The observable evolution of American economics can potentially be illustrated as an endless arms race between corporations and consumers. This array of strategies and countermeasures reminds one of an evolutionary arms race, a destructive feedback cycle. Ideally, the business-customer relationship should not resemble this ongoing duel. It is more beneficial when a for-profit venture offers value without exploiting its customers, and clients pay a fair price for goods or services without levying undue expectations on companies. However, the current trend appears to lean more towards a sequence of escalating conflict between profit-driven endeavors and consumers.
Instances of businesses exploiting customers, employees, and communities are prevalent. As an example, a recent report discovered that over half of recent inflation resulted from what it termed ‘greedflation.’ Companies maintain high prices even after supply chain pressures have eased, leading to increased profits at consumers’ expense. These artificially inflated profits played a significant role in spiraling inflation during the last year’s second and third quarters.
Theoretically, competition or ‘the marketplace’ should deter such practices. Choice is the consumer’s traditional weapon against corporate greed. However, if all companies are maintaining high prices or offering subpar customer service, consumer choice is essentially nullified.
Consumers, however, have found innovative ways to retaliate. For instance, restaurant customers literally cost Red Lobster’s parent company $11 million by enthusiastically participating in a $20 ‘Ultimate Endless Shrimp’ promotion.
Businesses also resort to utilizing such tactics as convoluted customer service systems to filter impatient and demanding customers. Unfortunately, many reasonable customers also end up frustrated and disenchanted.
A cooperative standstill can put an end to this escalating tension. Nevertheless, this seems unlikely in the current scenario. Until society members can self-assess effectively and recognize their contribution to the issues, it seems that the customer experience will continue to degrade. Irony whispers that perhaps only a catastrophic event like a giant asteroid collision will put a halt to this. The original article on this topic can be viewed here.
The complex relationship between corporations and customers will continue to evolve within the economic landscape. Only time will tell whether this pattern follows the arduous path of conflict or a nexus of resolution emerges.