Google Cloud Study: Digital Customer Journeys Equate to Increase in Revenue

Manufacturers with the most mature digital customer journeys saw a 13.5% increase in revenue and a 14% increase in profit in the past 12 months, according to a new Google Cloud survey.

"Manufacturers are realizing that their current operating models need to evolve, and with growing competition and the commoditization of products, having a differentiated digital customer experience is a key component to staying competitive and driving revenue," says Simon Floyd, director of manufacturing and transportation industries at Google Cloud. "Successful manufacturers are breaking down the silos within their workforces and data systems to unlock new ways to attract, engage, and satisfy today's buyers who want smart recommendations and solutions so they can reduce the time spent researching, selecting, and ordering."

From Google Cloud:

• The manufacturers with increased profits created personalized customer experiences that incorporated the latest cloud technologies, such as artificial intelligence (AI), augmented reality (AR) and integration with consumer applications like smart home devices, for example.
• Manufacturers identified the following challenges in transforming and improving the customer experience, such as different team priorities (31.1%); lacking the talent needed (29.5%); lacking the infrastructure needed (27%); and customer data is siloed and difficult to access (22.4%).
• Manufacturers' spending is expected to increase over the next 12 months on customer engagement applications. For instance, 54.8% plan to invest in creating customer portals that include IoT sensors and predictive analytics; 43.3% plan to invest in developing integrated services that add value and open new revenue streams; and 25.3% plan to invest in improving the omnichannel brand experience and providing personalized product configuration.
• Manufacturers are also planning to invest in AR and virtual reality (VR) to stay connected in real-time with customers. Case in point: 41.8% stated they have already implemented AR/VR, while another quarter (25.1 %) plan to implement it within the next 12 months.