82% of Singapore local businesses surveyed said that the implementation of artificial intelligence (AI) will force them to reinvent their business in 2024. This is higher than his world average of 62%.
This is especially true as 71% of Singapore businesses feel their growth strategies are becoming less effective, according to a recent study by HubSpot.
Singaporean companies are transforming their business models in response to global megatrends such as generative AI and changing customer expectations.
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As a result, 79% say generative AI is significantly changing their approach to growth. This compares to the global average of 57%.
Eight out of 10 companies surveyed said they have evolved more in the past four years than they have in decades. According to the study, this is the highest level of disruption of all countries surveyed.
Marketers face two major challenges when it comes to customer expectations: reach and relevance. In fact, 73% of local businesses feel that meeting customer expectations is not enough to drive success in 2024.
According to this research, businesses need to meet their customers and provide them with high-quality content that is personalized, unique, and valuable. A further 80% agree that providing a streamlined and personalized customer experience is key to business growth and success in 2024.
However, businesses in Singapore are struggling to meet the demand for multi-channel content, with 82% of the highest in the world sharing the need for tools to remix content from one format or channel to another. I am.
Additionally, Singapore is the most likely of all countries to cite increasing the number of channels as a challenge (40%).
Interestingly, Singaporean consumers (48%) do not believe that companies are transparent about their use of AI. This compares to 96% of Singaporean brands saying they are transparent.
That's the finding from customer engagement platform Twilio's fifth annual State of Customer Engagement Report, which explores how brands are deploying AI to build better relationships with their customers; We explore the latest consumer engagement trends.
While AI continues to bridge the disconnect between brands and consumers, the report reveals a significant experience gap between brands and customer engagement.
It found that 82% of Singaporean businesses said they provide “good” or “excellent” customer engagement. However, only 62% of consumers agree with this.
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