OREANDA-NEWS. October 28, 2015. As customers become more demanding and their consumption habits evolve, businesses should explore in more detail how technology can better support them, writes Ben Pring. Excerpts:

Disruptive digital technologies, such as social, mobile, analytics and cloud (SMAC), as well as sensors, are already becoming mainstream. Beacon technology is making ever more inroads, whether in retail with House of Frasers introduction of beacon-equipped mannequins to tailor the in-store retail experience to consumers and making it more convenient for them or on public transport in Tokyo to help people navigate the system.

This type of digital development is to be applauded as it could have a really positive impact on a business bottom line. By offering customers new ways to keep them engaged and encouraging purchasing loyalty, data will be generated that could lead to hugely valuable insights. However, many businesses are running the risk of being left behind by failing to react to the evolving market and its digitization.

Crucially, the right digital analysis can reveal what customers are interested in, what products they like and even predict future preferences. Companies should turn to the digital information that surrounds each customer, organization and devicewhat we call Code Halosto identify patterns.

By completely re-imagining how they interact with customers, using the possibilities spawned by next-generation digital technologies and associated business practices, companies such as Apple, Google, Facebook and Buzzfeed have ignited a revolution in serving and monetizing their customers.

These companies have tapped into and are putting to use the information that individuals generate through online buying, browsing, liking, swiping and commenting to understand and even anticipate their customers wants and needs with greater accuracy than has ever been possible before and make their customers purchasing process easy, enjoyable, fun and seductive.

Ensuring customers have a high quality digital experience will be central to unlocking new opportunities. Businesses must move quickly to adapt, or risk not only losing their customers to the competition but also their capability to succeed.