Over a century ago, the advent of commercial flights marked a pivotal moment in globalisation, shrinking the time-distance between cities and nations. Less than a century later, the first video call foreshadowed a future where conversations could span continents in real time, compressing the space-distance between people.
The world feels smaller, not literally, but in how we experience space and time. Messages that once took days to deliver arrive instantly. Distances between cities are now measured in hours, not miles. A product designed in New York is manufactured in Shenzhen and reaches London shelves within weeks. In essence, things traverse the world with far less friction than it once did.
Welcome to The Immediate Economy!
The gap between desire and fulfilment has narrowed, driven by technology’s speed and convenience. This time-space annihilation has ushered in what we now call The Immediate Economy.
Such transformations haven’t gone unnoticed, at the click of a button is now a native (sort of cliché) expression. Amidst all this innovation, a new type of consumer has emerged – one whose attention is fleeting and easy to lose. Modern consumers have compelled industries, especially retail and ecommerce, to evolve, creating experiences that not only capture but also hold their interest.
Beyond Usability: Crafting a Memorable User Experience
Selling a product is no longer about just the product itself; it’s about the lifestyle, the experience, and the rush of dopamine with every interaction. And it’s all because of technology.
In a podcast interview with the American Psychological Association, Professor Gloria Mark from the University of California, Irvine, revealed a significant decline in attention spans on screens, from 150 seconds in 2004 to 40 seconds in the last five years. Social media platforms have spoiled the modern consumer by curating content that caters instantly to desires. Influence spills into the retail sector, compelling retailers to create experiences matching the immediacy and personalisation people now expect.
Modern consumers require modern retail experiences. Take Whole Foods, and their recent partnership with Amazon’s Dash Cart, transforming the mundane act of grocery shopping into a seamless dance of efficiency. Shoppers can now glide through aisles with carts that tally selections and debit totals directly from their accounts, rendering checkout lines obsolete. It’s more than convenience; it reimagines retail – a choreography of consumerism where every step is both effortless and calculated.
Whole Foods can analyse data from their Dash Cart technology to gain valuable insights into shopping patterns. The Immediate Economy revolutionises retail, transforming it into a hyper-efficient, personalised experience.
Retail’s new Reality: The Rise of Experiential Shopping
Just as Netflix queues up a binge-worthy series; retailers create shopping experiences as engaging and addictive as your favourite shows.
It’s been a financially rough year for Nike, but that hasn’t stopped them from expanding their immersive retail experience. Nike’s “House of Innovation” leverages 3D holographic tech. Customers can inspect intricate details of sneakers, including the texture of the fabric, the design of the laces, and the construction of the sole. The holographic display can also adjust to different lighting conditions and present the sneaker in various colours, providing a truly immersive and personalised shopping experience.
Fashion commerce platforms like Farfetch are among many integrating Virtual Try-On (VTO) technology. Leveraging the camera and sensors of customer devices, their AR technology overlays a digital image of a handbag onto a live view of a customer, enabling them to see how different styles and sizes would look on you. This approach to ecommerce enhances experiences, elevating interaction.
The 3D holographic display and the AR tech, are unique and visually appealing ways to showcase products, allowing customers to interact with products in a way that is not possible with traditional displays. Each shopping trip feels like the next episode of retail therapy.
The Evolution of Shopptertainment
The bar for quick content consumption is higher than ever thanks to platforms like TikTok and Instagram.
A prime example of this trend is Styl, a tech startup from two Duke students, with their “Tinder for shopping” application. Styl offers a swipeable interface for discovering and purchasing fashion items, seamlessly integrating the convenience and engagement of social media into the retail experience.
Styl goes beyond a simple swipe. By leveraging AI algorithms, it learns your preferences and curates a personalised feed of clothing items that align with your taste. Streamlining the shopping process, they deliver a tailored experience that caters to the modern consumer’s desire for convenience and personalisation.
Interestingly, Styl isn’t even a retail company; it pools items from websites, redirecting the users with relevant interest. They combine ecommerce with AI, creating the ultimate shopping experience for today’s customer. It’s fast, customised, and changing the way we shop.
Styl is not the first ones to do this, Instagram and TikTok provide individualised suggestions within their marketplace. But they differ by selling an experience, a vibe. That’s what sets them apart.
Tech-Powered Retail: The Heart of the Immediate Economy
History is filled with examples of societal innovation, but the Immediate Economy is transforming retail in exciting ways. In the 21st century, technology is both the catalyst and the consequence of the retail industry transformation. It began by capturing and fragmenting the average consumer’s attention, and now it’s reshaping consumer-brand relationships.
Today’s consumers crave personalised shopping. Whole Foods, with its AI-driven Dash Carts, is redefining convenience. Nike and Farfetch, through immersive AR and 3D tech, is making shopping an interactive adventure. Meanwhile, startups like Styl are leveraging AI to bring personalized fashion choices directly to consumers’ smartphones. The world is shrinking, not just in miles, but in the milliseconds it takes to satisfy a desire. From the aisles of Whole Foods to the virtual showrooms of Farfetch, The Immediate Economy offers an immersive world, where time and space bend to technology’s will, and instant gratification is no longer a perk; it’s an expectation. The Immediate Economy is here, and it’s changing how we interact with the world around us. Welcome to the future of retail, and everything else.
Innovation is a driving force behind new approaches, often occurring at the point of adoption rather than technology development. As public sector organisations increasingly focus on improving citizen services through technology, it is important to adopt a strategic approach that considers innovation as a complex journey of systemic and cultural transformation. This strategic approach should guide the integration of technology into citizen services.
Here is a comprehensive look at what public sector organisations should consider when integrating technology into citizen services.
Download ‘Future-Proofing Citizen Services: Technology Strategies for the Public Sector‘ as a PDF
1. Immediate View: Foundational Technologies
The immediate view focuses on deploying technologies that are widely adopted and essential for current digital service provision. These foundational technologies serve as the backbone for enhancing citizen services.
Foundational Technologies
Web 2.0. Establishing a solid online presence is usually the first step, as it is the broadest channel for reaching customers. Web 2.0 refers to the current state of the internet, encompassing dynamic content and interactive websites.
Mobile Applications. Given that mobile usage has surpassed desktop, a mobile-responsive platform or a dedicated mobile app is crucial. Mobile apps provide a more specialised and immersive user experience by utilising device-specific features like GPS, document scanning, and push notifications.
2. Second-Generation Enablers: Emerging Technologies
As organisations establish foundational technologies, they should look towards second-generation enablers. Although less mature, these technologies offer emerging digital opportunities, and can significantly enhance service differentiation.
Emerging Technologies
Interactive Voice Response (IVR) systems improve the efficiency and effectiveness of digital services by routing callers to self-service options and providing relevant information without human intervention. These systems operate outside typical government agency working hours, ensuring continuous accessibility. Additionally, IVRs generate valuable data for future Voice of the Customer programs, improving overall service quality and responsiveness.
Digital Wallets facilitate transactions by expediting fund transfers and enhancing transparency through meticulous transaction records. They streamline administrative tasks, simplify transactions, and encourage service usage and adoption.
AI-driven Virtual Agents or chatbots revolutionise customer interactions by providing 24/7 support. They offer prompt, efficient, and personalised services, enhancing customer satisfaction and trust. In resource-limited public sectors, virtual agents are cost-effective, optimising resource allocation and meeting growing service demands. Specialised virtual agents for specific sectors can further differentiate service providers.
3. Futuristic View: Ambitious Innovations
The futuristic view focuses on forward-looking technologies that address long-term roadblocks and offer transformative potential. These technologies are currently speculative but hold the promise of significantly reshaping the market.
Innovations
Subscription Management models enable public sector information services to be accessed in highly personalised ways, thereby enhancing citizen engagement. This model supports regulatory oversight by providing common data insights and improves the management of services, ultimately benefiting the public by ensuring more responsive and tailored information delivery.
AI concierge leverages advanced technologies like Natural Language Processing, Computer Vision, and Speech Technologies to provide personalised and proactive customer service. They redefine customer management, ensuring a seamless and tailored experience.
Immersive reality technologies, such as augmented and virtual reality (AR/VR) create captivating customer experiences by allowing interactions in virtual environments. These technologies establish a shared virtual environment, helping customers to engage with businesses and each other in new and immersive ways. As an emerging customer management tool, immersive reality can transform the dynamics of customer-business relationships, adding substantial value to the service experience.
