By 2025, machines will be customers and shop alone
Dec 13, 2018, 66 views
A deep focus on enhancing the customer experience has taken root in many emerging markets, which are well ahead of their competitors in more developed markets in Europe and North America. Specifically, predictive analytics, product sensors and the personalized experience by Artificial Intelligence and Advanced Analytics have become the most widely used features in the B2C and B2B markets, according to a recent Bain & Company study with 700 companies around the world over 20 tools to improve the customer experience in four categories: detection, decision, action and management.
By 2025, the client's feeling will be captured by the use of biological sensors (eg, retina, body temperature, heart rate) to detect their emotions. In Latin America, 52%; Europe, 48%; North America, 34%; and Asia-Pacific, 66%.
Nano-scale biotechnologies (eg devices and sensors built into the body) will help prevent 70% of fatalities and improve the treatment of chronic diseases. In Latin America, 52%; Europe, 39%; North America, 34%; and Asia-Pacific, 60%.
And machines will become customers, as people begin to delegate decisions to their bots. In Latin America, 40%; Europe, 41%; North America, 31%; and Asia-Pacific, 54%.
Most companies heard (just over 70%) believe that geolocation devices will warn the retailer when a buyer arrives at the store so that it can be better served. That retailers will know when a customer runs out of a product and will deliver it automatically. And that the cash transactions will shrink by 80%, thanks to the increase in biometric and mobile payments.
Three themes are prioritized by leaders: cost optimization and forecasting of customer needs, personalized experience, and enhancement of privacy and security.
What tools do leaders intend to adopt?
- For cost optimization and forecasting of customer needs: Predictive Analytics (76%) and Artificial Intelligence (72%)
- For privacy and security: biometric tools (68%) and privacy management (68%).
Many technologies serve different purposes. One example is the predictive analysis, which can be used in call centers and forecasting of inventories in stores throughout the country.
The mix of tools used by the leaders varies a bit from the rest of the package. They are investing differently in solutions that produce three outcomes: cost optimization and forecasting customer needs; personalized experience; and enhancement of privacy and security. But the most effective tool, they report, is episode management. The least effective is the automation of the sales force.