CONWAY, Ark.–(BUSINESS WIRE)–Axiomthe customer intelligence company, whose data-driven solutions create business growth by enabling better customer experiences, today unveiled its top customer experience (CX) predictions for 2023. Beyond the Metaverse – Our CX Predictions for 2023 is built on Acxiom’s expertise in data-driven marketing and includes findings from new proprietary research commissioned by Acxiom and MTMan international research and strategy consultancy.
“Our report highlights the crucial roles that data and customer intelligence play in emerging CX trends and serves as a guide for brands to connect and engage with customers in 2023,” said David Skinner, Chief Strategy Officer at Acxiom.After all, how brands and people interact is the cornerstone of any economy. Our research highlights this fundamental truth – it takes the right mix of data and technology to truly understand people. Regardless of trends, brands must have the essential mix to create customer experiences that resonate with people and drive brand growth.
Acxiom’s top five CX predictions with highlights from the latest consumer and B2B research include:
Trend #1: Everything-is-an-ad-network: Three out of four companies (75%) believe that the expected abolition of third-party cookies will make it more difficult to reach the audience, so first-party data will be worth investing in. Proprietary media networks, including retail media networks, built on first-party ownership will become an attractive proposition for brands looking to generate revenue at every stage of the customer journey. In fact, more than half of companies (55%) believe that retail media networks deliver higher conversion rates because ads appear when customers are actively shopping and willing to spend. For businesses that have already amassed a treasure trove of first-party data, this is a strong incentive to launch their own ad network.
Trend #2: Everything-as-a-Service (XaaS): for years, XaaS has gained momentum through subscription-based platforms for products and services that were once one-and-done purchases. Brands across sectors have recognized XaaS as a transformative tool for engaging with people throughout the customer journey. And in 2023, MTM projects the XaaS market will continue to grow as companies strive to maintain customer relationships – creating a significant opportunity for brands that offer their products as services. Seventy-six percent (76%) of large businesses believe that offering products as services helps them establish deeper relationships with customers, driving brand loyalty. And a majority of people (57%) agree they get a better customer experience with this model.
Trend #3: Seamless Service: Automation and AI will play a vital role in meeting the rising demand for personalized and seamless customer service. Calls for AI-powered customer service continue to rise, particularly among younger age groups, with a majority of those aged 16-44 (56%) preferring their first point of contact to be an AI chatbot rather than a person, and two-thirds expecting that digital assistants have access to all relevant information for their request. However, of the 64% of businesses adopting some form of AI for customer service, over half of the systems report across channels, which risks leaving customers frustrated. Delivering seamless customer service requires maintaining integrated systems, and in 2023, growing consumer expectations will push companies to open up their connected data-informed technology stack or risk losing market share.
Trend #4: Intuitive Technology: The pandemic crystallizes the value proposition of touchless technologies, such as voice and gesture recognition, accelerating their development and deployment. In 2023, we will see these touchless interfaces gain ground in everyday use. Sixty percent of people have experienced touchless technology; among those who use gestures, 89% want to see brands adopt more intuitive interfaces to improve the customer experience. Similarly, businesses are positive about the opportunities that intuitive technologies present, and 70% plan to offer more intuitive ways to interact with customers – a number that rises to 88% for larger businesses. There are several reasons for this favorable sentiment, most notably the potential to improve customer experience, with 61% of US businesses believing intuitive interfaces will allow them to deliver more seamless, responsive and personalized experiences.
Trend #5: Immersive Shopping: Brands are just starting to use augmented and virtual reality to create interactive and highly personal shopping experiences. Examples include virtual temptations, virtual showrooms, 3D models, and visual search, where people use their phones to shop the world around them by simply taking photos of an item to discover information online. The benefits of immersive shopping have the potential to be realized by both consumers and businesses. For consumers, it increases satisfaction and trust. Of the 30% of people who report having an immersive shopping experience, more than 3-in-4 (78%) were satisfied with their experience, and 73% agree that it makes them more confident in their purchases when shopping online. For brands, it is not only a source of direct feedback and engagement with customers, but it also has the potential to reduce returns. At a time when companies in all industries are grappling with supply chain issues and rising costs, immersive shopping has a key role to play in driving commercial efficiency.
Research Methodology: Fieldwork conducted Sept-Oct 2022 included online surveys conducted in the UK and US among nationally representative samples, evenly split between the US and UK, of 2000 adults 16+ and 200 industry-wide senior-level employees in a marketing role in businesses with a annual revenue over $100M, supplemented by desk research and expert interviews.
For a copy of “Beyond the Metaverse – Our CX Predictions for 2023“, please visit the Acxiom website.
Acxiom is a customer intelligence company that provides data-driven solutions to enable the world’s best marketers to better understand their customers to create better experiences and business growth. A leader and Customer data management, identityand the ethical use of data for more than 50 years, Acxiom now helps thousands of customers and partners around the globe to work together to create millions of better customer experiences every day. Acxiom is a registered trademark of Acxiom LLC and is part of the Interpublic Group of Companies, Inc. (IPG). For more information, visit Acxiom.com.
MTM is a global research and strategy agency specializing in technology, media, and entertainment. For more information, visit wearemtm.com.