Customer Experience Trends and the Business effect of 2021

Customer experience (CX) is the most crucial aspect in businesses today. A Gartner survey before covid suggested more than two-thirds of companies take part almost entirely on the basis of their customer experience. But, what precisely is customer experience and what should your organization focus on going forward? Let’s take a look.

Customer Experience Defined

There are a couple of schools of thought where Customer experience is concerned. Some assume both the product and the people add to the customer experience, as both are part of the overall customer ride and both influence how customers feel about your brand. Others look at it particularly from people’s point of view—whether their interrelation with the company, especially in connection to customer care, are positive and help cultivate strong relationships.

Why Customer Experience Matters

There’s a straight correlation between customer experience and loyalty-related behaviors, such as remaining with a company, making additional purchases, and brand preaching. Research from the experience management (XM) institute shows that 89 percent of companies that rate their customer experience management (XM) as “considerably above average” also report better revenue increase than competitors, while 90 percent report greater profitability. amusingly, the agency reports a strong link between experience management (XM) and employee experience (EX) too. This means organizations that focus on XM aren’t entirely uplifting profits from addressing customer needs, but through areas like employee retention too.

Customer Experience Management Moving Forward

Organizations are accommodating a greater focus on CX to grind in their strategies and ensure the customer journey is harmonious. Below, we’ll explore some of the biggest CX shifts arising from the pandemic and how organizations are oscillating to keep their brands relevant and customers happy.

Customers Are Digital

The rise of digital interactions with brands cannot be exaggerated. Nearly three-quarters of customers say their digital experience with brands has changed since COVID-19 arised, as claimed by Acquai data. Moving into 2021, Forrester estimates digital connections will see a further 40 percent spike as well. These stats echo our own findings on raised demand and the fetch to digital channels.

Businesses Are Made or Lost on Trust

Research from HubSpot shows that client trust is erosion. The overwhelming majority of individuals don’t trust press releases, advertisements, or sponsored ads on social networks. They additionally don’t trust sales or selling professionals as sources of knowledge like they want to. In all, simply 45 percent say they still trust brands as they continually did. That’s worrisome, considering the Edelman Trust measuring device shows 67 percent of consumers can stop shopping for from an organization they don’t trust.

On the other hand, close to 90 percent of consumers who rate an organization’s CX as “very good” additionally say they trust the business to require care of their wants, per XM Institute knowledge. The rates vary by industry. As an example, in banking, it’s ninety 92 percent of consumers and, in insurance, it’s 93 percent which means in industries wherever trust ostensibly matters most, it’s additionally simply earned through delivering on CX.

Low-Effort Interactions Are a Must

In “The Effortless Experience,” a book authored by Gartner group  vice president Nick Toman, he, alongside co-authors Matthew Dixon and Rick Delis, contend that it’s not delighting customers with “feel-good moments” that wins them over. It’s making easy interactions that do. As Per their analysis, 90 percent {consumers of shoppers} with high-effort customer care interactions become disloyal. Key sources of effort, in keeping with their findings, include:

  • Needing to contact a corporation quite once
  • Receiving generic service or being treated sort of a range
  • Needing to repeat data
  • Customer perception that further effort is concerned in resolution a problem

While their analysis isn’t essentially new, it hits home for corporations troubled to stay up with enlarged contact center volume amid reduced agent coverage.

AI and Automation Are Surging

While AI and automation applications have been expanding for quite some time, tech utilization is now crucial. This ties back to enhanced volume and decline availability of representatives, and customer approval of tech as well as the types of tech being leveraged. Although, it’s worth noting that it’s pocket-friendly to up-lift this technology too. According to Gartner, organizations will lower general expenses by 30 percent by 2024 by merging hyper-automation tech with redesigned operational processes.

Cybersecurity is a Top Priority

Adopting new technology paired with remote workers and cloud environments has forced organizations to take a hard look at their data security processes.American companies lose an average of $8.64 million per breach, which provides an apparent fiscal incentive to shore things up. Despite this, McKinsey research shows more than 70 percent of CISOs expect their budgets to shrink in 2021. If their predictions are correct, it could spell out major trouble for their organizations and diminish consumer trust even more.

Work from Home is Here to Stay

Earlier to COVID-19, only seven percent of full-time employees worked from home, according to Willis Towers Watson. By August 2020, the number skyrocketed to 44 percent. Though organizations intend to start bringing employees back to their former workplaces, almost 20 percent will remain remote—nearly three-times the pre-pandemic level.

Business Process Analysis is Getting More Attention

Suffice it to say, each of these trends presents major challenges for organizations.

  • Organizations must map all the digital touchpoints of the customer journey and make them effortless.
  • Due to the wide variance in customer knowledge and acceptance of technology, intensive testing of all touchpoints must be performed to ensure all demographics find them intuitive.
  • In addition to streamlining digital touchpoints, organizations must focus heavily on employee training to ensure concerns are resolved in a single contact.
  • Interoperability between systems is a must to ensure customers do not need to repeat information and that customer care agents can provide personalized service from the moment an interaction begins.
  • Technology and policy shifts must be made to ensure the customer journey is seamless and data is protected.
  • Organizations must adapt their work-from-home strategies to equip their employees with the right tools and adjust their policies to suit.

These aren’t things that can be fixed with band-aid solutions. They require business process analysis—a complete look at how each process is being carried out now, what the goal for each process is, and how it can be re-engineered to achieve its goals cost-effectively. With that in mind, companies are turning to customer experience management experts and business process re-engineering specialists to redefine their customer experiences and strengthen their companies going forward.

Explore Outsourcing to Improve Your Customer Experience

BOOTSTAFF has helped enterprise-level organizations, many companies, and  agencies redefine their customer experiences for more than three decades. By exploring each process, including individual customer touchpoints, and bringing in the right technology, people, and processes, we help companies cost-effectively achieve their goals. If your company is struggling with its next steps or how to bring everything together, CONTACT US FOR CONSULTATION.

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