Firms Need to Re-engage With Customers in New Physical-Digital World: IDC
Technology will be the “cornerstone” of brands that try to reestablish relationships with customers and consumers next year “in a new version of the physical and digital world,” reported IDC Friday. The COVID-19 pandemic revealed a “lack of resiliency” in…
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how many organizations engage with customers and deliver differentiated experiences to retain them, it said. Organizations that focus on resiliency in systems, processes, and business models that influence how companies and brands engage with customers will find success in the future of customers and consumers, it said. Among predictions IDC made for brands over the next few years, it said 35% of brands will openly incentivize consumers to share personal data in exchange for cash rewards, services and exclusive experiences; a quarter of brands will build shared customer data hubs to deliver connected experiences and cut data acquisitions costs; 25% of companies will offer tracking transparency for customer complaints, which will become a best practice and driver of brand choice, growing to 75% of companies by 2025; organizations will be forced to revamp their customer authentication process to reduce friction and authenticate customers securely within five seconds of connection; and to counter “digital fatigue,” 60% of top organizations will try to differentiate by delivering memorable engagements that recreate physical experiences.