Early results from our digital maturity survey suggest that fully 82 percent of respondents expect their companies to become digital leaders — of those, 52 percent aspire to become digital leaders within the telecom industry, while 30 percent aim to be on par with leading players in any industry. But most operators have a long way to go to reach any of these points. On the one hand, operators’ digital marketing efforts have been strong — fully 73 percent of respondents maintain that their efforts are either already best in class or at an advanced stage. But when it comes to digital commerce and monetizing these marketing efforts, respondents admit that they’re still lagging — just 30 percent say they’re either best in class or advanced, while 35 percent admit they’re still at the beginner stage.
CMT Foresight recommended reading
The shift to digital commerce is creating profound changes for merchants as they develop ways to meet the rapidly evolving demands and preferences of consumers. Electronic payment providers can help merchants deal with the complexity of digital payments — and ultimately increase customer loyalty and engagement — but only if the two entities collaborate effectively, particularly regarding the use of data. Our 2015 Consumer Payments Survey shows that merchants seek more value-added services from payment providers, which are still largely focused on payment facilitation, even as that business becomes commoditized. There is a clear opportunity for payment providers to expand beyond their traditional scope of service and collaborate more effectively with merchants to use data in order to create richer and more personalized shopping experiences.
One of the newest opportunities enabled by the Internet of Things is the advent of the connected home. The prospect of a smart home with solutions such as automated lighting, 24/7 video recording and cloud-based HVAC management has sparked a frenzy of market activity. In the past year, multi-service operators, telecommunication companies, original equipment manufacturers, start-ups, and tech heavyweights have all entered the space with competing and complementary offerings. With so many players companies must differentiate themselves from their competitors. So which specific strategies should they adopt to ensure long-term success and drive sustainable revenue growth? The customer experience.