As we draw the curtains on 2023, we find ourselves reflecting on what the year has delivered for the telco industry. Over the past 12 months, we’ve seen some key themes arise across our customer base.
2023 telco industry trends
Telecom retailers have been trying to stay ahead of the curve, adapting to changes, and addressing the evolving needs of their customers. One notable trend has been the increasing focus of the digital mix and the need to enhance digital offerings to meet the demands of today’s tech-savvy consumers.
In emerging markets, implementation of successful omnichannel experiences has often faced logistical challenges. Customers in these markets still prefer visiting physical stores, where customer support plays a crucial role in assisting customers in completing their purchases. Balancing the integration of digital channels with the importance of in-person interactions remains a key consideration to create a seamless customer experience.
Communication Service Providers (CSPs) have also been experiencing a shift in growth potential within their consumer lines of business. Fixed broadband, particularly fibre, has become a focal point for expansion, while mobile revenues show signs of stagnation. With growth plateauing, CSPs now need to differentiate themselves through quality of service and value-added services.
Emerging 2024 telco industry trends
Yes, we are seeing it everywhere, but it’s impossible to ignore the significance of AI. Read any ‘telecom trends for 2024’ and Generative AI is topping almost every list. There is substantial opportunity to automate Customer Relationship Management (CRM) and enhance personalisation capabilities. Chatbots and virtual customer assistants are also anticipated to take centre stage.
Consumer behaviour in the telecommunications industry is shifting. Today’s consumers are looking for more than voice and messaging – faster internet, seamless connectivity and other online services. The traditional revenue model is no longer as effective, presenting a significant opportunity for CSPs to boost revenues by diversifying their portfolios beyond connectivity services.
CSPs are grappling with the challenge of effectively monetizing their networks and Average Revenue per user (ARPU) is dropping. The shift from LTE to 5G requires new monetisation techniques and partnerships, evolving from traditional value-added services to leveraging new network capabilities for enhanced experiences and services.
Celebrating success in 2023
2023 has undoubtedly been the most significant year to date for 15gifts. Our successes over the last 12 months speaks volumes about the dedication of the team and the impact we’re making for our customers. Here’s just a few of our highlights:
- An average 8% of sales from our customers’ websites, used our guided selling engine.
- We went live with new engines for two of our customers – Vodafone UK Broadband and Verizon Business.
- We drove our highest number of incremental sales for customers, showcasing a notable 9% increase compared to the previous year.
- We’ve also made significant strides in taking the guided selling experience to the next level.
Looking ahead to 2024
The year began with the realisation of our plans for growth, thanks to the successful securing of our first round of investment at the end of 2022. With this backing, we’ve laid solid foundations, setting the stage for a transformative 2024.
So where does this leave us as we head into the New Year?
We have a very clear purpose: to make buying without humans feel human. By integrating LLMs, our capabilities are broadening, allowing us to fulfil our purpose and cater to our customers’ requirements. We are set to deliver comprehensive end-to-end sales journeys, ensuring our capacity to assist a broader user base, customise digital support across the sales cycle, deliver a genuinely human online user experience, and, in the end, provide enhanced value for our clients.
One final word
As the year comes to a close, we’d like to extend our gratitude to the exceptional individuals who have contributed to 15gifts’ success in 2023. Sincere thanks go to the dedicated Board members whose strategic guidance has been instrumental in steering our course. To our incredible team whose hard work, commitment and most importantly, positive attitude, have been the driving force behind our achievements. Lastly, to our valued and loyal customers for their trust and partnership.
Thank you all for an outstanding year! We wish everyone a wonderful festive season with your loved ones and a prosperous 2024. Together, let’s continue shaping the future of digital commerce.