Enterprises that show the readiness to embrace emerging technologies and trends will inevitably score above their competitors. This hypothesis is not just based on assumption, but has been proven time and again. For instance, 1-800 flowers, the flower delivery brand were the earliest to use the Facebook Messenger bots in 2016. In addition to receiving orders, the Chatbot recommended gift options and even allowed its users to track the delivery status.
Within two months of its launch, the flower delivery giant received over 70% of orders from new users through the Chatbot. This demonstrates that enterprises that quickly adapt to new technologies are not only delighting existing customers, but also attracting new ones.
Technology and digital transformation is enabling enterprises to streamline their business process, but is also helping them develop positive CX memories. In the case of 1-800 flowers, the customers were able to place the order without having to make a call. Secondly, the order status could be tracked right from the messaging app, addressing accountability. These two components worked to be incremental factors in raising the bar of customer experience and achieving positive memories.
CX – Its Time to Start Caring
In the past, companies only cared about profits. It did not matter the channels that drove maximum profit or revenues. However, with the advent of technology and digitization of data, enterprises started relying on analytics to understand business growth and revenue generation avenues. Amidst numbers, percentages and growth charts, the customer experience index has become a formidable lead measure for business growth.
As per a Forrester study, “compared the total growth rate of all CX leaders to that of all CX laggards we saw that the leaders collectively had a 14 percentage point advantage”.
The above graph clearly indicates that TV and internet service providers that made investment in CX from 2010-2015 showed an impressive growth in revenue.
Digital Transformation and How it Links to Good CX
Exploring the potential of Digital Transformation, business and IT heads from across sectors namely BPO, telecom, retail, banking, insurance, real estate, logistics etc. will be attending India BPS Summit & Expo on 29th Nov, 2017 at Eros Hotel, New Delhi. Using digital medium for customer engagement and retention and creating a digital workforce are precursors to customer experience (CX). Incidentally, these are the primary agendas that will be discussed at the summit.
Going forward CX will directly impact engagement and retention of customers. As per a Walker report, by 2020, CX will take over price and product as the key differentiator between brands. If you want more statistics to justify the importance of CX, here is a list of CX Statistics in 2017.
This suggests that customers will not hesitate to pay more for superior customer experience, and this rule applies to both internet companies and brick & mortar setups.
Customer Engagement and Retention
We live in the age of information age. Customers want more accountability and information about their purchases and interest. If an enterprise is able to predict that on behalf of their customers, it will definitely impact CX and improve retention. Here’s a good example:
A customer visits a restaurant and orders a Middle-Eastern Platter and specifies his allergy to nuts. The chef prepares the dish accordingly. During the next visit, the restaurant remembers the customer’s allergy and informs him advance that the chef has prepared “today’s special menu” without nuts, and that he should surely try it.
This gesture will immediately form an emotional connect with the customer and he is likely to visit the restaurant more often and even recommend it to his friends. He could also write positive online reviews that will encourage strangers to visit the restaurant. This is the fine example of Wow CX memories.
Creating a Digital Workforce to Meet CX Goals
We have already established that investing in CX strategies will bring in profit and high returns. But what is the right way of doing it? Experts agree that creating the digital workforce in the backend will improve CX in the front end. So, what exactly is a digital workforce?
Digital workforce refers to analytics and automation of mundane tasks through chabots, AI and big data so that human employees can focus on more productive tasks. Customer experience platform like Ameyo’s Fusion CX aims at achieving that. The platform promotes customer insights, agent productivity and over all accountability that will ultimately delight customers and achieve positive CX memories.
CX Memories – Conclusion
Most companies are aware of the impending needs to invest in digital medium in order to leverage CX. However, they are unsure on how to do it. To begin with, customers should have same experience across touch-points -mobile, web, social media, including in-store retail experience.
Big brands like Amazon, Uber, Apple Inc, Zappos have hopped the bandwagon of CX with the assistance of digitization. It’s important that mid-level enterprises follow suit.