Global market intelligence company International Data Corporation (IDC) has released Future of Customer Experience predictions for 2023, providing insights into how B2B and B2C businesses can overcome a variety of challenges, such as inflation and economic instability, while also managing the hybrid work model. On top of that, customers still expect memorable and personalized experiences, greater value, and more control over their engagement with businesses.
According to the report, businesses that want to stay (or become) customer-centric in the future will need to turn transactional-level experiences into relationship-based experiences. To do so, companies will need to deliver customer value and desired outcomes, leveraging technology foundations such as customer data, artificial intelligence, and machine learning.
Making the necessary changes will create trusted communities, leading to greater customer involvement in the experience ecosystem. Although it has always been important, the human element in the customer experience is becoming the key factor in the digital business models of today.
"In a world of accelerated uncertainty, the next era of CX innovation will be led by those brands that improve value for the customer through empathy and delivering outcomes for customer success. Thrivers will share and apply intelligence at the speed of customer engagement, create new customer engagement models and metrics for a digital business, and tap into the power of decentralization/Web3 to create equitable value parity in customer and business outcomes alike," said Sudhir Rajagopal, Research Director, Future of Customer Experience at IDC.
The report points out key predictions for the Future of Customer Experience, some of which are:
- By 2027, one-fourth of global brands will adopt a Customer Effort Score connected to outcomes as a key indicator of journey satisfaction and success.
- To foster loyalty and a competitive edge, 64% of the Global 2000 will own online communities by 2027, and core IT application integrations will enable a new wave of collaboration and outcome-based insights.
- By 2026, 40% of the Global 2000 will incorporate employee experience (EX) initiatives into their core CX strategies to compete in CX, talent acquisition, and retention, but will struggle to measure EX+CX.
- Adopting Web3 technologies will drive 45% of global brands to create new immersive experiences, accessible content, and engaged communities and grow the CX creator economy into a $300 billion market by 2024.
- By 2024, at least 30% of organizations will introduce new success metrics to track and measure the internal and external flows of customer value creation.
- By 2025, 50% of G2000 enterprise customers will primarily select their CX platform provider based on the efficacy of the vendor's customer success services.