Geert Leeman

The CRM software market value is anticipated to increase from ~$64B in 2022 to ~$146B by 2029, and 91% of top businesses are investing in AI — with that percentage expected to increase.

CX and B2B trends

In the fast-evolving landscape of customer experience, the influence of AI stands as a central force, with data-driven innovations ushering in a new era of personalized and interactive experiences. Businesses are gearing up to navigate a dynamic terrain where industry-tailored solutions, connected enterprise insights, and AI-driven personalization converge to create the ultimate customer experience.

Let’s look ahead to 2024 and examine my predictions for how certain technology advancements will elevate customer experience and boost business revenue and profitability.

1. A focus on industry-tailored solutions will improve business outcomes

When it comes to CX — and B2B — trends, it’s not one-size-fits-all. What works for a manufacturing company may not be best for a retailer.

“Generic software often comes with a plethora of features, many of which might be irrelevant for a specific industry,” Kamran Khan, an IT and business development specialist, said. “Tailored solutions, on the other hand, are laser-focused on the exact requirements of an industry, ensuring that every feature and function is relevant and adds value.”

Industry-tailored CX solutions are designed with a deep understanding of a particular industry’s specific challenges and dynamics. This understanding ensures that the CX strategy addresses customers’ unique needs and pain points  within that industry, leading to more effective and relevant customer interactions. This approach improves customer satisfaction, loyalty, and a competitive edge in the marketplace.

2. Unified CX will overtake the siloed approach to customer satisfaction

Nearly two decades of research by multiple analysts shows that anywhere from 20%-70% of CRM projects fail. Why? These systems concentrated on connecting sales, service, and marketing rather than focusing on integration across the entire enterprise.

With an intelligent approach to customer experience, all teams across the enterprise — service, marketing, sales, logistics and operations — speak to each other. Organizations can connect insights like fulfillment business processes with insights from customer touchpoints, like service and commerce. This approach leads to a truly unified and exemplary experience for the customer.

3. AI will drive personalized customer relationships and efficient business processes

In my experience, brands are more likely to make a sale to an existing customer and are significantly less likely to sell to new customers. Therefore, it’s more expensive to attract a new customer than it is to retain an existing customer.

With AI capabilities embedded within CX technology, businesses significantly increase their chances of improving customer retention. By analyzing the full breadth of enterprise data in addition to customer data, such as past purchases, service history, and industry preferences, businesses can provide a better experience for their customers overall. As a result, this drives revenue and increases a business’s bottom line.

Additionally, with business AI, the B2B space can take customer relationships to a new level. We’re finally seeing a pivot from input-heavy, output-poor systems to systems in which business professionals have insights at their fingertips that truly work for them. They’re able to do their jobs more effectively, and ultimately, make their customers happier and more loyal. In all, integrating AI-based technology into CX strategies drives personalized customer relationships, more efficient operations, and empowered decision making at all levels in the organization.

Wrapping up, in 2024, I predict that the B2B market will undergo a dynamic and engaging transformation of customer experience. Organizations that prioritize industry nuances, break down data barriers, and harness the power of AI will find themselves well-positioned to thrive in this dynamic and competitive landscape. The forthcoming year promises a new chapter in B2B interactions characterized by innovation, efficiency, and a scalable customer-centric focus.

Geert Leeman is the chief revenue officer of SAP CX, a software line of SAP SE.

Sign up

Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, vice president of B2B and Market Research Development, at [email protected] and follow him on Twitter @markbrohan.