According to a recent report from the Economist Magazine’s Intelligence Unit, a new technology-enabled customer-led economy is emerging. It’s much like the customer-led economy that most small businesses already experience, but apparently, big corporations feel like they’re missing out. According to the Economist, the goal of new approaches and technology is to, “rebuild an intimate sense of connection with customers–to know them as though they were running a corner store.”
- Most companies (51%) are still relying on their website as their main communication tool, followed by e-mail (40%). Only 23% are using social media, with just 10% using mobile apps. That mix will change over the next three years.
- Companies say social media will become their number-one channel (43%) and their use of apps will leap fourfold.
- Emerging technologies are the principal enablers of this new customer-centric thinking. Companies are striving to follow their customers as they migrate across channels. Mobile and cloud-based applications are leading this trend, along with more intensive use of social media tools and connected products.
- Companies are connecting their customers, employees, partners and products to increase customer satisfaction. More than 80% of the executives polled say improving these connections will enhance the customer experience.
To download the free report: The Rise of the Customer-led Economy (EconomistInsights.com)