New technologies have given consumers a lot more power as part of the buying experience.

Have you ever tried on a sweater in a retail store, only to quickly check on your smartphone whether you could find the same item cheaper online?

New technology has changed how consumers think and act, and to remain competitive, it’s clear that companies need to change too.

Smartphones are one example of an advancement that has changed in-store buying. A customer has instant access to product information as she browses, and can even compare prices or read online product reviews.

In general, online feedback influences a consumer’s buying decision considerably. Complaints, poor ratings or positive recommendations are important and reach a wide audience.

Thus companies need to focus on creating a memorable, positive customer experience from the first point of contact, from a reliable, innovative product to peerless customer service.

These days, so-called big data gives businesses the opportunity to gather a lot of information about potential and current customers. To really understand a target market, a company could comb social media and other online data – even GPS coordinates – to more accurately predict what a customer actually wants.

Imagine, for example, that you “liked” a commercial on Facebook for a new brand of backpack. Later you visit a store that sells outdoor gear, when suddenly you receive a text on your smartphone, offering you a 10 percent discount on that same backpack in store.

U.S. President Obama too relied on big data as part of his second presidential campaign. His campaign team was able to accurately target voters at an exact time and place with a message that they would most likely relate to. This “data-backed information” was based on a voter’s social media activity and what they watched on television.

From winning voters to winning customers, the power of technology is something every successful company will need to master today and in the future.