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Digital experiences and customer engagement have exploded over the past two years, creating massive, overnight changes to the way the world works and does business. A new report from Twilio analyzes how consumers and businesses have embraced digital engagement and where the biggest gaps exist between what brands think they’re offering and what customers feel.
The report reveals the top trends shaping customer engagement today and finds that digital customer engagement is a revenue accelerator. On average, companies that have invested in digital customer engagement have seen a 70% increase in revenue and expect their investment to double by 2025.
Data is the currency of an accelerated digital age, and the battle over data is reshaping the internet right now. Business leaders recognize this: 95% of them say that fully owning and using customer data will be their main driver of growth over the next three years. B2C companies around the world say the pandemic has accelerated digital transformation by 6.5 years, and 17% of companies say they have jumped 10-14 years into the future.
As companies focus on how to use data to understand their customers, they face another challenge: the cookie clock. With Google joining Firefox and Safari to officially ban third-party cookies in 2023, businesses need to break their reliance on third-party data. The report reveals that 55% of businesses are not fully prepared for the impending world without cookies, with 81% of businesses relying on third-party cookies, while 85% of consumers want brands to only use first-party data. With third-party cookies traditionally being a key pillar of advertising and social media, companies need to change their approach to first-party data. This means that collecting and relying on first-party data will no longer just be a competitive advantage – it will be a survival issue.
For its report, Twilio engaged Lawless Research to conduct blind surveys of 3,450 business leaders and 4,500 consumers in 12 countries between December 2021 and January 2022. how more than 250,000 organizations around the world interact with their customers on digital channels.
Read Twilio’s full report.
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