CX continues to grow in importance to companies. Such is its increasing prominence, the Walker’s Customers 2020 Progress Report predicts that CX will become the crucial unique selling proposition for companies by 2020. However, the reality of retail innovation paints a different picture.
According to a survey of over 100 national and international brand CX professionals by AmazeRealize and as reported by MyCustomer, 36% of respondents say that their company hasn’t invested in CX yet, whereas 77% say that their company has dedicated less than 1% of annual turnover to improving CX.
The unstoppable retail innovation rise of mobile
53% of online store traffic comes from mobile device browsing, according to a KPI report by Wolfgang Digital. And while most customers still process their purchases on desktop, the tide is also turning toward mobile. 32% of transactions are processed on mobile, versus 12% for tablet and 56% for desktop. However, mobile transaction processing is up by 23% compared to the previous year, “suggesting that it is now becoming easier and more convenient for people to press ‘buy’ on their smartphone,” as SmartInsights reports.
With increasingly sophisticated technology, many modern mobile devices are as feature-packed or even more so than the most cutting-edge desktops. And with Generation Z coming of age, the first demographic that has grown up in an unequivocally digital world, it is likely a mere matter of time before mobile CX is the overwhelmingly quintessential medium through which customers will interact with, and purchase from, brands.
The time is now: opportunity knocks for proactive companies
If you can execute mobile CX that wows your customers, you can gain an important competitive edge over others who continue to treat mobile as an afterthought, or who mistakenly believe that customers are happy with their current mobile CX offering. Brands leading the way in mobile CX are committed to a rigorous, dedicated CX strategy.
This often involves the following 3 steps:
Step 1: Optimization of rich data collection, storage, and interpretation
Identifying the most relevant data points provides the foundation upon which brands develop a rounded understanding of their customers. Secure collection and storage of precise data, applied to commercial applications can result in valuable insights to do with customer preferences and engagement, and product feedback and distribution.
Step 2: The use of deep customer analytics, AI, and machine learning technologies
Deep customer analytics enable brands to visualize customer needs and desires, based on real data points. AI and machine learning have many commercial application uses. For instance, machine learning can adapt your product offering based on changing customer behavior, whereas AI can power sales bots and chatbots.
Step 3: Capabilities in hyper-personalization
Much beyond mere personalization, the “hyper” variety equips companies to contextualize CX and products to a customer’s unique profile right down to a granular level. With hyper-personalization, the days of one-size-fits-all CX, such as mass email or SMS blasts, are over.
The business benefits of focusing on retail innovation for the mobile customer experience are no longer in doubt. BBVA is but one example of an enterprise that has reported higher rates of customer satisfaction and retention by, in large part, focusing on mobile CX. By focusing on mobile CX while your competitors prioritize other areas, your company can pounce early and reap the rewards.