Today, the consumer is in the driver’s seat of the Experience Economy. Consumers have nearly unlimited options to get what they want and can (mostly) get it under an hour. It’s no longer the promise of what digital transformation could bring, rather it is the reality we live in. But the underlying question that faces all business still applies: what is the best way to attract and keep new consumers?
Friction-free is how I like to think of it. You must identify and remove all barriers for your consumers to engage with your brand and experience your products and services. You need to make it unreasonably easy.
Think about how far these practices have come.Not only can I get what I want, when I want it, I can also decide the terms of payment. So many institutions are offering “buy now - pay later” options that it has disrupted the financial sector and created several new unicorns in the financial services space and is disrupting that sector. Additionally, consumer shave a multitude of choices for delivery – Uber now provides not only food delivery, but also package delivery – digitally-enabled courier service. Instacart outsources shopping so that I now have more time for other pursuits.According to Instacart I have saved over 350 hours of shopping, plus I save money by not driving, and in my case, the effort saved by not needing to haul bags and boxes up several elevators to my apartment. Reclaimed time is a byproduct of the Experience Economy from innovative companies embracing DigitalTransformation.
This level of innovation and transformation are just table stakes for companies to remain relevant – especially in the consumer sector. In fact, other industries are being disrupted and transformed by the consumerization of their industries such as healthcare. In our role asNavigators of Digital Transformation at Launch, we work with leading companies in terms of hyper-personalization: Disney, Carnival, Starbucks, and others.These companies have overhauled every aspect of how you experience theme parks, cruise ships, and order food. They are working in amazing advances in elevating the experience of their brands by leveraging predictive technology, location intelligence, and a host of artificial intelligence applications to individualize customer service and how one engages with the brand spanning the digital and physical domains.
There are so many technologies that are being leveraged in new and novel ways to take on new challenges. Imagine a hyper-personalized and friction-free experience in healthcare. Imagine going to the hospital and they have all your information in advance. No forms to fill out and all the providers have immediate access to all your health information at the time of care. Resources are utilized in the most efficient and error-free fashion. Those are the kinds of companies that will survive.
To consumers I would say, you have all the power, so take some responsibility. Be purposeful by channeling your spending on brands and businesses that align with your values. Big decisions on how and where business is done are happening every day. It’s important, and you can impact those decisions directly.