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/
Alpharooms is one of the UK’s leading websites for discount hotels and flights, offering deals to over 220,000 properties around the world. Online travel bookings has largely become a commoditised marketplace that relies heavily on paid acquisition. Therefore price becomes a major factor in winning business – but in a market this big, no one can win on price all the time. Consequently, businesses need to generate value outside price and deliver a superior customer experience if they want to win market share.
https://mopinion.com/alpharooms-selects-mopinion-to-help-aid-in-customer-experience-initiatives/
As Brits reach for their smartphones to ‘go shopping’, retailers need to be thinking mobile-first to provide those perfect customer experiences.
The state of the high street and retail spend in general is changing, but one particularly significant figure is that nearly half of online orders (48%) were made via mobile last Christmas – that’s up from 29% in 2017, according to Salesforce research.
Consumer behaviour has shifted and this is an indication of the importance of mobile in the wider context of the customer journey.
https://www.retail-week.com/retail-voice/how-mobile-can-turn-loyal-customers-into-brand-advocates/7031195.article?authent=1/
My concept of creating a convenient experience is an end-to-end experience, including every point of interaction with any aspect of the company—interactions with employees, product, website, packaging… everything. How easy are you to do business with? What extra effort do you put your customers through? What friction can you eliminate?
Answering these questions will help you create a better customer experience. Looking for ways to improve the experience, save your customers time, and be more convenient is part of what will make your customers want to come back. Getting feedback to validate your decisions is crucial. Using survey tools like NPS (Net Promoter Score), CSAT (Customer Satisfaction), etc. you get results that will help you determine the overall customer’s feeling about their experience. You can get ask questions that will give you specific feedback about various part of the journey.
https://www.forbes.com/sites/shephyken/2019/03/10/the-other-e-in-customer-experience-customer-effort/
Jonathan Wax, VP EMEA at Nexidia, looks at how data analytics can help organisations deliver the personalised experiences that customers demand.
For some time now, one of the biggest challenges facing contact centres has been how to ensure personalised interactions with customers. Customers want to feel the service they receive is tailored to their preferences and customised to meet their unique needs.
This expectation of a personalised experience is not something that can be underestimated either. According to Deloitte, one in four consumers are willing to pay more to receive a personalised product or service.
https://www.information-age.com/personalised-experiences-customers-demand-123480562/
A relentless focus on the customer is not just an important strategy, it is mission-critical for companies to survive in today's retail climate. When it comes to delivering the best customer experience, it is what is on the inside that counts: the retailer's people and its company culture. So, how is a customer-centric company culture built? Experts agree that a customer-driven culture results organically when employees individually and collectively prioritize customer needs above all else. Ultimately, being customer-centric requires a work environment where employees fully embrace the core values of empathy and servant leadership.
Recently, McKinsey & Co. studied the relationship between customer centricity and revenue growth. They concluded customer impact — the empathy to recognize and act upon the needs of customers — led all leadership competencies. Not only that, but the degree of customer impact also correlated with respondent company revenue growth. While the customer may not always be right, they are certainly always valued in high performing organizations.
https://www.retailcustomerexperience.com/blogs/how-to-deliver-a-customer-experience-that-is-second-to-none/
Looking to overhaul your customer experience strategy? Artificial Intelligence offers tremendous potential to manage customer interactions and significantly improve customer engagement. Let’s find out how!
Customer Experience (CX) is a competitive differentiator and driving force for a business’ success. For marketers, it is important to explore powerful opportunities that can drive improved customer engagement and interactions.
Artificial Intelligence (AI) is one such field that finds its applications in diverse industries. It has matured to use big data, machine learning algorithms, and can be unleashed to drive enhanced customer experiences.
https://www.martechadvisor.com/articles/customer-experience-2/5-ways-ai-can-revolutionize-customer-experience/
If you’ve ever worked in the service industry I’m sure the chant “the customer is always right” still rings in your head. Customer service and the customer journey are not new concepts. However, the medium that customer service is carried out through today is new. With the eruption and growth of the internet over the past 20 years – the entire customer journey has been rewritten – no matter how long you’ve been in business or what industry you’re in. As the way we do business evolved, the customer experience evolved with it. But why has it been so difficult for businesses to transition?
https://mopinion.com/why-the-customer-experience-should-be-your-main-focus-this-year/
Providing a good Customer Experience (CX) is on just about every organisation’s agenda these days. But where exactly is it headed? We can’t say for sure. What we can tell you though, is that this CX’s ecosystem of solutions is tethering between both expansion and consolidation. New niche solutions are sprouting up everywhere you look, from Live Chat tools and Customer Experience Management (CEM) software to Customer Success platforms and User Feedback solutions. Meanwhile, many of these same tools are being acquired by larger enterprises and ‘all-encompassing’ CX suites, such as Verint and Medallia. Movements in the market which are all attributed to trends in CX. So let’s address the question on everyone’s mind…What’s happening in CX and what lies ahead?
https://mopinion.com/state-of-customer-experience-cx/
We hear companies throwing around common phrases like, ‘Customer centricity is at the heart of our organisation’ and ‘We’re very much in tune with the needs of our customers’. Not surprisingly, seeing as how according to a study carried out by Bain and company, 80% of organisations they surveyed believed that they were providing a superior customer experience to their customers. Meanwhile, just 8% of their customers shared this opinion. Only eight percent! This is a huge disconnect and gap in perception, one that is commonly referred to as the customer experience gap.
https://mopinion.com/what-is-the-customer-experience-gap/
