Your Competition Isn’t Who You Think It Is
Leaders in digital have excelled at creating exceptional customer experiences and meeting ever-rising consumer expectations. Historically, this has meant leveraging technology such as mobile, apps, social media, CRM and e-commerce, in addition to other digital channels. As we embark on the next phase of digital—led by the Internet of Things—there is a new and critical opportunity for consumer goods brands to emerge as leaders and establish a competitive advantage by digitizing the primary assets that sit at the core of their business.
The New Normal
Throughout the digital revolution, leading companies have succeeded by forming direct customer relationships and acquiring data in real time. Apple, for example, is the kingpin here, effectively achieving 100% registration across its iPhones by simply making it impossible for users to sign up without an Apple ID. Similarly, every transaction logged on Amazon augments the company’s understanding of consumer behavior, and over time, it’s able to build up a pretty comprehensive map of its customers’ spending habits and interests.
It’s this vast amount of valuable real-time data that enables the best possible customer experience. And thus increasingly, brands have come to understand that stand-out digitally-led experiences are determining what consumers demand of all interactions with everyday products and services—regardless of industry. This means that if you’re a soft drink brand, your competition today is no longer just Coke and Pepsi. It’s these digital leaders across all industries that are delivering the best customer experiences in the world.
If Uber can easily get you from point A to point B with a few taps on your phone, and Amazon can send shampoo to your door in under an hour with one click, why would you expect anything less from any other brand? You wouldn’t. And this is why, whether you already realize it or not, your business isn’t just going up against its traditional competitors within its category or industry—it’s competing with the likes of Uber, Apple and Amazon, too.
So, based on the new competitive landscape, the question is: How do you win?
Driving Digital Transformation
Rising consumer expectations in today’s digital world are at the very heart of digital transformation. And right now, consumer goods companies are sitting on top of one of the most high-scale advantages they have over the digital disruptors: the vast number of products they put out into the world, which are all interfacing daily with the end-consumers. With the advent of smart products, brands now have the ability to gather valuable, never-before-attainable real-time customer data, while significantly enhancing the product experience and forming a direct connection with consumers at massive scale.
Digitization is turning physical products into smart, digital assets—each with a “digital twin” on the Web. By making products smart with a digital identity, you are enabling product management applications ranging from manufacturing, provenance and brand protection to e-commerce, customer experience and sustainability (and everything in between). Now capable of participating in the broader digital ecosystem, these smart products can now generate real-time data to create new business value.
Smart products are a crucial enabler of digital transformation. In order to meet rising consumer expectations and retain an advantage in the new competitive landscape, consumer goods companies need to start thinking about digitally enabling their products.
Download our white paper to learn more about how smart products are driving digital transformation and creating competitive advantage.