Creating value through new digital spaces, including the metaverse, leveraging data to enhance customer experiences, and supporting sustainability-orientated strategies are the key trends businesses should focus on to foster innovation and meet clients' expectations in 2023, according to Publicis Sapient, a digital transformation enabler.
The trends were highlighted in the firm's recent "Guide to Next'' report for 2023.
According to the company, brands can create opportunities and value through new digital touchpoints, such as virtual experiences and the metaverse.
Both the online and offline world can be integrated into organisations' business models and services.
Publicis Sapient said its recent survey shows two out of five consumers globally are interested in engaging in the metaverse while a third expressed interest in using the metaverse to see how products look in 3D before making purchases.
Enterprises that create metaverse experiences should have a competitive advantage in reaching Gen Z. By the end of the current decade, members of Gen Z are expected to earn more than their millennial counterparts, the firm said.
As for the second trend, organisations need to put data to work for improved customer experiences, Publicis Sapient said.
To drive personalisation at scale, organisations need to make significant investments in making their data more actionable by integrating technology such as customer data platforms that enable them to get to know their consumers better, understand their attitudes and preferences, and use that information to tailor content, messaging, channel and timing, in order to deliver hyper-personalised care offerings.
"Companies that capture first-party data can create robust and relevant data sets that they use for their own purposes, such as delivering better customer experiences that can help build stronger loyalty," the firm said.
According to Publicis Sapient, artificial intelligence will continue to play an important role in enhancing organisations' ability to put data to work more efficiently through better analysis, data mining and predictive analytics to better understand customers' needs.
The final trend concerns sustainability, which is now a key consideration in customers' purchasing decisions.
The firm said consumers now want to know where products come from and how they can be reused or recycled to reduce waste.
The survey shows 71% of respondents said it is important to know where the products purchased have been sourced from.
"To drive suitability throughout every part of the business, organisations must prioritise sustainability in their corporate strategy," the company said.
Embedding sustainability in overall business strategies is crucial for long-term success, especially as millennials and Gen Z grow to make up most of the global customer base, it noted.