How technology is redefining customer dynamics

A happy customer is not a myth. But, as a business, you have to earn that loyalty from your customers.

Customers have always been the centre of every business, as they should be, while technology is the axis of its change and advancement. New technology has always given consumers greater leverage. Although the digital transformation was already underway before the pandemic, the outbreak accelerated the adoption of digital technologies by several years - both in creating digitally enhanced offerings and the adoption by customers. Similarly, it impacted the customers’ needs and saw a 100% switch to readily available offerings with a digital solution. As a result, the fundamentals of the current setup of customers have changed drastically. Customers today pay extra attention and give much more importance to their experience with the business than they used to. Their varied purchasing pattern and habits have a high probability of impacting how the businesses communicate with them. A successful business requires careful management of its customer relationship. With customers becoming greatly tech-savvy, businesses need to acknowledge, if not already, and accept the impact of these technological advancements on customer experience. Adapting to this rapid development is the only way to move forward. Businesses need to deconstruct and rebuild their strategies around ways to help them accurately understand their customers’ needs, habits, preferences and experiences.

Pillars of business success

A healthy customer relationship equals a successful business. The three pillars to be taken care of to form this priceless intimate customer relationship are – customer loyalty, satisfaction, and retention. All these are interrelated. A strong relationship instills trust in customers’ minds and helps in achieving satisfaction & loyalty. Furthermore it is always easy to retain a loyal customer. The early adopters will always have an advantage over the rest. The fierce competition every business faces today has tilted the supply-demand balance and put the ball in the customers’ court. Technology not only liberates but also eases the whole process of building strategies and helps change the business dynamics between customers and business owners. The rise of tech has given immense power to every domain to manage their work efficiently. Especially considering how times have changed after Covid-19. Technology is what has brought customers closer to businesses. Customer understanding is the key to success; thus, it is necessary for any business to truly grow and succeed in the long run.

We have already witnessed a major shift toward digital platforms that help in boosting customer experience and communication. With these tech-enabled platforms in the picture, it has become a comparatively easier process for businesses. As more businesses collect consumer data, they can securely collect, store, analyse and access real-time data & insights. This data can help businesses position themselves better as a brand and enhance their user experience with an intuitive user interface, on-demand service, personalised offering and experience. Not only this but also in terms of making crucial business decisions. These platforms can also help make essential data-backed business decisions like introducing a new product, investing in marketing, buying products, etc.

In today’s fast-moving customer demands and higher expectations, the crucial data points can help businesses by giving them valuable insights into their customers’ behaviors, preferences and purchasing patterns. They can leverage these data points to curate more efficient, effective and personalised marketing strategies. The integration of tech in business processes has given rise to many such opportunities that can help businesses strongly connect and build intricate customer relationships. Moreover, with the help of AI/ML, many business recommendations could be made, which are left up to the businesses to leverage & act.

Way forward

Understanding the entire customer journey and their footprints have undoubtedly become a rule for new-age businesses to have an effective and higher engagement with their customers. With such multifold progress in the tech-enabled processes that businesses have adopted, they can now communicate with customers more easily, especially the small businesses that might lack the resources for conventional marketing and promotional strategies. Businesses today need to move and put their best foot forward and take a leap of faith to build and maintain a strong foothold across their industry and domain among their customers. A positive customer experience leads to recurring and successful business experiences. It is an extremely progressive step towards growth.

With new communication channels emerging, it will not be difficult for businesses to provide a seamless experience to its customers in their journey of feedback and better customer
experience. Enhancing customer experience is the sure-shot way to business growth & success.

(The author is the managing director and chief executive of Avidestal Technologies)