Solving the Riddle of Customer Experience Management

CIOReviewIndia Team | Friday, 10 July 2020, 03:01 IST

Measuring the customer experience and taking steps to ensure that it is effectively managed was never as important as it is today. As per a report by Grand View Research Inc, the global customer experience management market size is expected to swell up to USD 23.6 billion by 2027, growing at a CAGR of more than 17 percent by 2027. The major drivers of the growth of this market are digital disruption and capricious customer behaviour. The need for businesses to be data driven is getting stronger with the increasing availability of contextual information about customer preferences through social media and other platforms. The rise of e-commerce has also contributed to customer becoming more vocal by means of providing some kind of option for customers to express their satisfaction level and give their feedback in some way. With the increasing online presence of customers, brands are now better placed with a clear view of what the customer wants. Gauging those customer preferences and making predictions of prospective buying has ignited a whole new revolution, make the customer acquisition and retention process much easier and tapered.  

“Businesses will focus on mining data to identify valuable trends to drive better experiences for proactive customer care, premonition routing, journey shaping and experience design tailored to the customer based on their own actions, tendencies and business history,” said George Demou, President and CEO, Avtex.     

There are several trends transforming the Customer Experience Management market. Let us look at some of the most important ones.

Mobile-first approach

With the increasing proliferation of mobile, brands must now devise or tweak their strategy to become a mobile-first entity. Mobile devices have made it possible for people to be online from anywhere, which in turn provides brands with more avenues to getting to know the customer better. By utilizing whatever data that is available, they can shape up their marketing strategies accordingly.

Artificial Intelligence for Customized Experience

Having a plethora of data at their disposal, it is herculean task for businesses to analyze and make sense of the data. AI has come to the rescue of businesses, helping them design their customer outreach in accordance to the exact customer preferences. Most brands today are either on their way or have already started breaking down the silos of information available across departments to make a centralized repository but that in itself is not enough. Usage of machine learning (ML) and natural language processing (NLP) has become vital to make sense of the huge data available. This is creating a new way of designing customer experiences customized exactly to their requirements.  

Data Transparency led Customer Engagement

Customers today want to be in the know of the status of the delivery of product or service. It has been found through multiple researches that data transparency gives more credibility to the brand and customers being aware of the exact status are more likely to show loyalty to the brand in future.

Considering these advancements, it is only natural for brands to incorporate these in their business processes and try to transform themselves for better solution and service delivery.  

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