The only inevitability in business is change. That’s even more true today and not just due to the pandemic era. The advent of the Digital Age has been steadily rewriting to rules of the basics of commerce for more than two decades now.
That includes how companies engage with their customers. Industry analysts see a number of key changes on the horizon and others transformation that are happening right now.
Will it die out? Is it already being phased out? With the help of powerful internet data gathering and tracking tools, sellers have been able to capture enormous amounts of information about anyone who spends time on the internet. They use the data to find out what you’re interested in and then target marketing messages in the hopes you’ll buy.
But new laws, such as the recently passed California Consumer Privacy Act, are putting the kybosh on all of these increasingly intrusive and privacy-robbing applications that track customers like hunted prey.
The bottom line is, businesses are gearing up to abandon this form of personalized advertising because it will face more regulatory restrictions while also getting more expensive as a result. New strategies will be required to replace this form of attracting the purchasing power of consumers.
This has been a significant buzzword for some time. However, powerful retailers, such as Amazon in the U.S. and JD.com in China, are going full bore into omnichannel approaches. That means they are delving into the establishment of brick-n-mortar retail locations to complement eCommerce capabilities. The idea is to engage customers in as many ways as possible. Omnichannel means “using everything,” from eCommerce platforms and physical locations to apps and video interaction — not to mention VR experiences and more.
The Digital Age has inflicted a form of attention deficit disorder on all of us. We live in a time when people get frustrated just when a website fails to load instantly! Thankfully, 5G is arriving just in time to reduce waiting times online to zero.
Businesses will increasingly adopt real-time customer interaction modes to stay in touch with customers in real-time all the time — as long as both parties are willing to engage.