In today's highly commoditised age where there is often little differentiation when it comes to competitive products and offerings, the biggest factor that prompts customers to patronise one brand over the other is often customer engagement. There are several studies that show the impact of customer experience on both customer acquisition and retention.
A study conducted by Bain & Company, in association with professors from the Harvard Business School, found just a 5% increase in customer retention rates increased profit by 25% to 95%. Therefore, customer experience is an important influencer of an organisation's profitability. Organisations are already starting to realize this. A recent Frost & Sullivan study found that about 80% of organisations in Asia-Pacific recognised customer lifetime value as the most significant business benefit delivered by customer experience.
https://www.itweb.co.za/content/Pero3MZgRyEqQb6m/
According to Adobe’s recent digital maturity survey, a majority of digitally mature companies are increasing their budgets in both personalisation and optimisation in order to stay competitive. Leading brands understand the best experiences are consistently personal.
Yet, many companies struggle to scale the delivery of personalised experiences across channels. To solve for these challenges, Adobe today announced new artificial intelligence (AI) innovations with Adobe Sensei, the company’s AI and machine learning technology, in Adobe Target and Adobe Experience Manager, part of Adobe Experience Cloud.
https://itbrief.co.nz/story/how-to-use-ai-to-optimise-customer-experiences/
Over the festive season, I caught up with Lucas Watson, Executive Vice President and Chief Marketing & Sales Officer at financial management software heavyweight Intuit. I was expecting a discussion on expansion plans, brand strategy, and how increasing financial compliance regulations are a challenge for small and medium-sized business owners.
https://yourstory.com/2018/01/intuit-lucas-watson/
If you’re a WestJet customer, you may have gotten flight info, baggage allowances and even information on how to fly with your wedding dress from the Canadian airline’s digital agent. She responds in less than one second to the most frequently asked questions. With Juliet, WestJet is now solving 74% of all customer service queries via Facebook Messenger without needing any human intervention.
http://phocuswire.com/netomi-airline-outlook-artificial-intelligence/
Artificial intelligence (AI) holds tremendous promise for marketers, but the true value of AI has yet to be fully harnessed. Marketers can position themselves as leaders of the AI revolution within their companies by applying AI to better understand and evangelize the voice of the customer.
https://www.business2community.com/marketing/how-ai-is-turning-the-voice-of-the-consumer-into-marketing-analytics-gold-02076902/
Voice of the Customer (VoC) programs enable business leaders to gather the critical customer feedback they need to address customer concerns and shape the future of their products.
Traditional VoC programs are one-on-one interview based and can generate volumes of unstructured customer interview data. Making that information actionable is where the rub is, according to Maxie Schmidt-Subramanian, Principal Analyst of Customer Experience at Forrester.
https://www.cmswire.com/customer-experience/how-ai-is-impacting-the-voice-of-the-customer-landscape/
Among the technology trends shaping 2019 and beyond, the adaptation of artificial intelligence (AI) to shape and propel the Customer Experience (CX) is among the most momentous. AI technologies, including machine learning (ML), natural-language understanding, and natural-language processing are proving transformative in acquiring, analyzing, and responding to customer feelings and feedback. In my experience, the scalability, speed and accuracy of AI is outperforming expectations and illuminating a forward path to even greater progress.
http://straighttalk.hcltech.com/how-ai-customer-experience-enriches-customers-and-employees/
In a recent market analysis from UBS, retail was ranked among the top industries predicted to be most impacted by artificial intelligence (AI) in the years to come. In fact, analysts have estimated that global retailer spending on AI will reach $7.3 billion per year by 2022, up from just $2 billion in 2019.
When it comes to where this money will be spent in the coming years, the majority of it is expected to be used to better the customer experience (CX), including everything from personalization to customer service. It’s an essential area to invest in given one in three (30 percent) consumers would post a negative review online or to social media if they received poor customer support, proving the need for enhanced CX to maintain customer loyalty, and even gain new shoppers. Brands are still just beginning to untangle the many advantages of using AI in retail, so let’s explore how AI can transform the customer experience.
https://www.mytotalretail.com/article/how-ai-can-transform-the-retail-customer-experience/
Until fairly recently, industry pundits had all but written off voice as a customer engagement channel. Considering there were more than 100 billion inbound calls via mobile devices alone in 2018, the past year has proven them wrong.
There has been an incredible resurgence of voice as the new user interface of choice, and it remains the chief channel for complex customer inquiries and interactions. As a result, organizations have been getting serious about connecting their voice communications systems to their systems of action -- deeply embedding voice in the fabric of customer relationship management systems.
https://www.crmbuyer.com/story/85827.html/
The latest trend in today’s data-centric world is machine learning and artificial intelligence, and AI is looking like the go-to technology and buzz for 2019. In fact, Gartner recently released a Smarter With Gartner report that identifies AI as one of their top 10 strategic technology trends for 2019. And a McKinsey Global Institute economic model estimates that about 70 percent of companies will adopt at least one type of AI by 2030.
Given the projection of AI, it’s worth noting that the possibilities and potential for AI-driven applications to enhance Customer Experience (CX) seem endless — from chatbots and personal assistants to text & sentiment analytics that can turn customer feedback into a roadmap for CX improvement. If, however, you’re thinking about jumping on board as soon as possible, think again.
http://customerthink.com/five-prerequisites-for-adopting-ai-to-improve-cx/
