In a now-famous 1998 article in the Harvard Business Review, B. Joseph Pine II and James H. Gilmore introduced the business world to the concept of the experience economy. The theory went something like this: businesses had moved through various economic stages—agrarian, industrial, and service—in which the nature of what was sold continued to evolve. For example, the agrarian economy focused on selling ingredients (they used the example of the ingredients in a cake), while the industrial economy saw those ingredients pre-packaged into a complete offering (cake mix). Finally, the service economy saw the emergence of companies that built a host of services around those products (the bakery that makes the cake for you). At each step, the price for the consumer increased steadily.
At the turn of the millennium, the authors accurately foretold the new experience economy, where both the product and the service are an accessory to the main event—the party at Chuck E. Cheese! In an experience economy, the goal becomes a lasting memory (although some may prefer not to remember the whole Chuck E. Cheese experience).
Certainly, there’s little argument that the authors were spot on. The experience economy took hold quickly and continues today. But there’s an offshoot to the experience economy that’s rapidly developing. This new variation, which we call the “digital experience economy,” takes the concept even further by envisioning products and services delivered not just as physical experiences, but as digital experiences as well (and sometimes entirely so). In our analogy above, the birthday party at Chuck E. Cheese becomes an online event between your child and a group of friends around the world.
Facebook’s recent rebrand to Meta, a company focused on creating virtual worlds, makes the prospect of the digital experience economy even more likely—and immediate. But before we head down a “Total Recall”-like rabbit hole, let’s focus on what the practical digital experience economy looks like today and what it’ll look like in the near future.
Supporting the digital experience economy
Taking the experience economy into the digital realm means data—and lots of it. A key element of the experience economy, according to Pine and Gilmore, is personalization. In a digital world, however, the experience likely needs to go further to provide hyper-personalization. As such, artificial intelligence and real-time behavioral data become increasingly more important. In particular, companies need to not only set up multichannel access for customers, but they also need to understand all of a customer’s interactions across those channels in real time.
The shift to a digital experience economy ultimately requires a massive understanding of each customer. With that understanding, companies can deliver the kind of hyper-personalized—and memorable—experiences that drive greater value for their customers (both internal and external), which in turn allows companies to drive greater profit. Doing so requires systems that can support knowledge accumulation at scale.
Systems of experience
So what does it take to support this new digital experience economy? RingCentral trademarked “systems of experience” to define technologies that can support the kind of hyper-personalization and knowledge accumulation we discussed above. Broadly speaking, systems of experience comprise not only the sophisticated big data stores to support the digital experience economy, but also the myriad technologies that support ways that customers (both internal and external) interact with your organization.
In 2018, Gartner discussed the emergence of multi-experience development platforms, recognizing that, while most companies focused on web-based communication (email) to create customer experiences, and more recently mobile, those platforms alone simply won’t cut it today. Today’s experiences require video, chat, and very soon, the aforementioned augmented/virtual reality. Why? Because customers determine which communications modalities they want brands to use today, and when they don’t get what they want, they simply leave. A survey by RingCentral found that customers stopped using a product or service an average of four times over a 12-month period because of poor customer service.
But systems of experience aren’t just about multichannel
By: Deepti Illa
Title: In the experience economy, systems of experience take center stage
Sourced From: www.technologyreview.com/2021/12/09/1040705/in-the-experience-economy-systems-of-experience-take-center-stage/
Published Date: Thu, 09 Dec 2021 15:00:00 +0000
LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Bitso, a leading cryptocurrency platform operating in Latin America, and the Mexican Football Federation (FMF), today announced the joint launch of the first collectible NFT of the Mexico National Team’s jerseys that was acquired in cryptocurrencies.
This morning through their social media platforms, the FMF and Bitso announced the opportunity to acquire the new official National Team fan jerseys ahead of the team’s participation in the 2022 World Cup. In just 20 minutes, the entire collection sold out.
The NFTs of the jerseys have an exclusive design for the metaverse – each is unique on the blockchain and can be resold by its owner in subsequent transactions.
The collection consisted of 100 official physical jerseys, each with a corresponding NFT version of the jersey that fans’ avatars can wear within the Decentraland metaverse. Each physical and NFT jersey set sold for the equivalent of $1,800 MXN in ethers.
“Our mission is to make cryptocurrency useful in the everyday life of Mexicans; we are committed to spreading the technology through innovative opportunities that help people throughout the country familiarize themselves with this new world. We are very excited to offer the incredible, historic opportunity for the fans of our National Team so that through their Bitso account, they can wear the colors of the National Team on and ‘off’ the field in the metaverse.”
– Bárbara González Briseño, General Director of Bitso México
Created by Bitso, the virtual jersey sports the official colors of Mexico and the new National Team shield, characteristics that will make it stand out when users wear it in the virtual world of Decentraland.
The post LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys appeared first on CryptoNinjas.
Title: LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Sourced From: www.cryptoninjas.net/2022/07/29/latam-crypto-exchange-bitso-and-fmf-launch-nft-of-mexicos-national-team-jerseys/
Published Date: Fri, 29 Jul 2022 15:19:02 +0000
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Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
EXMO, a crypto exchange platform operating since 2014, announced this week a rebranded visual identity with includes a new logo, brand colors, and design features. This new branding comes as EXMO continues to grow its crypto platform while also seeking to expand its presence in other jurisdictions.
Some new developments underway at EXMO:
Soon, users will be able to earn passive income from EXMO’s new staking platform.Plans to launch an EXMO crypto debit card.Expansion of its services in international markets with the opening of offices in Poland and Lithuania.
EXMO’s new logo
The rationale for the re-brand:
“At EXMO, we have a vision of a world where crypto is in every wallet. Hassle-free. We want to achieve this by making crypto as simple and accessible to everyone as possible. And we know that you already appreciate EXMO for offering user-friendly services and helpful support. Also for the opportunity to trade anywhere and anytime, closing deals in just a few taps. Such important changes required a rethinking of our corporate style, which has long needed a massive upgrade. So today we are introducing a new brand identity for EXMO with a completely new visual concept. We are launching a new logo, brand colors, and design elements. Our key design principles are simplicity, boldness, and a pinch of fun. But most importantly, we have changed our logo. Simple and easily recognizable, it represents the humanity of our brand. The logo stands out due to the wavy letter ‘m’ which symbolizes exchange rate charts and also resembles a spring that will launch you into the crypto world.”
– The EXMO Team regarding the re-branding
The post Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth appeared first on CryptoNinjas.
Title: Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
Sourced From: www.cryptoninjas.net/2022/07/26/long-running-crypto-exchange-exmo-unveils-lively-rebrand-amidst-growth/
Published Date: Tue, 26 Jul 2022 08:10:38 +0000
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Stitching together the grid will save lives as extreme weather worsens
The blistering heat waves that set temperature records across much of the US in recent days have strained electricity systems, threatening to knock out power in vulnerable regions of the country.
The electricity has largely stayed online so far this summer, but there have been scattered problems and close calls already.
Heavy use of energy-sucking air-conditioners is the biggest problem. But intense heat can also reduce the output of power plants, blow transformers, and force power lines to sag. Severe droughts across large parts of the country have also significantly reduced the availability of hydroelectric power, according to the North American Electric Reliability Corporation (NERC).
It’s unlikely to get better soon. A number of grid operators may struggle to meet peak summer demand, creating the risk of rolling blackouts, the NERC report notes.
The nation’s isolated and antiquated grids are in desperate need of upgrades to keep the lights, heat, and air-conditioning on in the midst of extreme weather events that climate change is making more common, severe, and dangerous. One clear way to ease many of these issues is to more tightly integrate the country’s regional grids, stitching them together with more long-range transmission lines.
If electricity generated in one area can be more easily shared across much wider regions, power can simply flow to where it’s needed at those moments when customers crank up air-conditioners en masse, or when power plants or fuel supply lines fail amid soaring temperatures, wildfires, hurricanes, or other events, says Liza Reed, a research manager focused on transmission at the Niskanen Center, a Washington, DC, think tank.
The problem is it’s proved difficult to build more long-range transmission and grid interconnections for a variety of reasons, including the permitting challenges of erecting wires through private and public lands across cities, counties, and states and the reluctance of local authorities to forfeit control or submit to greater federal oversight.
The case of Texas
The unreliability of the US grid is not a new problem. Severe heat and winter storms have repeatedly exposed the frailty of electricity systems in recent years, leaving thousands to millions of people without power as temperatures spiked or plunged.
One of the fundamental challenges is that the grids today are highly fragmented. There are three main electricity networks within the US: the Eastern Grid, the Western Grid, and the Electric Reliability Council of Texas (ERCOT). But there are numerous regional transmission organizations within those first two systems, including the California Independent System Operator, Southwest Power Pool, PJM Interconnection, New York ISO, and more.
These grids form a complex web of networks operating under different regulators, rules and market structures, and often with limited connections between them.
A variety of regional transmission organizations oversee different parts of the nation’s aging and fragmented grids, which operate under different rules and with often limited connections between them.
ERCOT is especially isolated, in part because of the desire among local politicians, citizens, and power companies to avoid added competition, the hassle of following other states’ rules, and oversight from the Federal Energy Regulatory Commission (FERC). But the state offers a case study in why that can be a serious problem amid increasingly harsh climate conditions, Reed says.
The Texas grid operator pleaded with customers several times earlier this month to cut electricity use as blistering summer temperatures created demand surges that threatened to outstrip supply and require rolling blackouts. Low wind conditions, cloud cover, and outages at fossil-fuel power plants added to the strains.
Shutting off the electricity needed to run air-conditioning in triple-digit temperatures
By: James Temple
Title: Stitching together the grid will save lives as extreme weather worsens
Sourced From: www.technologyreview.com/2022/07/28/1056483/stitching-together-the-grid-will-save-lives-as-extreme-weather-worsens/
Published Date: Thu, 28 Jul 2022 08:00:00 +0000
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