3. Investment for 2020
Investment plans for the decade ahead.
Investment in CX is sweeping across the APAC region. We have seen businesses in the area step up their budgets for CX-related technology in an attempt to overtake countries in other parts of the world. All of the evidence points to a strong return on investment for companies willing to commit. 57% of organisations in the region said that they are likely to increase investment for 2020, compared to 47% for the rest of the world. In fact, hardly any marketers anywhere said that they planned to make cutbacks in this area. The most popular areas for future investment are ML and AI technologies. In India, 46% of businesses planned to invest in ML and AI in 2020. This figure is even more impressive because that’s on top of the 30% of organisations already using it. China and India are using technology to pull ahead with their CX capabilities. This success is fuelled by huge financial backing from central governments. For example, China plans to build a $30bn fund to make sure they are a world leader in AI by 2030. At the same time, India is making headway with mobile wallets and Progressive Web Applications to streamline in-app experiences (especially for places with slow mobile broadband). Banks are currently using these technologies to secure the estimated 191m ‘bankless’ consumers without access to bank accounts. In 2020, organisations in Australia and New Zealand are underinvesting by 11% compared with other APAC countries. To keep up with this furious pace of innovation, they need to increase CX investment for the decade ahead.