adapt their operations to modify them to satisfy their clients . Analytics will provide the companies with the right tool to match the right consumer to the right outcome and exceed their expectations . According to Deloitte , “ 22 % of consumers are happy to share some data in return for a more personalized customer service .”
Gathering relevant content is essential to be able to truly understand your consumer . As customers truly run the show in today ’ s market , to be ahead of the industry for a high demand level of excellence and fine experiences , these luxury service companies will need to align their strategy with the needs of their target audience . The technology will support personalization in different applications . It is important to investigate different types of technologies that will help drive this business and get the best results and the greatest return on investment . The millennial generation is characterized by a focus on technology-driven and personalized experiences : “ Writing in the Harvard Business Review , Chuck Martin called beacons ‘ the missing piece in the whole mobile-shopping puzzle .’ Pointing to the ability to push messages to people without them having to do anything at all , he sees beacons as overcoming a ‘ major hurdle ’ for companies that want to engage with customers in a more personalized way — because it makes that engagement completely effortless for the customer ” ( Maycotte 2015 ).
Obtaining consumer data alone will not help companies see results in today ’ s market . The data must be strategically used to create a personalized , innovative luxurious experience . For example ; data may be used to stock the perfect coffee , shampoo , or newspaper for each client . Businesses need to know , however , that “ Data is not something that can instantly produce magical results . It ’ s a tool and a resource , that when properly analyzed and applied , the results can be magical ... It is up to each company to take data , and use it to create an innovative experience that will WOW their guests ” ( Goforth Gregory 2016 ). It is essential to be able to identify potential technologies that might accelerate the ability to deliver personalized experiences : “ The rapid evolution of guest expectations , driven by the explosion of mobile devices , social media , ratings and review sites , creates management challenges across most organizations . This disconnect between technology and evolving client preferences has created an ever-widening gap . If care is not taken , client demand will outpace the implementation of innovative solutions and the gap will continue to widen ” ( Howe 2016 ). The focus on today ’ s luxury clients should be providing them with an exceptional , holistic , seamless and unique consumer experience that will exceed their expectations . Endless opportunities that technology provides to facilitate a better understanding of each individual preference will create a stronger connection with clients and thus , luxury service companies can expect a more vibrant future by securing consumer ’ s wallet share and in the long run greater loyalty , and profit growth .
THE FUTURE OF TECHNOLOGY PLATFORMS AND CONSUMER DATA AVAILABILITY VIA SOCIAL MEDIA Increasingly , tech-savvy consumers are dictating what they want and need to luxury companies , they have become critics , and creators demanding a more personalized service : “ The entire planet of people are connected to the internet , with a projection of around 6 billion active smartphones and 50 billion connected things by 2020 , as a result service industry is becoming hyper-focused on bridging the gap between marketing , sales and customer service by taking all the data generated from this new level of connectivity and creating a single view of the customer to deliver personalized experiences across all interactions ” ( Afshar , 2016 ).
Limited network bandwidth and imperfect data collection were once significant obstacles . This has now changed with vast improvements in computing power supported by social media and in cloud infrastructures . Technology is now able to more quickly anticipate consumer needs . Service quality theory shows that consumers who specify their expectations more effectively and efficiently receive what they want . Consumers in today ’ s industry have the power to be able to shape the service that they consume . Data now shows that consumers are willing to pay more for a customized service , and they also like to be involved in the process .
Due to the increase of mobile devices , more consumers are using social media which makes them more involved in the process and leads to more accessible information for luxury companies : Mobile devices have rapidly become increasingly powerful , versatile and ubiquitous . Smartphones and personal computers have global positioning , web-browsing and , social networking capabilities . As technology continues to evolve , mobile apps are becoming the dominant source of media intake . With that , social media and mobile apps are on the rise . A mobile device is the most personal digital tool that a person owns . Since most people carry their smartphones everywhere , mobile interactions provide companies with a greater insight into each consumer ’ s habits .
To stay ahead of the curve , companies must build a seamless interaction between your mobile device and their audience . In today ’ s social media world , where everyone ’ s lives are public , all clients can be treated like celebrities . Increasingly consumers access their social network via mobile devices , and it has been argued that , therefore , social networks are a promising path to personalization . Social networks provide a promising avenue for adaptive personalization . Finding the right way to use adaptive personalization systems that can be developed and implemented
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