According to recent research by IDC, the global information technology industry will reach $5.2 trillion in 2020. The market is expanding, and the technology is continually evolving. The good news is that while technology evolution is serving its purpose, it has created new challenges for technology vendors who provide support but have to deal with seismic shifts. These shifts span across technologies, models, and the way they are delivered to customers.
Some examples include the shift to XaaS, flexible delivery models, and the subscription economy. With the advent of the subscription-based economy, the risks in a technology engagement have shifted towards the vendors, leaving customers in the driver’s seat. Customers feel happier subscribing to the outcomes they want when they want them, rather than purchasing a service with the burden of ownership.
Whatever be the shifts and trends, customer loyalty is something vendors should always have on their radar. Gartner has captured several reasons that are drivers of disloyalty among customers. Vendors grapple with digital transformation, talent management, providing best-in-class support, and so on. Over and above this, they also have to ensure that their customers realize value from their investments. Technology vendors are already under immense pressure to deliver results. The situation has been exacerbated by the pandemic and forced everyone to accept the realities of the new normal. The pandemic has also increased the pressure on tech vendors to come up with innovative workarounds.