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The world is rocked by series of data explosions fuelled by proliferation of smart devices, social media channels and shifting demographics of consumer. There is a big tectonic shift in the way we live, work, and play. And, this in turn is impacting every industry, institution, profession and social strata - right up to the bottom of the pyramid.
Yes, the world is changing rapidly and we are witnessing a hyper connected economy, a transformed marketplace that is driven by empowered customers, who have more control and influence over the brand than ever before. A strong wave of digital revolution is silently sweeping the world.
Today's hyper connected digital consumers are modeling their own shopping experience. They are discerning, demanding and have more access to information than ever before.
Digital media is redefining consumer mindsets, patterns of purchase, and decision-making. Enabled with mobile and ubiquitous connectivity, they can compare products, access price and product information, check availability, get reviews from friends, before making a purchasing decision.
With rapid evolution in consumer buying behaviour, emergence of new technologies, customers have virtually unlimited access to information and the ability to instantly share it with the world. Technology has become very transparent and this has resulted in customer's demanding for more. Personalised communications, delivery of innovative products and services seamlessly across channels has become the new expectation.
It is imperative for organisations to actively engage with their customers and transform the basis of their expectation to stay ahead in this competitive environment. Enterprises can redefine the rules of customer engagement by enabling self-service mechanisms, offering personalised products, services and experiences, and engaging consumers in the co-creation innovation process. Organisations must realise the potential of this trend and institute necessary cultural and organisational changes to become truly digital consumer-centric.
The question is how can enterprises embrace the potential of social, mobile and cloud technologies; orchestrate and drive collaboration and innovation inside and outside the enterprise? How to personalise the customers' experience across channels to exceed their expectations and capture lifelong loyalty?
While there is no one fit-all magic potion for these complex queries - the answers lie in an open collaborative mindset that is deeply rooted in continual learning and embracing market shifts while remaining focused on delivering superior client value and enriching customer experience. However, delivering sustained value to the empowered customer is increasingly becoming complex.
To succeed in the new era, leaders need to continually accelerate innovation, drive productivity and nurture cross-functional skills. This is where customer intimacy and client centricity plays a key role to success. Customer intimacy has always been critical but it has become vital for survival in this digital era.
So how are chief marketing officers sailing through such digital tsunami?
Forward thinking leaders across the globe are realising that they need to continuously transform customer experience to be relevant and competitive - from the perception of innovation and value, to the quality of the interaction, to the economics of delivery. They know that what made them successful in the past may help them succeed today. They are proactively tapping emerging technologies like social, mobile, cloud and big data to glean novel insights to accelerate growth.
Smart leaders are realising that gone are the days of ivory tower research. It's the age of collaboration, co-creation and client centricity. A digital ecosystem enables self-service as well as co-creation, as personalised solutions usher in on-demand solutions, accelerate innovation and access new demographic segments. These solutions maximise customer value across the lifecycle.
Companies are leveraging predictive analytics, active enterprise-consumer interfaces, and innovative platforms to reach out and influence the digital consumers. They are tapping innovative business platforms to multiply business value, stimulate growth, maximise profitability and drive asset efficiency. This in turn is enabling enterprises to respond to the market needs. These platforms are delivered on cloud and promise guaranteed business outcomes.
At the core of this lies a deep understanding of customers to design delightful omnichannel experiences and services. Customer systems should be relevant, simple and elegant.
Leveraging information in a data-driven economy has become crucial as it helps in innovation and assist in providing value added products and services and creating better relationship with the new age customers.
Retailers should come up with a comprehensive communication strategy to focus more on the digital front - 'channelise, mobilise, and socialise' to stay ahead in today's 'click-and-mortar' retail game. Collaborating with a technology partner can help enterprise accelerate their innovation journey in areas such as digital marketing, interactive commerce, distributive trade, micro-commerce, customer service, and deliver superior experience.
Sanjay Purohit
CEO & Director, EdgeVerve Systems
CEO & Director, EdgeVerve Systems
