3 Powerful predictions for the future of customer experience
The number of brands improving their CX in 2021 is up by 50% from 2019 and is expected to grow further in 2022. Three recent phenomena have contributed to this advancement. First, ubiquitous digital interactions have dramatically heightened customer expectations and reshaped the customer journey. No longer do customers condone excessive wait times or unnecessary handoffs. They need instant replies which practically is not possible to reply manually. This is where social media chatbots come into play.
Second, the rampant growth of cloud services and ML tools has put innovative AI capabilities within reach of organizations of all stripes, affording them the capability to employ advanced CX solutions.
And third, the onset of the pandemic and the massive shift to remote work fundamentally changed how consumers engage with businesses, with 56% of them claiming the same.
While several of the previous years’ CX issues will persist as evolving customer needs take center stage, there are three key trends to watch for as we move forward. So let’s dive in to find out what these are and the innovative brands that recognized their potential before the rest of us.
Predictive customer insight
93% of executives continue to rely on outdated survey-based measuring tools, which have been the backbone of CX initiatives for decades, even as they seek a more well-rounded picture of consumer preferences and behaviors. While such surveys are helpful for research, they cannot be the primary tool for providing a better customer experience, especially now that predictive analytics can generate a wealth of value-focused data.
Predictive analytics enables you to classify consumers with similar attributes together, streamline your campaigns, and measure your CX performance effectively with the ability to forecast future consumer behavior through their audience’s past interactions.
Companies like Netflix have already used an AI-powered algorithm to anticipate what their users will want to watch next. The algorithm extracts and analyses data on demographics, preferences, viewing history, and ratings and saves the company $1 billion a year in value from customer retention.
Useful tools that will help you in your business growth and brand building:
Omnichannel customer experience
Fifteen years ago, the average consumer typically used two touch-points when buying an item, and only 7% regularly used more than four. Today, consumers use an average of almost six touch-points, with nearly 50% regularly using more than four. By employing omnichannel Customer Experience, you can streamline all the audience interactions with your brand consistently and across all touch-points, increasing your customer retention rate by up to 90%.
In a bid to leverage omnichannel communications, The Titan Company brought the customer experience management platform from Locobuzz into play. By optimizing their WhatsApp communications through the platform, Titan experienced a significant improvement in customer satisfaction and saw 64,000 unique users reach out to them within a year.
Although chatbots have been around for quite a few years now, many organizations still find them elusive, unable to leverage their potential effectively. A robust AI-powered, intelligent chatbot can simulate real-life human-agent conversations, provide relevant solutions, troubleshoot client issues, and provide in-depth support on a wide range of user-centric concerns. With all these service offerings, chatbots and natural language processing will unsurprisingly save businesses around $8 billion annually by the end of 2022.
By deploying intelligent chatbots, you can experience up to a 55% growth in customer satisfaction. The chatbot by PVR Cinemas responds to questions about movie schedules, payment options, and seat bookings, amongst other things. It lets users leave feedback and watch movie trailers, driving engagement and purchasing decisions together.
Embrace the future of CX
Following the footsteps of the innovative brands mentioned above, marketers must recognize that offering a superior customer experience is not simply a competitive advantage anymore but something today’s consumers expect in every interaction they have with a company. Brands that develop the competencies, people, and organizational structure required for this shift can reap significant benefits. Those who continue to use outdated technology for customer experience will be forced to play catch-up in the coming years.
With the help of its various solutions like brand monitoring tools, competitor analysis tools, social media management tools, sentiment analysis tools, customer experience tools, social media chatbots, social listening tools, etc Locobuzz provides a complete social media management strategy. Locobuzz is an omnichannel solution provider that provides omnichannel customer engagement strategies.