AI for CX and CLTV: Predictions for 2023
By : Dr. Prateek Kapadia
Chief Technology Officer
Trust and transparency are vital for success
The end of website cookies as we know them is coming – since Google announced they will phase out the use of cookies from browsers by 2024. 2023 is a critical time for B2C enterprises to finalize their business strategy for the ‘cookieless’ future. The loss of third-party data means an increased value in first-party data, which requires organizations to build trust within their community of users and data owners. The only way organizations can authentically gain that trust is through providing transparency and control to the use of data, which will be a vital goal for 2023.
The post-pandemic shift towards sustainable business
Subscription businesses will shift their focus from customer acquisition to sustained customer value creation during 2023 as we continue to head into a post-pandemic world. They realize that Customer and Product Lifetime Values give a more holistic and accurate sense to estimating ROI on CX investments rather than an increase in acquired base or an increase in transaction volume. It is on the premise that any customer experience which does not contribute to long term value creation will ultimately impact business profitability.
An emergence of low-code CX
The past few years have highlighted the need for enterprises to pivot to meet the ever-shifting landscape of customer needs efficiently. Next year, we’ll see an increase in user-friendly, low- code processes and systems to create a seamless customer experience across a myriad of touchpoints and systems. Vendors will embrace Industry-standard APIs to allow enterprises to integrate their CX ecosystem connecting internal and external systems painlessly.
Energy costs will weigh on CX cloud infrastructure decisions
Data centers play an essential role in the global IT supply chain. With the current situation in Ukraine, we are already dealing with higher energy costs, which, combined with higher inflation and supply disruption, will lead to an increase in the operating costs for data centers. This will inevitably make enterprises rethink their CX infrastructure strategies and cloud migrations.
Embracing central intelligence to orchestrate CX
Businesses increasingly recognize that their long term success is related to creating profitable customer relationships. To achieve this, companies need to be able to access data to understand customers deeper and predict future behavior. In 2023, businesses will increase their investments in a central intelligence system to power data-driven digital experiences.
Early adopters will successfully optimize CLTV across workflows spanning CX functions like sales, marketing, product management and customer care.
(Some of these predictions were covered in Solutions Review and SD Times)
