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.Download
"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
“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."
- Enzo Scarcella - COO, MTN
“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.”
- Andisa Ntsubane, Head of Marketing Strategy, Old Mutual
The most profitable customers will often use multiple channels, sometimes in a single transaction, to get what they want. This dynamic requires that companies shift from a world where products were available for purchase in a variety of channels, to one where customers can seamlessly shift in between those channels without disrupting the purchase journey.