The business world has shifted over recent decades from the consumer economy (where price and savings drive customer decisions) to the relationship economy (where customer service and brand loyalty drive customer decisions). In addition, between smartphones, smart appliances, Bluetooth and data networks, daily life is becoming more integrated with each passing day. That means the volume of data feeding into relationship economy decisions — via reviews, social media, AI-driven recommendations and more — is increasing.
Despite this revolution in the business-customer relationship, many businesses are still somewhat far behind. That’s not too surprising. It’s easy to say “I’ll learn about that later” — and then find the idea of catching up to be daunting. Unfortunately, the relationship economy is going to push further and further down the technology continuum. That means that the time to catch up is now, not later.
Read More from This Article: IDG Contributor Network: A crash course in understanding the relationship economy
Source: IT Strategy