Many businesses aren’t entirely sure what to expect in 2023. Ongoing inflation, lingering supply chain challenges, and the threat of a possible recession have businesses reassessing their priorities and treading carefully as they head into the new year. Some are focusing on costs and delivering cost savings. Others are shoring up their competitive advantage and will choose to double down on differentiators in 2023.
In all cases, the market uncertainty we face this year underscores the increasing importance of one key business attribute — agility.
For most organizations, this will mean keeping their foot on the gas when it comes to prioritizing digital transformation efforts. In fact, one recent Gartner study shows that 94% of CEOs plan to continue their digital transformation efforts heading into the new year.
With this in mind, let’s take a look at a few trends that will guide the way organizations think about digital transformation this year.
1. Customer experience as a market differentiator
Today, your biggest competitor is your customer’s last best experience. With each new seamless digital experience your customers have, their expectations for interacting with your business grow.
To date, most businesses have focused their efforts on engaging customers and making it easier to transact with them digitally. However, in 2023 we’ll see many more organizations take their efforts one step farther. Customer experience will become a necessary differentiator, and new technology capabilities will make it easier than ever to deploy solutions that augment these existing digital customer experiences.
Many market leaders have already started down this road. For example, virtual dressing rooms and avatars allowed some retailers to show how clothing will fit on a person’s body, and 3D environments simulated product placement and positioning in a home and more. Businesses leveraging this type of experience, such as Hugo Boss and Walmart, have seen significant benefit from a revenue and customer loyalty perspective.