Introduction
While the world stands at the gates of a new economic phase full of opportunities and challenges at all levels, the features of the “Experience Economy” have begun to be completed in a number of markets, in light of great support from artificial intelligence. Although even if we are not in front of a new economic concept, the experience economy began years ago to become one of the most important pillars on which the modern global economy is based. This is why we will witness, (perhaps this year), an economic dynamism that supports everything related to the experience economy, and the consolidation of a new economic awareness about what technology can do with the support of artificial intelligence in our world.
Services turned into goods, and competition became focused on prices. But when goods became equal in terms of price value, the markets began a brave attempt, aiming to remove prices from the arena of competition and add a new dimension that distinguishes services and gives them new horizons. Precisely here, competition began to intensify between goods and services, and thus what we call today “customer experience” was born, which opened wide doors to the resurrection of the “experience economy.”
There is no doubt that we have reached this stage with the “technology pool” because it has given a great dimension to the experiences that the consumer or user experiences in the world of services in particular.
If we look today at the context of the historical development of the experience economy, we will see that technology has played the most vital role in enhancing the interaction between the consumer and the brand, in ways that we have never imagined before.
The idea of the “experience economy” is considered for leading economists and technology companies, a historic economic shift that sums up all the major economic transformations in the world. It is self-evident to say that the concept of the experience economy is based on a modern and different economic awareness of the relationship between consumption and the consumption experience. This confirms that the consumer society as a whole is not only looking for products and services, but is also looking for distinctive consumption experiences that leave a feeling of satisfaction and unforgettable pleasure. Goods and services are available from competitors, but the “dealing experience” with goods and services has become another matter over which brands compete. This is not a discovery, as most major economists focused on the importance of achieving a deep understanding of the relationships linking goods, work and value, as they are a basic source that contributed to building social and economic systems in liberal societies.
Now the rules of the game have changed
It is likely that this year we are going to witness an important development in the world of technology, and this development will not have his positive effects only to the technological fields, since AI has already begun to push us all to review economic and consumer ideas and concepts.
In light of the development of the concept of the experience economy, where consumer interests are not limited to simply obtaining a product or service, the role of artificial intelligence appears as a unique platform that supports this positive transformation, as it contributes to creating a better consumption experience. When we see how many consumers are looking for distinctive experiences that meet their aspirations, we understand more the role of artificial intelligence in achieving these desires.
Conclusion
Regardless of how things will go at the level of the experience economy, the role of artificial intelligence, and the interaction of consumer segments with new experiences in the world of services and goods, what is certain is that we are facing the birth of a new era. Because the experience economy constitutes an unprecedented, vital approach to the relationship between brands and consumers. It goes beyond the mere concept of exchanging products and services, and is centered on the experience resulting from consumption.
I have no doubt that the experience economy will provide emotional interaction between the consumer and the brand, which will lead to building strong and durable relationships between them. Therefore, companies will achieve greater success when they place the consumer in a unique experience that enhances loyalty and the desire to repeat purchases.
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