1. Time for Millennials
Millennials are not children anymore.In fact, the oldest of them are now 35. They are known as a notoriously anxious and caution group who are getting richer.
According to statistic, Millennials currently spend on the order of $600 billion every year. As that number grows to an estimated $1.4 trillion in 2020, more and more businesses are catering to millennials. In practice, this means more experiential sales and marketing, less emphasis on glitz and glamour, and a push for consumers to “connect” with brands. Millennials are here to spend money and everybody is courting them.
To sell to millennials, entrepreneurs must find ways to be honest and transparent. The last thing companies want is for their marketing or business to come off as gimmicky or a blatant sales presentation.
2. The rise of experience economy
2017 witnessed the emerge of Museum of Ice Cream in Manhattan and now spread to some other cities of America. It is not a museum but a sprawling warren of interactive, vaguely hallucinatory confection-themed exhibits.
This business model exists to meet the demand of craving experience of customers. And this leads to a 2018 business trends that all about the experience economy.
It’s obvious that customers are far more willing to spend money on concerts, dinner dates and trips. They want to experience an emotional connection. They are looking for businesses with shared value. And more importantly, they want your organization to speak their reasons and emotions. They want a story!
So, if you’re still trying to build your business in the old way, you are in danger!
3. AI drives customer experience
The list of top 2018 business trends will incomplete without AI because it plays a critical role in business’s operation today.
AI or Artificial Intelligence is where machines perform tasks normally performed by humans. But rather than eliminating jobs, they’re actually freeing up employees and resources to provide better service. AI is becoming the norm for many practical consumer experiences. These powerful examples use AI to evaluate GPS data is Google Maps and Google Insight.
Below are few ways AI can help improve the customer experience:
- Automate customer interactions while providing a more immediate and personalized response that eliminates those frustrating moments, like searching through pages and pages of images to find one particular item
- Handle customer complaints using chatbots, reducing service cost
- Customize the customer experience improved the online shopping experience by using past purchases, current weather conditions, etc.
- Detect fraud identify/prevent security breaches
- Improve CX surveys. AI can help reduce survey length by using conversational surveys that employ NLP and machine learning to identify why customers are satisfied/dissatisfied.
4. Customer fight to control their personal data
By far, we tweet, post and share without regard for who see the final product. But in 2018, it will start changing.
Every business that’s been hacked has increased consumer awareness of the risks they’re exposing themselves to on a daily basis. Many companies now that see the dual value in selling a product that doesn’t rely on personal information and does rely on edge computing power.
Edge computing moves the heavy data lifting from the cloud into the world of devices. Data storage and some work is still done centrally, but by moving a lot of the logic to your phone, apps can reduce the latency that normally comes with transmission. This means you hold onto your data, even while it’s powering the same processes and decisions it always has.
5. The frightful 5 monopoly
We are addicted to the frightful five – Facebook, Amazon, Google, Apple, and Microsoft. But we’re stuck.
In fact, most of us don’t really like them, some hate them, but we can’t seem to leave. Why this happens?
They’ve created an ecosystem that’s filled with your friends, families and favorites. They’re created a business model around two specific ingredients – constrained relationship and dedicate relationship to motivate us to stay.
And of course, organizations that are well positioned, will benefit from these changes. As 2018 business trends, successful marketers will look to build on the growth of the big five, using the frightful five’s success to fuel their own.