8
Future of Retail — Customer Engagement
issue 08
Why the customer experience matters Developing this understanding is crucial, because customer experience (CX) matters more now than ever. Today’s customer relationships need to go far beyond decreasing waiting times or boosting product ratings. Today, customers are more empowered than
ever before, and downplaying the importance of good CX is no longer an option. A generation of disruptive, digitally focused firms - from established players like Amazon and Google to rising names such as Deliveroo and Uber - have raised the bar when it comes to customer expectations. People now demand seamless services they can interact with whenever and however they want, so brands must respond or be left behind.
The benefits to brands of being customer- centric Taking a customer-centric approach is therefore clearly essential if brands are to meet these ever-increasing expectations - but there’s more to it than keeping up with customer desires. A well-implemented strategy also offers brands a range of positives too. One of the biggest benefits will be in
increased revenue. For example, one study by Forrester found that firms that class as leaders when it comes to CX see average compound annual growth rates of 17%, compared with just 3% for those that lag behind. In fact, strong CX is now often the biggest
differentiator for brands in an increasingly crowded market. By 2020, it may well be the number one factor that influences customers’ decisions on which brands to use, ahead of price and product offerings. We can see this already in the success of offerings such as Amazon Prime, where consumers place such value on the fast and convenient next-day delivery services they’re prepared to pay a premium for it.
Managing a complex environment However, while the potential rewards for success are significant, many businesses find it’s not easy to put their ideas into practice. CX is a hugely complex area - more so than ever in the age of omnichannel, where customers expect the same high-quality experience
“Today, customers are more empowered than ever before, and downplaying the importance of good CX is no longer an option.”
no matter how they choose to interact with a brand. As businesses strive to meet these demands and add new channels, more layers of complexity are added, and it gets harder to keep control of this sprawling environment.
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