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Moving beyond the transactional

Innovation meets personalization in the new experience economy

Global Marketing & Indiustrialisation Summit
The purchase experience is paramount to customers – perhaps more important than the product itself. For businesses, the pressure is on to deliver a more personalized offering, an engaging product or service, and a seamless journey that leads to a memorable event. So how can businesses innovate, adapt, and thrive in this new experience economy?
Enriching the customer journey

Consumer loyalty and the purchases that follow are influenced by experiences throughout the customer journey. Successful companies are those that continuously reinvent these experiences and embed the latest technology and innovation into the process. The result is optimized personalization, increased engagement with consumers, and a seamless process for using and purchasing products. Paired with options for feedback, this allows for an even better experience in the future.

Moment of Truth, The Nudge
Moment of truth: The nudge
These are the opportunities that successful companies do not miss—ideal moments to offer customers a relevant product along with a simple on-ramp to begin their customer journey.
1
BE AWARE
Personalized marketing
Sensory marketing
Digital nudging
2
INTERACT
Visual product customization
Sensory supplements/ experimental gadgets
Service provider aggregation/ unmanned stores
3
CHOOSE
Database integration for customer profiling and instant data sharing
4
SETTLE
Non-fungible tokens
Smart contract solutions
5
MANAGE
Virtual assistants, chatbots, and conversational AI solutions
6
CONSUME
Biometrics and facial recognition solutions
Smart wearable solutions
7
REVIEW
Customer feedback tools
8
SHARE
Loyalty program gamification tools
9
RETAIN
Customer retention through digital nudges
End of journey
By journey’s end, companies that use the data/feedback gathered to improve their offerings will be well-prepared for the next opportunity to engage the customer.
Moment of truth: The nudge

These are the opportunities that successful companies do not miss—ideal moments to offer customers a relevant product along with a simple on-ramp to begin their customer journey.

 
 
Be aware
  • Personalized marketing
  • Sensory marketing
  • Digital nudging
Interact
  • Visual product customization
  • Sensory supplements/experimental gadgets
  • Service provider aggregation/unmanned stores
Choose
  • Database integration for customer profiling and instant data sharing
 
 
Settle
  • Non-fungible tokens
  • Smart contract solutions
Manage
  • Virtual assistants, chatbots, and conversational AI solutions
Consume
  • Biometrics and facial recognition solutions
  • Smart wearable solutions
 
 
Review
  • Customer feedback tools
Share
  • Loyalty program gamification tools
Retain
  • Customer retention through digital nudges
 
 
End of journey

By journey’s end, companies that use the data/feedback gathered to improve their offerings will be well-prepared for the next opportunity to engage the customer.

Impact on selected sectors
The experience economy is far-reaching and embedded across all sectors. How will this need for experiences transform the way products and services are delivered, shared, or consumed?
View sector examples
Brick-and-mortar retail
Food and beverages
Tourism
Entertainment
Education
Healthcare
Urban mobility
Residential real estate
Banking and finance
Impact of the experience economy
Adopting the experience economy is a win-win-win situation, positively impacting consumers, the companies that offer the experience, and the environment overall. Most consumers agree: 83%1 care how brands treat them, 86%2 note that personalization plays a key role in purchasing decisions, and 42%3 will happily pay more for a friendly experience.

Benefits to employers

Benefits to consumers

Benefits to environment

Where the journey leads

Soaring expectations by consumers—and the technology required to meet them—are shaping the future of product development and revolutionizing the customer journey experience. Those sectors and companies that innovate and adapt their products and services to match can grow their market share, achieve economies of scale, and build a product line that is sustainable for the long term.

 
Badr Al-Olama

Badr Al-Olama

Head of the GMIS Organizing Committee
Executive Director, UAE Clusters, Mubadala

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Dima Sayess

Dima Sayess

Partner, Strategy& Middle East

Alessandro Borgogna

Alessandro Borgogna

Partner, Strategy& Middle East

Jad El Mir

Jad El Mir

Partner, Strategy& Middle East

Hicham Fadel

Hicham Fadel

Partner, Strategy& Middle East

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