Digital consumption: key questions every business must address
Customer expectations never stand still. To meet – or exceed – customer expectations, incumbents need to act now.
For businesses to succeed in the unrelenting race to keep up with customer expectations, they need to retain an intense focus on remaining agile and responsive to the latest technological innovations and developments in customer expectations. As the rate and scale of disruption accelerates and customer expectations evolve, companies face a growing need to change the way they track and respond to customer needs.
This presents some specific and urgent questions for businesses to answer:
Digitalization of the customer environment also poses some important questions for governments and regulators, particularly in emerging areas where the implications of digitalization on consumer interests do not have clear precedent:
- As customer data is increasingly used to drive digitally enabled revenue models, how should data ownership and monetization be governed across businesses and sectors?
- As an increasing number of partnerships emerge to drive new customer experiences, how can regulators identify and ascertain ultimate responsibility for ensuring that customer interests are met?
- What role can policymakers and regulators play in enabling business models that promise to drive significant gains for customers? (e.g., sharing-based models that democratize access to goods and services that were previously inaccessible under ownership-based models, especially in developing markets)
The race to keep up with customer expectations is a particularly challenging one. On one hand, it is a sprint. With the accelerating pace at which technology advances and customer expectations change, enterprises need to be faster than ever to keep up. On the other hand, it is also a marathon. Customer expectations never stand still and are already being reshaped by the next wave of technology.
There is no finish line in sight.
Digital consumption is one of four cross-industry themes (along with digital enterprise, societal implications, and platform governance) that have been the focus of the World Economic Forum’s Digital Transformation of Industries (DTI) 2016 project. An overview of the DTI program can be found here.
Our in-depth analysis of the digital consumption cross-industry theme is available in a white paper, which can be downloaded here.
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