward economic stability.

Businesses that embrace this change strategically can position themselves as reliable partners during the transition.

By prioritising stability, transparency, and customer education, they can navigate the currency shift successfully.

As the structured currency takes root, businesses have an opportunity to redefine customer service and build lasting relationships with their customers.

 

*Cresencia Marjorie Chiremba is a marketing consultant with a strong passion for customer experience. For comments, suggestions, and trainings, she can be reached at [email protected] or at +263 712 979 461, 0719 978 335