Staying competitive in an ever-evolving business and economic environment is no easy feat. As businesses rapidly digitalise to ensure their strategies remain up to date, the growth of the digital economy will only continue to accelerate.
While advanced technologies such as generative Artificial Intelligence (AI) are creating limitless opportunities for brands to either excite or disappoint their customers, trust continues to be a critical factor that brands must navigate in the digital economy.
To better understand the current and future impacts of the digital economy on consumers and businesses, Adobe surveyed 13,000 consumers and 4,250 customer experience and marketing professionals globally, including respondents from Southeast Asia (SEA) across Singapore, Malaysia, and Thailand.
Unsurprisingly, Adobe’s latest Future of Digital Experiences (DX) report found the digital economy playing an increasingly prevalent and empowering role in most consumers’ lives. 60 per cent of SEA consumers say the digital economy plays a role in their lives, with 37 per cent saying it plays a significant role. Additionally, 27 per cent of SEA consumers, compared to 18 per cent globally, say that “the digital economy IS the economy.”
The sea of data and technology companies in the market today also resulted in over half of SEA consumers (58 per cent) expecting more personalised experiences that are tailored to their unique likes and needs. Against this backdrop, what are the opportunities present in the digital economy today, and how can brands lead the next wave of new and innovative digital experiences?
Fuelling possibilities with generative AI
The economic potential of generative AI serves as a hotbed of opportunities for businesses and consumers alike. In the new era of AI, generative AI is poised to be an important accelerant of the digital economy and serve as an enabler for increased productivity—unlocking immense value across roles and industries.
Also Read: Adobe Firefly aims to unlock AI’s potential for effortless design
And while consumers become increasingly aware of new technologies and expect far more from their interactions with brands, the good news is that SEA brands are already turning to generative AI for assistance with workload, creativity, and customer reach.
About nine in 10 SEA marketing and customer experience professionals believe generative AI will help increase their work volume (93 per cent) and create better content (89 per cent), enhance their creativity (92 per cent), and help reach more of the right customers (88 per cent).
The recent launch of Singapore’s AI Verify Foundation promises sustainable advancement in generative AI technologies. Alongside continued innovation among private and public entities, generative AI is poised to reshape the digital economy and push the boundaries of innovation.
With nine in 10 SEA consumers expecting to view products through virtual or augmented reality and 86 per cent wanting brands to provide new ways to engage in immersive and virtual worlds, SEA brands are ramping up to bring more innovative digital experiences to customers. This includes the ability to build virtual products and convert them into physical items (84 per cent), VIP access to virtual influencers and celebrities (84 per cent), and more.
The future of shopping is digital
Where many consumers consider digital experiences as the future, it is also telling that 73 per cent of SEA consumers indicate their preference for online shopping in the next two years—signalling a clear need for brands to ensure their omnichannel shopping experiences stack up.
As brands increasingly look to generative AI and immersive experiences as differentiating factors, the right customer journey maps and supporting tools must be in place. More than just leveraging the latest technology and trends, delivering an immersive customer experience requires a holistic approach across every step of the customer journey.
Also Read: Why the future of work at Adobe is hybrid and how we are building it
More than ever before, cross-channel customer analytics solutions are crucial in providing brands with insights to create incredible real-time experiences at scale. With an effective content supply chain that is backed by the right technological tools, businesses can more effectively deliver on their immersion initiatives.
Trust is the cornerstone of a digital-first economy
Trust is paramount in the digital economy, especially when customer expectations are heightened during uncertainty. Adobe’s report finds that SEA consumers place an outsized premium on trust in a challenging economy, where 36 per cent rank trust as the most important factor impacting their buying decisions, ahead of price and relevance.
In pushing the envelope of their digital-first strategy, brands must also strive to scale up trust in the digital economy. While harnessing the power of generative AI and data analytics solutions provides the foundation for unlocking exceptional customer experiences, delivering relevant content at the ‘right time’ is crucial for trust.
Nearly every customer experience is now touched by digital in some way. Embracing digital technologies—whether customer-facing or behind the scenes—will enable brands to meet customers where they are with memorable experiences today and be prepared to offer even more immersive experiences in the future.
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Image credit: Adobe Firefly
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