As the world goes increasingly digital, it is evident that the consumers are adapting to it faster than enterprises are. The consumer is today digitally more empowered than the enterprise is. He has stopped receiving static communication from businesses and prefers to interact with the business. He knows more from other customers on social media channels and uses it to make informed choices of purchase and engagement with the enterprise’s business, products and services than he has ever before.
With over a third of consumers in the US, Europe being the millennial population who are more digital, it is clear therefore that the enterprises simply have to scale up and go more digital and interactive than ever before or they will be left behind losing market share and revenues. In places like India, this population is a very large chunk with predictions stating that over 50% of the consumer population with considerable purchasing power will be from the millennial segment by 2020. Businesses and enterprises don’t have a choice. They either adapt early and succeed or get left behind and eventually lose their position in the market.
So what can they do? To start with, they ought to move from being an archaic customer engagement culture to being a new-age one. And it starts with Customer Communication. Gone are the days of static paper bills, statements and receipts being simply converted into PDF and being called e-statements, e-bills and e-receipts. The time has come to transition from these static points of communication to interactive, engaging, enriching experiences for consumers. It’s time businesses stop transmitting and start interacting!
