SPECIAL REPORT
SPECIAL REPORT
The future of customer experience
Gone are the days when “ customer experience ” was just another buzzword , one line on a never-ending list of future trends that marketers were told to watch out for . Today , brands are increasingly prioritising the concept as a means of gaining competitive advantage and increasing revenue , yet there are still debates on the true meaning of the term , what it encompasses and who owns it .
More brands , more customers and more channels all make achieving competitive advantage in retail , both online and offline , more complex than ever . With so much choice comes a multitude of opportunities for those who invest in getting customer experience right . A report from Ve Global — A retailer ’ s guide to digital customer experience — highlights the strategies that are picking up momentum .
Artificial intelligence
Artificial intelligence ( AI ) will be a mainstream customer experience investment in the next couple of years . Its use is already rising and many of us may have , knowingly or unknowingly , engaged with some form of AI in our recent retail experience , whether that be customer service chatbots or perhaps fraud-prevention algorithms .
However , despite the ongoing buzz surrounding this advancing technology , we need not panic just yet . The retail AI revolution still has not fully taken off as retailers look for the best opportunities and ways to apply AI .
Currently , AI is primarily used in relation to data and analyses . When we look to the future , the role of AI will become broader , thanks to data insights providing customers with enhanced experiences .
Focus on generation Z
Generation Z , those born after millennials from the mid-1990s to the early 2000s , now have spending power . By 2020 , 20 % of the workforce will be made up of this generational group , according to global employment website Monster , and retailers are starting to shift their focus to attract such customers . Gen Z have grown up in a digital world and therefore have high expectations from their retail experience .
Not only that , but they also spend 10.6 hours a day consuming digital content , according to research and advisory services provider Econsultancy , and are looking for authentic , relevant content that appeals to their personal needs and helps them to find exactly what they are looking for , with minimal effort involved .
This group of shoppers also want transparency ( to know that they can afford the product ), innovation ( to receive frequent product upgrades and updates ) and service ( to receive the same level of service as older counterparts ).
Hyper-personalisation
Hyper-personalisation is personalisation ’ s big brother . Both involve delivering more tailored and personal communication and experiences , but hyper-personalisation is more advanced and also takes into account browsing behaviour and real-time analytics . By doing so , it allows retailers to deliver communication that is not only personal but perhaps more importantly ,
Gen Z have grown up in a digital world and therefore have high expectations from their retail experience .
The report advised retailers looking to deliver outstanding customer experiences to focus on building loyal customers through personalised omni-channel journeys . also relevant in that exact moment . As the possibilities arising from data analytics continue to increase with technological developments , so can the extent to which retailers can deliver personalisation .
This level of hyper-personalisation will allow retailers to create a single view of their customers . Through this , it will become easier to anticipate a customer ’ s next move and therefore provide a more seamless and personal customer experience .
Looking to the future , generational and technological advances will all demand even more from the customer experience — and real-time relevancy will be key .
Ve Global ’ s number one piece of advice to retailers is to analyse your data now to truly understand who your customers are . From here , you can begin to deliver hyper-personalised experiences , prepare for technological advances and ultimately positively impact both your business and your customers . ra
14 Retail Asia August 2018