Key innovations that Indian tech start-ups have brought to customer experience

By Ramesh Srinivasan

India is clearly a breeding ground for innovation and entrepreneurship, with reports indicating that the startup ecosystem has been a major economic growth engine. As of June 2022, India has seen 103 unicorns with a total valuation of $335.80 billion and has been globally recognized as the third largest startup ecosystem. With the pandemic, major shifts in consumer behavior such as the increased adoption of remote education and digital health services, e-commerce, mobile wallets, among others, have provided a significant tailwind for businesses across sectors. Moreover, the emergence of new technologies like Al, ML, data science and more have completely changed the game.

The technological evolution has also ushered in an era of hyper-personalization, delivered to customers at the click of a button. Shoppers have multiple brands and options available at their fingertips, along with access to the resources and information needed to make an educated purchasing decision. As a result, brands must offer remarkable and engaging customer experiences to be seen, chosen and win the loyalty of shoppers. of analytics but it works well as long as the customer comes back, in a crowded market how do you make the first time customer engage and win, here comes the experience factor. Companies are leaning on innovations like metaverse, robotics, and marketing automation to build meaningful, real-time interactions that ultimately improve engagement and experience. With a data-first approach, businesses build strategies to enhance and improve their customer journeys and to improve retention and customer acquisition/loyalty.

Metaverse

The concept of metaverse is derived from the 1992 science fiction novel, Snow Crash. In a digital world, physical augmented and virtual reality come together. As the metaverse becomes more normalized, brands are looking for personalized shopping experiences or educational experiences across these physical and virtual worlds. As the metaverse grows, companies will continue to learn how to create positive and emotionally engaging experiences for their customers in a truly omnichannel environment Cope. Studio, an Indian start-up, has a deep technology-focused product studio that develops a platform for repeatable creation and growth of successful products, focused on early-stage enterprises. The company combines design, product support and capital to transform bold ideas across the Metaverse into category-defining companies. The metaverse will have Web3.0, the blockchain and distributed environment. Metaverse is the way forward; eventually everything will be on Web3.0 and the nature of interaction will change gears, and some things that look futuristic will be very close. Digital assets will be more freely available for co-creation and recreation.

Robotic Process Automation (RPA)

Artificial Intelligence, Machine Learning and Chatbots, robotics technology has also evolved. With the help of AI-enabled customer engagement tools, brands are now able to collect and analyze a wealth of data, giving them a deeper understanding of consumer behavior. Furthermore, brands can amplify the data collected and improve their customers’ experience. Intelligent, data-driven automation can help companies improve customer experience (CX), a key differentiator and secret sauce to building a successful business today. AI and Automaton can help brands drive value through customer benefits such as faster and more responsive query resolution, seamless omnichannel shopping experiences and customized offers among others. RPA provides the least invasive way to get automated, extremely fast responses and streamlined workflows with the constant ability to improve, this is extremely critical when you scale and in a B2C space.

Data driven marketing

Finally, data-driven marketing can easily target, engage and nurture customers while better meeting their expectations. By implementing data-driven marketing strategies, brands improve their customer experience by providing them with personalized marketing, effective cross-selling, better product development and improved sales process. Companies tend to opt for personalized marketing strategies for the highest possible return on investment (ROI) reduce CAC and improve stickiness in hyperscale, attention-recession gen z consumers.

As in the law of diffusion of innovation that Simon Sinek explains to the early adopters before it reaches the tipping point for higher growth, I believe the inverted bell curve of the graph can only be the same, but the velocity to reach the tipping point will be a function of the technology adoption by customers, in conclusion, these technologies will be a necessity for growth and may be the only differentiator.

The author is the CEO, Netcore Cloud, India

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Also read: How Web3 is the next frontier of experiential marketing

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