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Amit Gandhi, Founder, NovelVox tells us about the dynamics of customer service business here.
What are the emerging trends in the customer engagement market in 2022-23?
The trends in the customer engagement market seems inclined towards omni-channel engagement as it let customer choose the channel that best suits them at any given time. Be it via live chat, email, SMS, or mobile app, customers can reach out to a business from anywhere. Besides, the evolution in the space of AI-powered chatbots have made them capable of handling nearly 80% of all customer inquiries, thereby enabling customer service teams to offer 24/7 support at a fraction of the cost. The bots do not merely follow a set pattern of inputs. For instance, they understand the context of the query even if misspelled or written in a different format and provide resolution. Smart Chatbots are driving inclination towards the integration of human and automated systems wherein queries can anytime be escalated to a live agent from bots to deliver better resolutions.
Simultaneously, there is adequate focus on hyper-personalisation so that customers can be offered sophisticated, immediate, and personalized experiences with a greater data transparency. Besides, real-time Customer Experience Analytics is also playing a pivotal role in driving the industry. Nearly, 58% of enterprises are seeing a significant increase in customer retention and loyalty as a result of using customer analytics.
How can customer service Increase business revenue?
When a business invests in making a Greater CX, it eventually drives immersive and personalized relationships between brands and customers. This often leads to the customers turning into brand advocates, while drastically improving the online reputation of a brand. It is a fact that when customers are happy, they are also loyal and spend more time with the brand. They renew their contracts on time and at consistent spending levels, establishing a long lasting relationship with brand. If statistics are to go by, nearly 86% of buyers are willing to pay more for a great customer experience.
How can CX help the retailers of hardware?
With many stores often selling the same products, customer experience is a more appealing way of differentiating than competing on price, which obviously has a direct impact on revenues. An experience-centric business strategy, with omni-channel capabilities at its core can enable a seamless and enjoyable customer experience (CX) through digital and physical channels, improving brand loyalty and customer retention rate.
What has been the response for CX software from the IT sector MSMEs?
The response has been phenomenal for the CX software from the IT sector MSMEs because of the multiple benefits of it. For example, enhance CX allows such companies to build a higher customer lifetime value, reduced attrition of customers, higher customer retention and reduced costs of service and marketing.
Nearly 87% of customers are expected to make another purchase from a company if they had a great customer experience. Customers tell an average of nine people about a positive experience with a brand, but they tell 16 people about a negative experience. Also, majority of customers say service is important in their choice of loyalty to a brand while a major chunk is a believer of good experience being the prime influencer of their brand loyalty. Inefficient customer experiences detract from their quality of life and most consumers view brands more favorably if they seek out and apply customer feedback.