Investing in customer experience (CX) initiatives should be part of any business strategy, but there are times when choosing where to spend one’s money is particularly crucial. That is the case in 2023, with economic uncertainty sweeping the globe and more CX solutions on the market than ever. While a recent study revealed 89% of tech executives are increasing their investment in CX tools and technology1, it is essential they target products that offer longevity and deliver a quality return on investment.
To help them do so, here is an insight into the top four trends to invest in this year and further evidence why technology is the key to achieving CX success.
Self-serviceGiving customers the option of addressing their enquiries without speaking to a customer service representative is no longer a maybe for businesses. It is a must. A Harvard Business Review study found 81% of customers attempt to address issues by themselves before contacting a company2, while 67% of people now prefer self-service over speaking to a human agent3. This trend will continue in 2023, with businesses to invest in intelligent chatbots and virtual assistants that boast machine learning and natural language processing capabilities.
Data-driven marketingData is a modern-day gold mine for businesses as it allows them to more effectively target and connect with customers who expect nothing less. Research has found 88% of companies have used data to improve their understanding of consumers4 and there is an increasing number of solutions to help them do so. This year will see more businesses invest in AI tools capable of capturing conversational data and converting it into insights that allow staff to offer personalised service and proactive recommendations based on historical data and predictive analytics. Source A: Forbes 2020, B: PWC 2018, C: New Voice Media 2018, D: Gartner 2020
Scalable solutionsAmid the pressures of economic uncertainty, many businesses take their eyes off the bigger picture that is long-term growth. Smart operators will buck this trend in 2023 by investing in technologies that allow them to support a more flexible and scalable workforce. One example is establishing a cloud-based contact centre such as Oration by Convai where all the core technologies leverage cloud computing capabilities from third parties like AWS and Google. Along with costing up to 27% less and suffering from 35% less downtime than traditional contact centres5, such cloud-based technology allows businesses to scale agents up or down as needed.
Voice verification and identificationFew things are more important to customers than the protection of their personal information, which is why voice verification and identification technology will be a hot ticket in 2023. The cost of cybercrime is tipped to hit $8 billion this year but voice biometrics and similar innovations are adding an extra layer of security to contact centres and bolstering customer experience. This is seen in Identify – a feature of cloud-based call routing plug-in Oration – which confirms a caller’s identity by asking them to say something as simple as their identity number or phone number, thus removing the need to ask them several questions.
Customer experience is no longer solely about a product or service. It is an all-encompassing concept that includes pre-purchase research, contact centre interactions that empower customers, seamless payment experiences and gentle upselling opportunities. Great CX also needs to be actively pursued, which is why organisations that invest in the right trends and technologies are a few key steps ahead of their competitors.
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