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A changing landscape
“Change is the only constant in life”.
And don’t we know it. Greek philosopher Heraclitus could not have summed up life more accurately.
Recent events have accelerated and, in some cases, forced changes in behavior. Values, priorities, and habits have changed. Which means, of course, that businesses have had to change too, and much quicker than anyone could have predicted.
Customers had a level of understanding when the pandemic first hit. Entire countries shut down overnight and we all had to adapt. But with the sheer amount of choice available in all markets, customers didn’t have to be understanding for long.
Those businesses who were ready and able to pivot at speed have thrived in the last few years, highlighting the importance of this capability. And it’s not too late to embrace this level of agility, but it is time to plan for the future.
Gartner predicts that by 2023, 60% of businesses will seek composability in new application investments. It may not be the right solution for every business but exploring your best fit now could have a big impact on your future agility and ROI.
Customers are at the heart of your business
You need your customers. So, it goes without saying that they should be at the heart of your business. And maybe you believe that they are! But did you know that 80% of businesses believe they are delivering a superior customer experience, but only 8% of customers agree? (Bain & Company).
When you consider that 74% of consumers are at least somewhat likely to buy based on experience alone (Forbes), it is vital to ensure that customer experience is matching their expectations.
This is driving the need to have in-house technology that can meet customers’ demands. They’re not going to wait for businesses to get up to speed, they can just find another one! The responsibility lies with brands to get solutions in place that allow them to not only adapt to changes, but also lead the way in creating experiences that drive brand loyalty.
Customers will pay a 16% price premium for great CX (PwC). They are overwhelmed by choice and when you can provide them with a seamless experience, you can accelerate ROI by positioning yourself as a preferred and premium brand. And in turn, drive cost savings and customer loyalty.
Why choose a composable DXP?
The benefits and reasons behind choosing composable will be unique to each business, but to help start the journey we’ve highlighted 6 reasons that might make composable DXP the best fit for you.
3 reasons to support ease of use
- Faster time to value
The nature of composable tech architecture is that it is agile, scalable, and quick to pivot. Therefore, as your customers’ needs change, you can act swiftly and recoup any investment costs sooner.
- Best-of-breed approach
Make the most of all the best tech. With a composable solution, you can tailor your DXP to your business and select only the applications that you need to fill the gaps. It gives you the choice of the best technology on the market for each individual component and allows you to act efficiently and cost effectively.
Composable DXPs allow you to truly prioritize your customers and create slick omni-channel experiences. Seamless, consistent interactions and a personalized experience will help to build likeability, trust, and loyalty. And as you collect data from every customer journey, you can adapt as required.
3 reasons to support technology flexibility
- Flexibility to integrate with existing marketing stack
A composable DXP can easily integrate with your existing marketing stack. They are purpose-built to be deployed quickly. Composable allows you to be flexible, move quickly, and have unparalleled scalability.
- Specifically tailored end solution
To create rich customer experiences, they need to be aligned to the behaviors and preferences of your audience. Composable solutions are customer-centric and ensure that you only use the functionality you need, which can scale up or down as required.
- Technology freedom
In today’s world, new channels are appearing and evolving all the time, and with them your customers’ behavior and expectations are changing too. Avoiding vendor lock-in gives you the freedom to integrate technologies that optimize the customer experience.
A composable DXP is a solution that is agile, easy to use, and can certainly help your business to keep up with the extraordinary pace of change.
Is your business ready to adopt a composable DXP? We’d be happy to help you find the best fit for you and take the next step towards a brighter future. Get in touch to see how Sitecore can help you today.
Source: Adopt a Composable DXP Strategy to Future-Proof Your Tech Stack, Irina Guseva, Yefim Natis, Mick MacComascaigh, Mike Lowndes, Gene Phifer, 16 December 2020
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