How to Create Engaging Customer Experiences in the Growing Digital Market

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Building an online customer base is all about creating an exceptional customer experience in the digital space

By Rohan Joshi and Sudhir Prabhu

You must have heard that the digital marketplace is the next big thing. Well, it’s already a monster. The Indian digital market space is growing exponentially. In October 2021, the monthly cumulative value of Indian UPI transactions exceeded $100 billion. That’s a lot of online business, too big for an organization to ignore. The digital market space looks more lucrative as it will overtake the retail market in the coming years. While the retail market is growing at a 23% growth rate, digital transactions are growing at an annual rate of 40-50%.

So what’s fueling the frenzy? It’s a combination of digital payment platforms, 4G technology, an increase in purchasing power and the disruption caused by the Covid-19 pandemic. We live in a VUCA (Volatility Uncertainty Complexity and Ambiguity) world, and it has been exacerbated by the global pandemic that is disrupting supply chains, marketing channels, manufacturing, and nearly every business function. Digital technologies have essentially attempted to alleviate some of the VUCA issues that businesses are facing. According to Gartner, the top digital initiatives companies have taken over the past 18 months have been –

1. VCA – Virtual Customer Assistants – these simulate conversations in order to provide information to a customer and, if advanced, take action on a customer’s behalf to complete and deliver transactions

2. Digital Analytics – Advanced and meaningful analytics provided to people who need the information to make instant and intelligence-based decision

3. Machine learning, so that repetitive tasks were performed by agents until now, is now automated, the most important here being tasks such as self-routing and self-categorization

4. Taken in conjunction with VCA is sentiment analysis, something that can predict in the near future the likely outcomes of problems that customers face.

Gartner conducted an interview with Michelin’s CEO who explained how their supply chain has been disrupted by the pandemic and how digital technologies have helped Michelin source alternative sources of raw materials locally and maintain supply channels. distribution of products in working order to fulfill orders. He went on to say that digital technology which would have taken three years to be adopted was implemented in three to four months and robotic process automation tools, NLP tools were deployed, intensive online training was dispensed to all operations personnel during the pandemic to keep the lights on.

Engage customers online

Building an online customer base is all about creating an exceptional customer experience in the digital space. It takes a range of great websites, mobile-friendly apps, high-quality omnichannel customer support, branding and digital marketing to deliver a great customer experience in the digital space. . Think of your customer touchpoints as a website or an app like your office lobby or customer service center and you’ll get the big picture. So how can you engage customers online? Let’s explore some tried and true hat tricks.

Understand your customer journey

Mapping your customer journeys and understanding their needs helps you build a profile of the overall market segment that your business attracts. Engaging the customer at every stage of their journey creates a superior customer experience that builds customer loyalty. Luckily, it’s easy to do this with the help of a business customer service app. The daunting part is gathering insights from the data and acting on it to gain a competitive advantage.

The media is full of articles, articles, podcasts on AI, IoT, meta, VR, etc., but it’s mundane things like workforce management, case management, desktop management, collaboration tools and unified communications that deliver maximum value to customers today. While emerging technologies are making a mark on the commerce landscape and helping us make data-driven decisions, they are only a means to the end goal: creating great customer experiences.

The human touch

Remember that you don’t have the opportunity to meet your customers in person in the digital space. But to think about it, it is not a setback because it is rare that a company has the opportunity to meet its customers directly. Creating a human and emotional connection online is possible with attention to detail. Customers don’t just buy your products, but more importantly, they buy the value they get from your products, and a human connection is a big part of that. Relevant aspects to consider are creating engaging content, user-friendly websites and apps, a human and personalized touch to automated responses and chatbots, and a strong service desk to connect with your customers.

Follow-up calls to check on your customers and make sure their issue has been resolved are a great way to close a ticket and gather valuable feedback. Customer feedback basically helps you correct course and improve performance. Several case studies highlight customer-focused product improvements and innovations that have led to new business opportunities and growth.

Ask for feedback

Don’t wait for the customer to flag red flags in your customer experiences. Asking for honest feedback upfront makes happy customers happier and tempers unhappy ones. Feedback is also an opportunity to re-engage the customer in another journey, closing the loop. Customer feedback provides insightful data that can lead to product improvements and eliminate bottlenecks in service delivery. You get invaluable information for free; why wouldn’t a good company want one? Once you get the feedback, what separates the men from the boys is getting insights from the data and acting on it. While there are several well-known methods to do this and get away with it, modern technology like AI can dramatically improve your journey of streamlining your business.

What we’ve seen is that customer service has moved from a cost center to a key ingredient in the revenue mix. If you study the growth of IT services companies, most case studies of successful large IT companies indicate that customer service functions are being moved overseas by global giants such as GE, Unilever, Citibank, etc. Routine queries and automated transactions modeled. focus on improving the efficiency of the aforementioned business formed the first and second wave of IT outsourcing. Customer satisfaction results were measured to see if outsourcing added value in addition to reducing costs. Even at the start of the pandemic, studies were conducted on CSAT and its importance to the survival of a business. It turns out that even in the B2C type of business, CSAT was a great indicator for customer time-of-life measurements.

We never really get there!

Creating wonderful customer experiences in the digital space is a daunting task that requires attention to detail, thinking for your customers, and working with the best in the business. However, even if you succeed and build a brand reputation for your business in the digital space, staying on top requires a lot more effort. Competition is never far away and the scalability of the digital space is breaking down barriers creating a level playing field. In today’s markets, you either continually improve or lose the game. There is no place for lazy people here. The continuous improvement of your business processes is a “critical” need of the hour.

Behind all the fun and frolic, buzzwords and headlines in the digital market space is a crucial but less apparent fact that gives it immense momentum: scalability. While it takes investing a lot of time, money, and resources to grow in the retail space, growing an online business is much simpler and faster. When you mix the ingredients of scalability, disruptions in retail supply chains, and the emergence of new technologies, you get a nascent and rapidly developing market space that is mostly unconquered territory. This begs the question: how can your business get a piece of that big sweet pie? Well, the recipe for running a good business and providing a great customer experience is still old: creating and delivering value. The digital market has just transformed the means of achieving this.

To sum it all up

The digital market space offers immense potential to scale your business growth and market share. The digital party has only just begun and is expected to continue for the next two decades. A crucial factor that improves your chances of succeeding in this space is working with the best in the industry.

(The article is written by the co-founder and CEO of Wolken Software and the co-founder and CTO of Wolken Software. Opinions expressed are personal.)

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