I’d like to share with you the formula for elevating not only customer experiences, but experiences for all your products and people. In today’s experience-led economy, people don’t buy products, they buy experiences. Why? Because as goods and services have become commoditised, people are willing to spend more on a better experience.

In 2009, McKinsey and Company pronounced the classic marketing funnel dead and, in its place, the “Customer Decision Journey” was born, depicting how customers engage with technology to learn about brands before doing a purchase.

According to a Harvard Business Review by B. Joseph Pine II and James H. Gilmore, amidst the fourth industrial revolution, the experience economy came to be as a differentiator along the progressions of economic value. The two experts presented the term “Experience Economy” as a concept that has transformed organizations, streamline services, create products and engage customers.

Today’s technology made people more connected, not just with other people but with home appliances as well.