Adobe Summit 2020 Highlights: New Ways to Digitally Re-Strategize

One of the most awaited tech summits went digital due to the coronavirus pandemic. This was the annual gathering of Adobe, which was initially supposed to be organized in Las Vegas. Shantanu Narayen, Adobe’s CEO, standing in his residency office, invited viewers to Tuesday’s first-ever digital Adobe Summit.

Shantanu Narayen stated that in reality, businesses of all sizes would attract existing consumers and meet new consumers by making every encounter a shopping experience. The notion that consumers “people buy experiences, not products” should act as a driving philosophy for companies of all sizes, executives said during a multimedia keynote presentation at Adobe Summit.

Digital Economy Index

Adobe launched its Digital Economy Index to help consumers manage this modern world, which is a real-time indicator of the digital economy, Shantanu Narayen said.

From the ways, technology is shaping our daily lives to digital behaviors, which we track online brings us to the center of the digital revolution, which sheds light on shopping your business strategies more accurately.

The theory of analyzing digital behaviors will help you scrutinize the way you sell products and services online. In the year of 2020 these unprecedented times have led the urgency of the product, rather than the luxury of it. Through business functioning digitally, you have to make sure you understand that people buy experiences, not products.

Adobe’s Digital Economy Index analyzes trillions of digital purchases in 18 different categories, spanning 100 million items. The concept behind the Digital Economy Index is to show what customers and corporations currently purchase. With the help of the DEI they were able to find out what consumers are actually buying. The following are the findings for the period from Jan. 1 2020 and Mar. 11, 2020 -:

• 20% increase in digital purchasing power.
• Surging sales for groceries, cold medication, fitness equipment, and computers.
• 62% increase in pickup in-store shopping.
• Groceries as a percentage of the digital basket has grown to 8% from 6% in three years.
• Hand sanitizer, gloves, masks, and anti-bacterial spray sales have jumped 807%.
• Toilet paper sales are up 231%.
• Fitness equipment sales are up 55%.
• Apparel accounts for the largest share of online purchases, with 23% followed by electronics at 16% and home and garden at 12%.

From this survey, the DEI was able to find out that people want their interaction to be personalized; they expect these experiences to be well-designed and equipped in all the devices.

Also, the keynote, along with the DEI, centered on the evolution of shopper knowledge, which culminated in a brand new product announcement, which is the CXM playbook.

The CXM Playbook: A digital blueprint

One of Narayen’s other main topics was the “CMO and CIO Decade. He turned the keynote over to Anil Chakravarthy, govt vice chairman and typical supervisor of digital expertise in Adobe’s enterprise unit, who gave his presentation sitting at his residence workplace desk.

“The CMO brings advertisement and marketing skills to the table while CIOs understand the best way to combine information and architect programs. Narayen added, “Therefore, IT is transforming into an extra customer, and advertisement is transforming into extra information push together; they are operating bigger than ever. You will be aligned with the C- suite with this customer-centricity”.

The CXM Playbook is a self-assessment that helps you analyze the organization across six main areas. These fields include Digital First, Data Insights, scalable Content, Personalization Optimisation, Customer Experience Management, and Commerce.

• Digital First: Digital leadership is core to your company strategy
• Data Insights: How to make it accessible which helps in business decisions
• Scalable Content: Makes your content available across all channels
• Optimized Personalization: Lets you measure experiences that nurture customers
• Customer management journey: How to deliver experiences across all channels through automation and AI
• Pervasive commerce: Drive shoppable experiences and foster customer lifetime value

“Each of those areas has finest practices, self-assessments, a spot to take notes, and skill to seek out gaps in your present plan,” Chakravarthy stated. “After every self-evaluation, you may obtain studying assets, custom-made guides with beneficial subsequent steps, and trade benchmarks to see the way you’re doing in comparison with your friends.”

Stay tuned for exciting times ahead..

Adobe has stated that three specific AI services will be introduced later in 2020 along with Journey AI, Content material and Commerce AI, and Lead AI. Prioritization of customer experience is the common trend that is here to stay.