By Ramesh Srinivasan
India is clearly a breeding ground for innovation and entrepreneurship, with reports indicating that the start-up ecosystem has been a major economic growth engine. Since June 2022, India has seen 103 unicorns with a total valuation of $ 335.80 billion and has been recognised as the 3rd largest ecosystem for start-ups globally. With the pandemic, major shifts in consumer behaviour like the increased adoption of remote education and digital health services, e-commerce, mobile wallets, etc. have provided a significant tailwind for businesses across sectors. Moreover, the emergence of new technologies like artificial intelligence (Al), machine learning (ML), data science, among others, has changed gameplay completely.
The tech evolution has also ushered in an era of hyper-personalisation, delivered to customers at the click of a button. Shoppers have several brands and options available at their fingertips, along with access to the resources and information necessary for an educated purchase decision. Hence brands need to provide remarkable and compelling customer experiences to be seen, chosen, and win the loyalty of shoppers this can happen if one were to look at a predictive analysis stack which a lot of commerce sites do have, and improve constantly building layers of analytics but that works well as long as there find the customer coming back, in a crowded market how do you make the first time customer engage and win, here comes the experience factor. Companies are leaning in on innovations like metaverse, robotics, and marketing automation to build meaningful, real-time interactions that eventually enhance engagement and experience. With a data-first approach, businesses are building strategies to improve and enhance their customer journeys and improve retention and customer acquisition/ loyalty.
Metaverse
The concept of metaverse has been derived from the 1992 science fiction novel, Snow Crash. In a digital world, physical…
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