With information readily available, customers are more empowered than ever. Ubiquitous devices have among their top activities researching and comparing products, services or businesses – and customers are demanding more from the brands they love.

In today’s digital omnichannel engagements, customer experience (CX) is 24/7, on-demand and the sum of all things, occurring over the duration of a relationship between consumer and vendor. From initial interaction to completed transaction and beyond, customers demand engagement. Ideally, experiences are consistent and deliver relevant content, products and services across multiple touch points.

CX has evolved into digital engagement, following the consumer online. Disruptive digital technologies have introduced new channels for distribution and consumption. Customers enjoy instant access to data from website, apps, mobile and wearable devices, sensors and social networks. And these predominantly mobile devices are revolutionising the digital experience and pushing the limits of engagement.

For instance, major Australian banks are already making mobile payments a top priority. Commonwealth Bank, Westpac, Credit Union Australia (CUA) and Bendigo Bank have released mobile payments apps, while ANZ Bank and National Australia Bank (NAB) are planning to make the move soon.

It’s all about the journey
With Forrester forecasting a $2.1 billion commerce technology spend by 2019 (a 12 percent CAGR from 2014), it is evident that businesses need to evolve to address digitally empowered customers and stay competitive.

Come 2020, enterprises will have to digitise the entire customer journey, from initial interest to purchase and follow-on support. By analysing data stemming from all points of engagement, businesses can obtain customer insights on transactions, interaction, social media and devices, and develop a personalised approach for each customer in real-time.

Effectively managing customer data is crucial to optimising the customer journey. By predicting customer behaviour, the chances of meeting customers’ expectations are greatly increased. In such contextualised experiences, the needs and buying behaviour of the individual are anticipated, with offers of personalised information and location-based products or services at opportune moments.

To deliver contextual experiences, organisations should use tools that combine historical (buying behaviour), situational (geo-location) and demographic (profile-based) data, which helps build brand loyalty and long-term relationships.

Unlocking big data and making customer insights actionable
Data plays a significant role in digitising customers’ journeys and creating compelling brand experiences across every touch point; Forrester anticipates an impending war amongst customer data professionals, especially within the retail and banking sectors, as smart companies curtail the sale and sharing of customer data as it grows to be a key differentiator.

Nevertheless, with data expansion and knowledge comes risk. Hence, it is vital for digital enterprises to manage the complete portfolio of their customer information securely, so as to maximise potential whilst minimising risk. The digital enterprise will need to integrate front- and back-office processes with a comprehensive information management strategy that incorporates Customer Experience Management (CEM) technologies.

CEM solutions can help businesses turn valuable customer information from unstructured data sources into competitive advantage and profit – exceeding customer expectations to improve business results. By using CEM, a digital enterprise can present actionable data to deliver satisfying digital experiences. For example, video, rich media and personalised content can be created collaboratively, published and shared widely to surprise and delight customers at every turn.

Fundamentally, the key to sales and marketing success in 2020 will depend on the organisation’s ability to leverage all available data and use it to better understand the customer, to develop long-term relationships, and deliver compelling experiences.

ABOUT MIKE LORD//

Mike Lord, is Vice President, Australia & New Zealand at OpenText, based in the APAC Regional Head Office in Sydney.