Competing in the world of infinite expectations
Traditional organisations are being challenged by the new digital native players coming into the market. Companies such as Amazon and Uber are changing the goal posts for customer experience for the more traditional companies.
These digital companies create new habits and expectations among customers. By incorporating innovative services, products and experiences they have created a new way of delivering customer experience – and it is now becoming the norm for customers when dealing with a company. For example, Uber used mobile phones to create a new way of transport. That innovation helped establish a new way of interacting with a company by using an app and those expectations have since been also adopted by other industries.
The so-called ‘expectation economy’ has been embraced by these digital native companies who understand the need to strive for innovation, be creative and provide a flawless experience, products or service in order to survive and remain competitive. Things like next day deliveries, accurate product suggestions, and seamless customer service have also contributed to increased customer expectation.
This has led into a change of behaviour in the consumer. Today the use of the mobile phone for everyday activities and contacting companies is well established – and customers expect companies to deliver the same level of service across all platforms and devices. According to Gartner, more than 50% of mobile phones and tablet users use their devices for all online activities, including their customer support needs. And these expectations of customers will only increase as technology evolves.
Research shows that this approach works. Companies that engage and respond to customer service requests over social media experience a higher spend from customers, who spend 20% to 40% more money with the company. Therefore it is crucial to be sure that customer service practices and customer experience design are ready to serve these customers the way they want to be served.
So how can traditional companies catch up with the digital native companies and satisfy its customers in the expectation economy?
The change needs to be at an organisational and cultural level, as well as technological. Investing in in the right technology will enable companies to save time and costs and will provide them with a competitive edge over the new digitally nimble disruptors.
Fortunately, there are already solutions in the market and proven benefits of having a unified and consistent omnichannel foundation for organisations to engage with customers, like PureCloud by Genesys. The Forrester Total Economic Impact (TEI) study commissioned by Genesys found that moving from an outdated, multivendor contact centre environment to an omnichannel platform reduced infrastructure-related costs that averaged $27 million over five years. Also, consolidating and modernising infrastructure resulted in immediate savings by eliminating costly maintenance licenses, contracts, and service agreements. These savings continued to grow as IT labour costs decreased.
Other key findings in the study include a 50% reduction in customer abandonment at key points in the customer journey and also 50% cost reduction to integrate new contact centre agents, over $1 million in increased revenue through e-commerce and voice conversions and a 5% improvement in agent handle time, helped by the accessibility of information.
The omnichannel journey management enables organisations to provide a consistent and connected experience over each and every channel and touchpoint — whether self-directed or with an agent – across all customer journeys.
With digital companies setting the new expectations for customers, organisations need to shift from single channel, single department solutions to a broader solution that covers all channels of communications in a fast and effective manner in order to thrive in today’s customer expectation economy.
David Paulding, Genesys Regional Director for UK and Middle East