In this digital era, brands must go the extra mile to modernize their business functionalities while delivering a new high in customer experience.
With the pandemic-induced digital era, businesses are prioritizing predictive analysis on modern-age buyers’ data. This indicates 2021 is the year where brands need to embrace hyper-personalization more than ever.
Although many brands are still struggling to realize how AI can enhance their consumer offerings, one significant space is hyper-personalization. As per the industry experts, it is the key to deliver the frictionless experience that online consumers expect today – where AI has made this process a reality.
In fact, customer data platforms (CDPs) are an easy way to implement this advanced technology without having to fix the existing data infrastructure. Moreover, consumers are increasingly being influenced by pop-up suggestions from e-commerce apps like “customers also liked”.
Indeed, with the rapid digital transformation among companies, market leaders are focused on hyper-personalization. According to NTT Ltd., nearly 58% of brands consider customer experience to be a primary differentiator. However, barely 8% of the marketers offer a fully operational experience.
Hence, it is high time for businesses to understand the necessity for personalization. For instance, the accessible customer data to be used to form a personalized experience is actually extensive. Even IBM revealed nearly 2.5 quintillion bytes of data are generated every day.
Given the current market scenario, customer expectations are higher than ever – which brands can’t afford to fail in the CX process. It is unfortunate that most companies are still missing valuable insights that are fundamental to stay relevant and create better connect with the audience across every touch point.
Bigger organizations are thus, focusing more on integrating data across systems, the voice of the customer – in addition to adopting advanced technologies like AI, ML, and automation. This is helping companies to gain a competitive advantage uniquely. Simply put, personalization leads to individualization.
This helps algorithms get faster, more precise, fast, and are delivering surprisingly accurate customer portraits – which marketers can easily take control of. Basically, an eminent customer experience strategy demands to develop customer and brand engagement. Still, many companies are stuck due to a lack of experience and technology silos.
Clearly, business leaders should look at how new-age technologies like AI and RPA can be executed as a critical part of their organizational team structure. Besides, big data must be compiled from the business’s value chain to support machine intelligence to realize its potential. Therefore, an ecosystem focused approach and design thinking are imperative to sustain.
Experts believe marketers today will need to go the extra mile in order to modernize their business operations while delivering the ‘advocacy’ level of customer experience! The challenge moving forward in this unprecedented time will be the continued supply of personalized experiences and maintaining compliance with the in effect privacy laws.