October 10, 2018
The State (and Future) of Digital Marketplaces
Recently, renowned digital analyst Brian Solis released a new report detailing the evolving modern commerce landscape. He explains why artificial intelligence, above all else, is driving the next phase of modern commerce—and why it’s imperative for retail and e-commerce brands to take note…or else.
In order to stay competitive, brands must embrace next-gen technologies like AI which enable them to understand each consumer at their core, digging into their preferences and behaviors at the individual level and then using this insight to send them highly personalized, relevant, and timely communications. Here, brands ditch segmentation-based methods of communication (that were facilitated by old technologies) and instead talk to consumers as audiences of one—an experience that can only be facilitated by AI-powered technologies.
Consumers are craving, and, whether they realize it or not, are expecting this personal relationship with the brands they love. But, so many brands are still failing to deliver it. It’s this point (and realization) in particular that’s driving a wedge between today’s commerce brands and tomorrow’s commerce disruptors.
The “new-new” disruptors, as Solis refers to them, are on the brink of shutting out the current group of “new” disruptors—those who came onto the scene 5-10 years ago by delivering a better customer experience than their commerce predecessors. But the definition of a “better” customer experience is changing yet again. It’s now equated with—you guessed it—creating a highly personalized experience for each consumer at the individual level—an experience that can only be made possible by AI. This is why AI is the catalyst for the next wave of modern commerce disruption.
This sentiment is catching on. Let’s hear what a handful of digital influencers have to say about the impact of AI on modern commerce disruption:
“AI is allowing the flood of emerging data to be used on an individual basis in a way that makes manageable brand relationships possible. The market continues to move from a handful of companies providing limited products to a robust real-time marketplace. Organizations looking to keep up have already lost. Leading is the new “keeping up” in the business environment of the future.”
Orgs looking to keep up have already lost. Leading is the new “keeping up” in business of the future @ross_quintanaClick to tweet
“Today’s consumer expects a tailor-made experience. From desktop to mobile, in-store to e-commerce, creating personalized touch points isn’t recommended—it’s the new norm. As your audience becomes more selective in their interactions, an empathetic message is your core differentiator. It’s how you connect in the right way, at the right time, and across the right channels.”
#AI is a catalyst to improved customer sentiment & experience. #Personalization is key! @RebekahRadiceClick to tweet
“For many years, I have taught and written about the importance of human connection between our companies and our customers. Many people have asked me, in a world of AI and automated responses, how will we remain “human?” My answer is that we must and we will. I believe AI will eventually improve the human experience and in some cases is already doing so.”
#AI will eventually improve the human experience—and in some cases is already doing so. @markwschaeferClick to tweet
“No longer can brands simply put customer experience on auto-pilot and expect results that generate growth. If you want to grow your brand, you must understand that delivering personalized customer experiences is a prerequisite for growth which requires significant effort. That effort includes understanding everything about the customer so you can create personas, define customer journeys, understand the touch points, and identify the moments of impact that affect them the most. But that’s not all. Brands must be able to decipher data and determine the actionable insights that can be implemented back into processes to improve experiences. All of this requires that brands listen to and speak with their customers one-on-one. Working in this way will create value and build influence for the brand.”
To grow a #brand, you must know that delivering #personalized experiences is a prerequisite for growth. @suedurisClick to tweet
A Bi-Weekly Newsletter Focused Exclusively on Online Marketplaces