customer-oriented companies should heed the decline of satnav as a cautionary tale
In today's fast-paced world, keeping up with changes in consumer expectations is crucial for a business's success. Traditional marketing methods are no longer enough to capture the attention of consumers, who have become desensitized to them. Instead, brands are required to employ new methods for customer interaction.
The requirement for a seamless, omnichannel customer journey is paramount. Efficient processes at every step are essential to provide customers with a smooth experience, regardless of the platform they choose to engage with the brand. This shift is largely due to the evolution of technology, which has brought about smartphones and e-commerce, providing greater transparency of goods and services on offer.
The constant shifts in technology's progress dictate how successful businesses operate. The retail sector has experienced losses, with companies like Blockbuster failing to keep up with changes in technology and the customer journey. The shift to online services was a challenge Blockbuster could not overcome, leading to the success of online-only companies like LoveFilm and the eventual closure of Blockbuster in the UK in 2013.
The publishing industry has also seen notable casualties due to changes in technology. Companies have moved online, while others, like Loaded and More!, have folded completely. The decline in satnav sales is another example of technology rendering certain products obsolete. The Office for National Statistics (ONS) has removed the standalone satellite navigation system (satnav) from the 'basket of goods' used to gauge UK inflation, reflecting its decreasing relevance in today's digital age.
However, technology is not just a luxury for the biggest players; it is an absolute necessity for businesses. Even small independent businesses are now on a global stage, thanks to the internet. As a result, businesses are looking to innovate in line with the rate of technology’s evolution. Companies successful in digital transformation have adapted by integrating seamless omnichannel processes combining online and physical stores. They employ solutions like SAP Customer Checkout for digital store management and emphasize personalized customer experiences both online and offline.
The evolution of technology has led to a 'have it now' culture, where consumers require immediate access to information. This has shortened attention spans, making it harder for businesses to attract consumer attention. However, the internet has also fuelled a significant transformation for business development, giving customers more power than ever.
Interestingly, smartphone ownership is not limited to the younger generation. Figures from Ofcom suggest that 88% of 16-24 year olds own a smartphone, with Millennials spending over three and a half hours a day on their devices. However, in the 65-plus age category, smartphone ownership is just 14%. This indicates a growing technological savvy across all generations.
In conclusion, each customer's journey with a business is crucial, and businesses that recognize and take ownership of that journey will be the ones that guide themselves to continued success. The businesses that can adapt to the rapid pace of technological change will be the ones that thrive in the future.
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