Customer experience is a key competitive differentiator for businesses across industries––from retail to banking. Every part of the business has an important role to play in delivering unique customer experiences; which is why the “business” and “IT” must now, more than ever, collaborate to create customer experiences that differentiate their brand from their competition.
Customer behavior is changing, and expectations are now higher than ever. Successful organizations across various industries recognize that a customer-centric approach is necessary for competitive differentiation. The ability to provide innovative products and services to customers, while delivering a unique experience to customers, is top-of-mind for CIOs.
We all seem to take it for granted now. We go to a retailer’s website or mobile application. We click on the product we want. Instantly, we have access to inventory levels, expanded product descriptions and specifications, what other people think about the product, related products or accessories, and alternatives to the product. Within a couple of clicks, we can make up our mind on a product, order it, and receive a confirmation of order acceptance.
The retail industry continues to adapt to changing customer expectations and connecting to the modern customer through digital channels. Today, 79% of Americans shop online and expect a compelling customer experience across channels. In fact, customers that have personalized online shopping journeys spend 140% more than their counterparts.
Businesses today are going through radical digital transformation in an attempt to create better customer experiences. From mobile to Facebook Messenger to connected home devices, customers today engage with businesses through a variety of digital channels. A single consumer, for example, can have over 900 digital interactions when purchasing a car.
Today, more than ever, insurers are at risk. According to the Connected Consumer Report, more than half (55%) of UK consumers believe that insurance companies provide a disconnected experience across online and offline channels; and 63% of consumers would change their insurance provider if insurers do not address this disconnected experience.
Larry Ellison once said that a “CRM provides a 360-degree view of your customer, provided you don’t care about getting paid.” This quip was intended to ward off new threats to the dominance of ERP. Many organizations, having implemented GL and ERP, were dipping their toes in the CRM waters––particularly service heavy industries, such as utilities and manufacturing. These industries built their services, sales, and marketing functions into this CRM domain.
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