Since the early days of commerce, customer experience has played a pivotal role in delivering both competitive advantage and commercial success. Over time, the way in which it has been delivered has continually evolved, driven by an array of influences including customer preferences.
Today, the corporate world has become adept at managing such change.
But in times of disruption, our comfort zone of evolution is no longer enough. In new industrial eras, evolution needs to make way for revolution. The theme at this year’s World Retail Congress “Reimagining the customer experience” reaffirms the impending customer-driven revolution.
I believe those who will emerge the most successful in reimagining their customer experience will have followed three simple and effective principles: listening, adapting and leading.
Listen
Understanding the needs of customers has always been paramount in formulating inspiring experiences and, the good news is, the depth and breadth of customer data available has never been greater.
Thanks to sophisticated analytics tools, companies can now more accurately identify what customers want today — and will want tomorrow — than ever before. Amazon is a good example of a company that has championed data analytics.
One of its most valuable assets right now is its proprietary artificial intelligence-powered analytics technology, which processes customer browsing and purchase data in a matter of seconds and uses it to deliver exceptionally personalised product recommendations.
Similarly, coffeehouse chain Starbucks, uses data analytics to determine how likely a new branch location is to be successful. The company does this by analysing information such as traffic, area demographics and customer behaviour.
To avoid falling behind in a world of rapid change, investment in advanced data analytics is no longer a “nice to have”. It is a business imperative.
Adapt
Change for employees can unnerve them, especially at a time when rumours are mounting that technological disruption will mean certain jobs and skill sets may become obsolete. The reality, however, is that change comes with both opportunities and challenges for employees in equal measure.
The key is to create an internal culture that recognises the former rather than the latter. This is best achieved by equipping employees with the technical knowledge and skills required to master new roles, while rewarding them within a clearly-defined framework that promotes and celebrates curiosity, creativity and courage.
Telecommunications conglomerate AT&T is a good example of an organisation that develops current and future talent through several training programmes that are relevant to the industry’s needs. Among the programs offered by the company in partnership with online education provider Udacity, is an online Master of Science in Computer Science.
AT&T and Udacity also deliver several online technical credentials in web development and data analytics called Nanodegrees, that are open to AT&T employees and non-employees.
Lead
Disruptive technologies such as artificial intelligence, autonomous vehicles, robotics and the internet of Things, will play a salient role in how businesses develop new customer experiences. There are two routes to leading in these fields, establishing in-house capabilities and partnering with pioneering external specialists. In fast moving times like today, I believe the partnership model is more often than not the best way to deliver efficient, effective and immediate impact.
For this reason, Majid Al Futtaim is constantly evaluating potential partnerships with innovative organisations to enhance customer experiences across its portfolio. We encourage others to follow suit sooner rather than later because futuristic concepts become reality faster than expected, especially in the United Arab Emirates.
While the world we live in may be disruptive, it is ripe with opportunities to elevate customer experiences to new levels. Fortune will favour the calm and the brave, and by listening, adapting and leading, I believe you are sure to be among them.
— The writer is Chief Marketing and Brand Officer, Majid Al Futtaim — Holding.
