When we hear the term “good old days” we imagine the “simpler” times with no smart phones or social media, when consumerism was at its lowest due to the limited choice of goods and services on offer.
During that period, when the options were limited and preferences were predictable, the economic system was shaped accordingly. It was a market economy where the functional value of goods were essential and exactly same product or service could easily be offered to a large group of people.
However, powered by accelerating technological growth and increased completion across all industries, consumers started to move away from this “simple” behavior and the Experience Economy was born.
The “Experience Economy” by Pine II and Gilmore clearly states that an experience, not a value, is the dominating factor influencing our purchasing decisions and with that, the experience, which has been accepted to be a part of the overall value by economists for years, announced its independence.
As the concept of the “Experience Economy” has now been around for almost 20 years, the “Experience” itself became more sophisticated and complex and it continues to evolve. New designer experience modeling concepts, such as Digital Twins, make mass personalization possible for each person beyond giving them a special experience.
In a nutshell, Digital Twin is a digital replica of physical assets (physical twins), processes and systems that can be used for various purposes. This is backed by highly advanced technologies supported by Artificial Intelligence, using simulated virtual clones of customers, and is now a million dollar industry. Gartner predicts that by 2021, the industry giants using digital twins will be 10% more productive than those that do not.
Consumers are highly complex with purchasing habits influenced by emotions, expectations, motivations, etc. that are hard to predict. Understanding digital footprints of people is only possible with Big Data and Artificial Intelligence and by deploying Sentiment Analysis and Natural Language Processing effectively. Since the Digital Twin is a virtual clone that feeds from the customer, the more data it interprets, the more real alike twins can be created. However, the complexity of human nature makes creating a Digital Twin challenging.
What are the benefits of Digital Twins? They remove the need for the trial and error process to design the best experience. For mass personalization, different suggestions can be made multiple times without getting in touch with each customer, and the outcomes analysed. As a result, the customer receives the ultimate experience in real time, and service providers enjoy a loyal customer base with a sustainable profit margin.
However, the Digital Twin concept does not work without accurate and fast access to customer data, continuity of the high standard quality of service at every point, the possibility of independent offerings, etc, Without those business processes in place your Digital Twins are no more than just useless clones.
Etiya brings together all the technological requirements under the same roof for today's and tomorrow's customer management and adds to the experience with its "Exceed everyday" motto, which summarizes the brand promise. R&D activities are also being carried out with this focus. The purpose of all these efforts is to create a mutually profitable business partnership by enabling effective management and understanding of customers.
This approach is based on 3 phases: SPEED provided with end to end support before and after sales, DYNAMIC CONSISTENCY managing changes with a complete portfolio including a product catalog, CRM, CPQ, invoicing and UNDERSTANDING THE CLIENT with AI technology.
Etiya’s priority is to develop and offer these three basic strengths to its customers who can manage not only today, but also tomorrow, developing themselves into sustainable experience economy players.
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