By Ramesh Srinivasan
India is clearly a breeding ground for innovation and entrepreneurship, with reports indicating that the start-up ecosystem has been a major economic growth engine. Since June 2022, India has seen 103 unicorns with a total valuation of $ 335.80 billion and has been recognised as the 3rd largest ecosystem for start-ups globally. With the pandemic, major shifts in consumer behaviour like the increased adoption of remote education and digital health services, e-commerce, mobile wallets, etc. have provided a significant tailwind for businesses across sectors. Moreover, the emergence of new technologies like artificial intelligence (Al), machine learning (ML), data science, among others, has changed gameplay completely.
The tech evolution has also ushered in an era of hyper-personalisation, delivered to customers at the click of a button. Shoppers have several brands and options available at their fingertips, along with access to the resources and information necessary for an educated purchase decision. Hence brands need to provide remarkable and compelling customer experiences to be seen, chosen, and win the loyalty of shoppers this can happen if one were to look at a predictive analysis stack which a lot of commerce sites do have, and improve constantly building layers of analytics but that works well as long as there find the customer coming back, in a crowded market how do you make the first time customer engage and win, here comes the experience factor. Companies are leaning in on innovations like metaverse, robotics, and marketing automation to build meaningful, real-time interactions that eventually enhance engagement and experience. With a data-first approach, businesses are building strategies to improve and enhance their customer journeys and improve retention and customer acquisition/ loyalty.
The concept of metaverse has been derived from the 1992 science fiction novel, Snow Crash. In a digital world, physical augmented, and virtual reality converge. As the metaverse becomes more normalized, brands are looking to drive personalized shopping experiences or education experiences across these physical and virtual worlds. With the growth of the metaverse, companies will continue to learn how they can create positive and emotionally engaging experiences for their customers in a truly omnichannel environment Cope. Studio, an Indian start-up, has a deep-tech-focused product studio that develops a platform for repeatable creation and growth of successful products, focussed on early-stage ventures. The company combines design, product support, and capital to turn bold ideas about the Metaverse into category-defining companies. The metaverse will have Web 3.0, the blockchain, and distributed environment. Metaverse is the way forward; eventually, everything will be on Web 3.0 and the nature of interaction will switch gears, and some things looking futuristic will be very near. Digital assets will be available more freely for co-creation and recreation.
Robotics Process Automation (RPA)
AI, ML, and Chatbots, robotics technology have evolved too. With the help of AI-enabled customer engagement tools, brands are now able to collect and analyse a wealth of data, which gives them a deeper understanding of consumer behaviour. Further, brands can amplify the data collected and enhance their customers’ experience. Intelligent, data-driven automation can help companies improve customer experience (CX), a key differentiator and secret sauce to building a successful business today. AI and Automaton can help brands drive value through customer benefits like faster and more responsive query resolution, seamless omnichannel shopping experiences, and customised offerings amongst others. RPA provides the least invasive way to get automated, extremely quick responses and streamlined workflows with constant ability to improve, this is super critical when you scale and in a business-to-customer (B2C) space.
Lastly, data-driven marketing can easily, target, engage, and nurture customers while meeting their expectations better. With the implementation of data-driven marketing strategies, brands improve their customer experience by providing them with personalised marketing, effective cross-selling, better product development, and enhanced sales process. Companies tend to opt for personalised marketing strategies for the highest possible return on investment (ROI) reduce CAC and improve stickiness in hyper-scale, attention-recession gen z consumers.
Like in the law of diffusion of innovation Simon Sinek explains to the early adopters before it reaches the tipping point for higher growth, I believe the inverted bell curve of the graph may just be the same but the velocity to reach the tipping point will be a function of the tech adoption by customers, in conclusion, these technologies will be a necessity for growth and may be the only differentiator.
The author is the CEO – India of Netcore Cloud