Chatbots can not only understand their users but also constantly learn, predict, and adapt to create highly accurate, personalized offerings for customers. Fueling its growth are the explosion of messaging apps, social media, mobility, cloud, the Internet of Things, and landmark breakthroughs in artificial intelligence (AI) techniques like machine learning, natural language processing, and neural networks.
Read MoreFor nearly a decade, CIOs and IT leaders have experimented with two-speed IT to drive business agility, only to discover that two-speed IT had more downsides than upsides. The process improvement they expected in delivery and collaboration was hard to come by.
Pull the Plug on Two-Speed IT
By decoupling the management of customer-centric front-end systems from the transaction-oriented back-end systems, two-speed IT architecture allowed companies
Read MoreFrom the tsunami of Pokémon Go, which made augmented reality mainstream overnight, to the explosion of chatbots taking orders for brands, large and small — 2016 proved to be more exciting and disruptive than the year before.
With the integration of digital technology into every aspect of business, digital transformation has become the key strategic thrust for most CEOs, CTOs, and CIOs. The global investment in digital transformation is expected to reach $2.2 trillion in 2019, almost 60% more than in 2016.
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Look around and digital transformation is occurring everywhere. In the past 4 years, the financial services industry has seen an unprecedented pace of innovation:
Financial services companies must put personalization technologies at the heart of their customer engagement and digital strategies to deliver the richer and more personalized digital banking experiences that customer want – and deserve.
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Data volume and velocity, two of the Four V’s of Big Data, grow exponentially in a digital enterprise. However, these have no relevance unless high-performance analytics convert the data into what we call Big Data’s fifth V — Value to Business. Innovative companies use actionable insights from Big Data to drive real-time marketing effectiveness, such as delivering high-value, personalized customer experiences to drive ROI and brand love; dynamic online merchandising like smart cross-selling and upselling to drive revenue; and insights to enhance an app experience, target customer with next-best offers, adjust pricing in real time or provide up-to-the-minute information about customers.
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November 11, celebrated as Singles’ Day in China, proved to be the world's biggest online shopping event with Alibaba alone raking in almost $18 billion in just a day! In the US, online shopping on Black Friday is forecasted to soar 11.3% YoY and pass the $3 billion mark for the first time, while Cyber Monday is all set be the largest revenue day of the holiday season, with an expected $3.36 billion in revenue. During the 2016 holidays, US retail e-commerce sales are predicted to jump to $94.71 billion, and digital sales are set to surpass 10% of total retail for the first time. And of course, the mobile phone will be the No. 1 platform for browsing.
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Everyone wants to get the omnichannel customer experience right. That includes the right availability, performance, and scalability too. But earlier this year, the Panama Papers data breach taught us something crucial: Failing to secure that digital experience for your consumers can result in something much worse than Twitter shame. You could be looking at reputation damage, proprietary data loss, financial loss, and lawsuits.
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On November 3rd, 2016, nearly 200+ CxOs and omnichannel experts from Fortune 500 companies like Walgreens, Toys”R”Us, Keybank, Nationwide, and L’Oréal will gather at PhotonWorld 2016 to size-up high stake opportunities for digital innovation and success. The attendees will leverage our predictions on the next critical shifts in consumer behavior and omnichannel trends to bet on in the next 12 months.
Read MoreCustomer loyalty strategies are core to highly successful omnichannel experiences — those that don't just deliver against baseline customer expectations but proactively build value and loyalty into every facet of the complex, modern customer journey.
Most companies fail in matching the experiences they deliver with what their customers expect. And that’s off-putting. But given the benefits of omnichannel personalization, it’s worth trying to learn from the few Fortune 500 brands who’ve got their personalization tactics right.
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Omnichannel personalization is key to winning intent-rich moments in the customer journey and cultivating brand loyalty.
In a channel-hopping, brand-shifting economy, customer loyalty is the direct outcome of a deep, thoughtful customer experience strategy. Retailers that truly personalize and contextualize offers to individuals can drive more than 2 times improvement in customer loyalty, according to IDC. Personalization technologies make lasting customer loyalty possible through unique and valuable customer experiences powered by a deep understanding of customer needs and motivations.
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Many brands suffer from “two site” syndrome that results in a frustrating and fragmented customer experience. The operation of separate content and e-commerce silos force customers to jump between sections in the website during “explore” and “buy” phases.
Read MorePerfect omnichannel experiences are not just delivered seamlessly across all channels but are also consistently personalized for the individual consumer based on the user context, time, journey, browse history, situational and social data, and so forth.
But do personalized omnichannel experience drive better customer engagement, revenue, conversion, order value, and customer loyalty? Check for yourself to decide how consumers reward omnichannel personalization.
Given that the rapid expansion in use of digital technologies also expands the attack surface, successfully managing security risks in omnichannel devices is a constant battle for CIOs and CISOs. Here are five essential steps to turn security risks into rewards by improving your omnichannel security:
Enter the chatbots! And a tantalizing new generation of cognitive digital experiences is possible. Need a ride? Search for Uber in Facebook Messenger, simply tap the car icon, and you’re on your way. Want a pizza? Just send a tweet or Facebook message to your favorite pizzeria. Tell the chatbot you want pepperoni on it. Or bacon. Or anything you like. Simplifies life for consumers, doesn’t it?
Read MoreMicroservices have stirred a wave of change in enterprise efforts to achieve better service-software architectures, and digital leaders are rushing to capitalize on them for building great digital experiences.
Using microservice architecture, omnichannel APIs remove the complexities of underlying systems to help in building truly seamless and scalable front-end experiences. APIs play a critical role in digital business transformation by helping companies go to market quickly. And by creating custom APIs, some firms have established new ecosystems, scaled up, and disrupted an entire market.
But how did software architecture evolve from traditional, monolithic applications to flexible, decoupled modules?
Read MoreWith cyber attacks costing businesses between $400 and $500 billion a year, visibility into application, cloud, network, data center, and mobile risks has never been more critical. As cloud computing, mobility, big data, social technologies, and the Internet of Things are reshaping businesses, the risk of data breaches continues to rise at alarming rates. In 2015, 38% more security incidents were detected than the year before, according to a PwC report.
From the CISO and CIO perspective, security is paramount in an omnichannel scenario, while for CMOs and Line-of-Business leaders, omnichannel success calls for winning customers’ digital moments via superior customer experience, increasing number of payment methods, devices, and fulfillment options—all of which expands the attack surface and creates more risk than ever before.
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Posted by Saharsh Borar on 11:27
Labels: Conversational Interfaces, Chatbots