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Digitised business-01

Companies need to digitise or die

  • 4 in 5 companies believe digital change will speed up in 2022 yet only 1 in 8 believe they are exceeding customers’ expectations.
  • 75% of Australia-New Zealand businesses are observing a surge in existing customers using digital channels.
  • Net global spending on digital transformation is estimated to double to more than US$2 trillion in 2022, up from US$1 trillion in 2018.

Times are changing at such a rapid pace for businesses, particularly digital interactions, that the vast majority are adapting expeditiously to cater to evolving customer preferences.

The 2022 Digital Trends Experience Index has found that 82% of companies surveyed have noted that customers were interacting with them in new ways.

Some 81% of Australian and New Zealand brands surveyed expected the pace of change to persist through 2022 with the report finding that much of these changes related specifically to digital interactions.

In 2018, the net global spending on digital transformation was estimated to be US$1 trillion, with this number set to skyrocket to more than US$2 trillion in 2022.

About 75% of respondents have already observed a surge in existing customers using digital channels, while 72% noted an increase in new customers using digital channels.

And 87% of the senior executives surveyed agreed that the events of 2020-21 have rewired customers to be digital-first, meaning companies need to stay fixed on optimising customers’ digital experiences.

More than 50% of senior executives said that in 2022 they are increasing their investment in platforms that will empower their organisation to serve customers across increasingly complex omnichannel customer journeys.

The cloud has enabled businesses to be fast, dynamic, and flexible enabling them to test new projects that are cost-effective and low-risk to be able to meet customer demands quicker.

Big Data analytics, web and mobile apps, allow firms to digitally record all touch-points to create a 360-degree view of customers. By using this data, companies can learn when, how, and why customers do business and how they can offer a more improved customer experience.

To stay competitive, companies must co-develop a new future with their evolving customers, the report said. Contextual, relevant, and helpful personalisation at scale is the imperative in 2022.

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