Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Retail & CPG stand to gain from digital transformation

There's an incredible US$2.95 trillion at stake

Investments in new, digitally-driven business models will give consumers greater choice around how they purchase goods and services, and enable companies to deliver profitable, differentiated experiences.

Accenture Strategy's 'Painting the Digital Future of Retail and Consumer Goods Companies' report, based on analysis for the World Economic Forum, quantified the impact of digital transformation on consumer industries over the next decade. The study identified current consumer appetite for new purchasing experiences, the business models that have the highest potential to unlock new value, and how organizations and policymakers can prepare themselves.

Today, 37% of U.S. consumers would allow companies to collect their personal data via intelligent devices in return for a better experience or financial reward. Another 37% would subscribe to a service that constantly looks for the best pricing deals on their behalf, and actively recommends which company to switch to, and when.

Over a quarter (26%) of U.S. consumers would use sensor-based digital services that pre-emptively address their needs without human intervention. Another 24% would subscribe to brands that analyze their shopping history to select products especially for them, and orders them automatically.

To reach the next frontier of digital commerce, retailers and consumer goods companies need to explore the following transformative business models which are already being welcomed by U.S. consumers:

As a by-product of industry transformation, there is potential disruption for people and society which companies, policymakers and regulators need to actively address to:

• Minimize impact on local communities - With an increasing number of retail stores downsizing or closing due to the rise of digital commerce, local communities need to respond by businesses and government establishing economic development strategies and partnering with communities to repurpose physical space as hubs for experiences, leisure and lifestyle activities.
• Reskill the workforce - Emerging technologies will drive a range of efficiencies which will significantly change the nature of the industry's workforce. Business leaders and policymakers must focus on accelerating reskilling people, creating partnerships with educational institutions, and influencing public policy to meet the needs of the future workforce.
• Ensure sustainability - Meeting consumer demand for rapid delivery needs to be achieved in parallel to minimizing environmental impact. Shifting to electric vehicles and exploring load-sharing can help while also enhancing delivery efficiency. Furthermore, innovation in packaging design and supporting recycling infrastructure is also critical, helping to build a more circular economy.

"The next decade will be a golden age for consumers, with technological innovation creating a variety of shopping experiences that will give consumers the simplicity, convenience or excitement they crave," said Chris Donnelly, senior managing director, global retail lead, Accenture Strategy. "Out of the $2.95 trillion in value the report identified, consumers have the most to gain - just over $2 trillion - through cost and time savings. The success of retailers and consumer goods companies to unlock value will be dependent on their ability to gain a deep understanding of consumers, embrace disruptive technologies and adopt innovative business models."

"To thrive in the next decade, organizations must aggressively pursue innovation and be willing to disrupt themselves. The winners will be those organizations that prioritize adopting a partnership mindset to offer customers new value, innovatively meet consumer demand for new services, and implement advanced data sciences to derive deeper customer insight to enable better decision-making," concluded Donnelly.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)