Service 2020: Megatrends for the decade ahead
Megatrend 8 - Customer expectations, including the purpose of the store, are evolving with new technology 
is now available.
The next decade will see customers become more technologically demanding than ever before as the distinction between physical and virtual experiences continues to be broken down by new technologies. By 2020, more than 60% of Asia Pacific companies believe that this breakdown of traditional barriers to communication and doing business will completely change how companies work for - and with - their customers.
‘Service 2020’ is an Economist Intelligence Unit report, commissioned and sponsored by BDO. The report captures the views of 479 business leaders. Covering business-to-business and business-to-consumer models, the report explores how successful organisations have built and subsequently sustained excellent client service and, most excitingly, provides a blueprint for the prioritisation of service development opportunities.
The research findings fall into eight megatrends which will define service in the future.
To get a copy of the full report, email us at service2020@bdo.com.au or complete the form below to obtain a downloadable pdf.
Service 2020: Megatrends with a focus on the Asia Pacific
Service 2020 focuses on eight megatrends in the Asia Pacific Region. Each megatrend will be released separately over the coming months.
If you would like to receive each of the megatrends as they are published, please email us at service2020@bdo.com.au.
1. Global competition will drive up service standards
This megatrend explores how customer service will be used by a rising number of firms as a competitive differentiator in order to challenge the increasingly global marketplace and aggressive new emerging market rivals.
2. Companies must maintain service standards in the face of the need for speed
Speed has become a differentiator. Firms that will be able to help their customers save time will leverage this to stand out from their rivals.
3. Organisations must learn to use the increased transparency brought by social media to their advantage
Social media is changing the way consumers select products and services, based on the real-time views of others. The influence of social media will develop and expand further in the coming decade as it replaces the press as the primary consumer watchdog.
4. Companies must use new sources and types of data to rethink the way they track and personalise their service
A range of new data, sourced from customers’ social media feeds, smart phones, and other sources, will change the way that firms track their customer feedback and complaints.
5. Good employees will remain fundamental to good service but with technology as an enabler
While some industries have automated aspects of their service needs - allowing passengers to check themselves in for a flight, for example - good staff are far and away the most crucial element of good service. Nearly seven in 10 respondents chose people as what matters most in delivering good service.
6. More organisations will outsource aspects of customer service to new kinds of specialists
Today, nearly all firms (87%) take care of their service offering in-house. In the decade ahead, however, specialist outsourced customer service providers are likely to be in demand.
7. The rise of the mass affluent and other customer segments will force companies to find new product or service niches
Booming emerging market economies have done a lot to raise the incomes of the poor across much of the world, making the 'middle class' a synonym for new opportunities, especially in emerging markets. By 2030, the World Bank estimates there will be some 1.2 billion middleclass consumers globally and overall emerging markets will play a larger role.
8. Customer expectations, including the purpose of the store, are evolving with new technology
Mobile devices are leading the way in changing customer expectations. By always being able to access any information, at anytime, people will increasingly expect this throughout their lives. Almost a third of respondents say their customers expect to be able to get in touch with them 24/7.
We will cover each of these megatrends on this site in the coming months. To get a copy of the full report, email us at service2020@bdo.com.au or complete the form below:
If you would like to receive the megatrends as they are published, please email us at service2020@bdo.com.au
