Experience Economy and Experience Gap
A new wave is coming where people increasingly want to buy experiences rather than products. The speakers, including Luke Williams, Angela Ahrendts, and Max Mueller, talked about the new coming experience economy.
80 percent of customers will switch brands after a bad experience. Customer loyalty is therefore of utmost importance, since attracting a new customer costs six times more than retaining an existing one. Customers focus on experiences. This holds true in every market. Customers expect great experiences everywhere and they won’t hesitate to switch brands because “there just has to be a company delivering the same product or service but with a better experience in this market too.” The problem is that 80% of CEOs believe they deliver a great customer experience, but only 8% of their customers agree. That experience gap is a huge opportunity.
The future of the five CX pillars
With access to the product owners of the five SAP CX clouds, we learned more on the roadmap and future of SAP CX. At the London event, we saw a lot of focus and effort on integrating the five clouds. We attended great demos of the Cloud Platform Extension Factory to build custom extensions, language-agnostic and headless, using event triggers and APIs.
SAP is intensifying efforts to make the SAP C/4HANA value proposition crisp and consistent for customers, especially with the integration with S/4HANA and the Intelligent Enterprise solutions, accelerators, and industry use cases.
The SAP Commerce Cloud has gone through significant transformation in recent months and evolved into an agile, extensible, cloud-native, headless, mobile-first solution. These new capabilities speed up deployments and make upgrades, integrations, and extensions simpler.
SAP is improving the CX suite with specialized partners, such as Productsup, Bloomreach, Annex Cloud, Celum, and Mediafly. These partners add functionality to the SAP CX platform via the SAP App Center and Extension Factory.
No experience gap for Capgemini
Our demo for Conversational Commerce (link to whitepaper) was well received. The demo helped raise awareness among SAP Commerce Cloud clients and SAP sales and presales teams about our innovation engagement. We also enjoyed meeting with existing as well as potential clients from various countries (UK, Netherlands, France, Belgium, etc.). We discussed their customer experience journeys, ranging from moving their legacy CRM systems into new sales/service cloud solutions, to completely rethinking their omnichannel customer strategy with an appropriate digital transformation approach.
Make sure you stop by our booth in Munich on November 5th at SAP CX Live!