Transformation of businesses through CX in the age of digital disruption

With digital transformation, businesses have the opportunity to communicate with modern consumers and meet their desire for a unified customer experience across all channels and locations.

Any organisation undergoing digital transformation must pay close attention to the customer experience. Customer experience is a great place to start for a digital transformation because it emphasises generating happy customers and will also address many inefficiencies that are already there.

According to studies, a customer’s willingness to do business with a firm again is strongly correlated with their satisfaction with the company. Survey results also revealed a direct connection between word-of-mouth advertising and consumer satisfaction. High-quality customer service will help businesses in terms of income and reputation.

Knowing how sales, branding, and customer loyalty are tightly linked to the customer experience will equip you with the knowledge necessary to create the most effective and efficient path to success.

CX teams must gain access to the right insights to enrich their operations while keeping costs down, which can only be drawn from actual customer engagements. As a result, conversational AI, intelligent self-service, and real-time agent assistance are transforming how companies do business. With call volumes increasing, immediate returns on investment are sorely needed.

According to research, 40% of business executives feel that digital transformation helps them fulfil customer expectations more efficiently, and 35% of executives say they want to expand their investment in technology to gain a competitive edge.

Companies that embrace digital transformation acquire highly engaged customers. These customers include:

• Consumers are six times more ready to experiment with a new product or service from a favourite brand.
• They are four times more likely to have informed their friends, family, and contacts about your company.
• Even if a competitor offers a better product or price, consumers are two times more likely to choose that brand.

Companies that invest in the digital transformation journey gain measurable rewards like increased revenue and growth possibilities.

Companies with higher levels of digital transformation maturity reportedly experienced a 45% gain in revenue, according to a recent Deloitte report. Additionally, 41% of high-quality organisations underlined a good influence on sales and marketing activities, while 29% noted a positive impact on growth and innovation.

Through Digital Transformation, we can deliver seamless customer experience

Let us take an example of a seamless customer experience through digital transformation Keeping track of consumer behaviour is one of the most important things financial institutions should do. Since cashless payments are becoming the norm, switching between multiple channels of communication is no longer an option but a requirement. The cloud is important, too. In an increasingly cloud-based world, financial services companies will need to move their information systems as they scale their operations rapidly.

Due to continuously evolving technologies and developments, the business world moves at an incredible rate. Each year, new and developing technology causes even well-established businesses to be disrupted.

With the introduction of its smartphone app in 2009, Uber transformed the taxi business. Amazon Go, a chain of US convenience stores featuring automated, cashier-less self-checkout stations, is the latest evolution of Jeff Bezos’ successful e-commerce venture.

An approach that emphasises connections with customers is a smart decision because every interaction with a customer affects how they view a business overall. Today’s consumers want businesses to treat them as distinct individuals and be aware of their buying habits and preferences. Accenture reports that 75% of consumers say they are more inclined to make a purchase from a business that:

• Knows their purchase history,
• Recognises them by name, and
• Makes product recommendations based on their previous purchases.

More than half of all customers now demand a one-hour response time from customer support. They assume the same response times on weekends as they do during the week. Due to this desire for immediate satisfaction, businesses now have to be available and responsive twenty-four hours a day, seven days a week.

In today’s fast-paced, always-connected, and always-on society, businesses have to consider building a digital transformation strategy, if they haven’t already. As a result of digital transformation, businesses have the opportunity to communicate with modern consumers and meet their desire for a unified customer experience across all channels and locations.


Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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