The global economy continues to evolve due to the changing behavior of consumers as well as the availability of product. The world was an agrarian economy during ancient times, with people back then relying on producing and maintaining crops and farmland. Kingdoms traded their crops for things such as poultry and clothing.
The development of newer technology gave birth to the industrial economy, as agrarian societies shifted to industrial labor and investments in industrial structure.
At present, Asia Pacific Customer Service Consortium (APCSC) Chairman Jason Chu said the global economy has shifted from the service economy to a new experience economy. This new experience economy underscores the importance of providing memorable events for customers since the memory of a great experience is the product, according to Chu.
“The new economy is no longer looking at the products, the goods, or even the service. It really is elevating to focus on customer experience. And customers are willing to pay a lot more for the experience,” Chu told CalvinAyre.com. “So, if you’re just competing on product alone, it is very easy to find replaceable products and you can find much cheaper ones for the same exact functionality. Other individuals today, they are willing to spend more on brand—branded product, branded service, and branded experience.”
Chu believes that the gaming industry has already done a lot in order to give players that unforgettable experience they are looking for, although there’s still room for improvement. To stay competitive in this new economy, the APCSC chairman advised operators to look at things from a customer perspective. He also emphasized the importance of the integration in adapting new experience economy strategies, as well as brand positioning.
“Integration is a very important keyword. A lot of times, we find companies… they have this, this A, B, C, E, F, and G. But you find that they actually all work independently by themselves. They’re not integrated. So they want to see ‘does this corporate really have social ownership to build a better community, which is good for the world?’ That’s very important as well,” Chu explained. “Do you want to make it like everyone likes you as a popular consumer brand or you want to position as a very premium, offer very premium service? That would be a very important decision. You have to make sure that you understand your customers and offer them what they desire. Then you’ll become a successful brand.”