How speed and relevance make you want to be your own customer.
We all want the same thing: the convenience of shopping through Amazon, getting a cab through Uber or creating a shortlist of dream homes through Funda – even better if it can be done through our phones.
Companies that deliver this type of convenience are market winners. However, this current trend is about more than convenience: a customer-first focus creates disruptive business models that threaten the competitor’s existence. Moreover, the online world is one of ‘the winner takes it all’: more often than not, the no. 1 company’s turnover is a multitude of that of the others down the list. In short, digital change is essential.
Consumer behaviour and expectations are continually evolving, with new (technical) possibilities offering organisations more and more ways to anticipate.
The digital playground is changing and new trends are presented in quick succession. To summarise:
• Users are quick to adopt new technologies;
• Consumers expect ‘the latest and greatest’;
• New initiatives enjoy a shorter time-to-market;
• Safety and stability are prerequisites;
• Time and space for (quick) innovation is essential.
Within industries that were ahead of the digitalisation – such as media and retail – the pressure on older market leaders has increased rapidly due to newcomers, and the gap between top dog and second place grows wider and wider.
If the rate of change on the outside exceeds the rate of change on the inside, the end is near.
Digitalisation will change more and more sectors at a quicker pace throughout the coming years. Technical limitations are a thing of the past – partly due to the cloud revolution – but many businesses have a hard time keeping up with the new possibilities and faster pace.
So we ask ourselves, why are some companies able to anticipate the ever-changing consumer expectations, when others can’t? Simply being as quick as a competitor is not enough: companies that lag behind have to narrow the gap before they can move forward. What’s needed is an overarching company-wide approach that focuses on two main factors to move a business in the right direction.