We are all aware of the significant and rapid advances in technology over the last two decades. The question that many are struggling to answer is, “what does this mean for my business?“ In the fields of big data analytics, machine learning and artificial intelligence (AI), there have been advancements that are drastically changing not only when, where and how customers shop, but also how they engage with brands.
While there is a temptation to focus on the technology, these changes represent a significant shift in what customers now expect and that is where we should focus our energies.
This report identifies four shifts likely to have the largest impact on how organisations should adapt if they aim to remain relevant, given the rapid developments in technology.
“We’re moving from a world where ownership was something we aspired to, to a world where access to goods, services, and talent triumphs ownership.”
– Lisa Gansky
Refilwe Malueke, Yellowwood MD Shares an overview and purpose of the research report
“Most companies are using data analytics technology to create more granular segments rather than segments of one. This is a big step forward but we still have a way to go before we get to true personalisation.”
THE FEMALE EQUATION: ARE WOMAN BETTER FOR BUSINESS?
The shift to a more individualised society that values experiences more than goods, has resulted in a strong drive towards personalisation.
Research shows that the most significant of the economic drivers is that access increasingly has more appeal than ownership. Those who cannot afford to purchase certain goods can now access the benefits of those goods for less.
“Financial service organisations are not immune to this trend, insurance for example is increasingly an immediacy game. Research shows that customers will visit four websites, select the ‘contact me’ option, and the first brand to call wins the business.”
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