The market of CEM (customer experience management) is expected to expand from 8.5 billion of USD in 2020 to 14.9 billion USD in 2025, at 11.8% of CAGR (Compound Annual Growth Rate). The driving forces of this market includes the requirement for improving the customer engagement as well as minimise the churn rates of customer, other factors being stronger understanding of customers, using scores given by customers for planning the strategies of customer experience management.
How global CEM is being impacted by COVID outbreak?
The COVID-19 has resulted in extended lockdowns, being attentive about health and pervasive uncertainty. All these situations are remoulding customer’s behaviours. It is challenging for product/ service providers to comprehend behaviour and lay a plan that is fruitful in long run.
Overall growth of global CEM market has medium impact because of outbreak, and significant impact on core sectors like logistics, transportation and manufacturing, and moderate impact on non-core sectors, like IT, e-commerce and telecom. On the other side, during these times health care industry played an important role which significantly adopting the CEM solutions during rampant as there is increase in count of customers.
Actions which solves immediate needs of customers
- Focus on concern and care: where companies need to make their community and employees as their priority, also employees need to understand and be true to values and purpose of company, reach out the customers with support.
- Meeting customers at their place: digital innovations models has made to help customers and prevent from the COVID outbreak by giving customers the expanded delivery options to home, and contactless operations.
- Rethinking about situations post-COVID: customers migrating to digital channels and saving money and enhance satisfaction. The brick and mortar store will be transformed post crisis. Forced cost cuts due to economic hard times.
- Building agile solutions for fluid situations: using social Medias rather than survey for immediate customer readings, having test and scale laboratory to save time, focusing on failure models which indicates the missing of customers signals.
The top trends in customer experience management
With the year 2021, not just our lifestyle is disrupted but the digital world has also gone through a noticeable disruption and has given a pause to even those organizations which already started to getting established with their digital mediums. The year 2020-21 is driving the enterprises into a customer-driven era where customer satisfaction is more important to stand up to the competition. To do so you must be well-known of the customer experience management trends those are the major reasons behind the recent disruptions. New technologies are emerging every day and being a part of the business sector helping them to enhance the level of service and customer experiences.
To attain insights into customer experience trends, you must be aware of the below-listed aspects:
Certain elements that are driving the customer experience trends, if you are willing to understand those driving agents then here is the list:
Tons of data but no insight
Most businesses are focusing to gather much and much information about the market and their targeted customers using the latest technologies, such as machine learning and artificial intelligence. But hardly any of those are well planned with an insight to use the collected data. Proper use of collected data and predictive analysis can help the companies to judge the upcoming demand in the market and can get ready to cater to the requirements of their customers.
Friction between the technological advancement and process in use:
We are living in a technological era and most businesses are accepting the latest technologies with open hands but the question here, are we changing our work process along with the acceptance of new technologies. Change in the technology and traditional work process can’t go hand in hand. Businesses need to change their operational process too with the changing era. Friction has been ever noticed between the technology and the process, hence to grow the business along with the trends you need to remove the friction and change your process that is compatible with the latest technology.
Top customer experience technology trends emerging in 2021 for the insurance sector
In today’s world, almost every business is approaching an enhancement in the customer experience and hence they are inducing the latest technology to create industry-driven solutions. The business landscapes are changing at a fast pace and the experiences of customers have taken a radical change with the technology change. The thought of reshaping the customer experience was snuggling by the business sectors but the budget has remained the biggest issue, now with the emergence of the new era and latest technologies, the budget constraints are reducing the gaps with the businesses. Here are the best technologies which have continuously worked for the enhancement of customer experience.
The major technologies accepted by the insurance sector are predictive analytics, voice-of-x programs, artificial intelligence, machine learning, voice assistance, augmented reality, IoT, cybersecurity, and many more. The very initial channel that worked to embrace the potential of customer engagement is artificial intelligence and big data.
Artificial intelligence and big data: Initially artificial intelligence was accepted by the insurance sector as a fraud-detection tool but gradually artificial intelligence became the base of the sector and created its importance in each level of operations. The best example of the potential of artificial intelligence is the automated claiming process reducing the time of claims and also reduces the queue at the office. With the use of artificial intelligence, even the insurance sector can serve personalized products to the customers based on their requirements, irrespective of the one policy set for all thought. To serve the customers with personalized products big data has also contributed along with artificial intelligence. Each technology is connected with each other to serve the mankind in best possible way. The major technologies which has been combine with artificial intelligence to embrace the power of insurance sector are big data, machine learning, and IoT.
Machines are now enabling with automated procedures and the automation is directed by the data stored within. Here, big data is helping the machines to collect and process the required data for further operational activities.
Each technology is connected with
Challenges that can hinder the customer experience management strategies
To stay ahead of the existing competition you must be well-aware of rapidly changing marketing trends. All type of businesses, regardless of their size and domain has one thing in common that is their customers. Customer retention is one of the major aspects that impacts overall performance and revenue generation of a business. Now, with the frequent technological transformations, most of the businesses have incorporated latest technologies such as customer experience management to streamline their business operations with respect to the customers. This approach helps them to personalize the interaction with the customers.
Marketing leaders and the top brands have already recognized the importance of incorporating customer experience management system with a future objective. Are you also willing to enhance the customer’s experience by using a proper management strategy? Then you must first consider the challenges which may bother your business operations before incorporating it.
Challenges which may question your customers experience management strategies:
- Customer behavior analysis:
Understanding the customer’s behavior and a shift from one product to another is very challenging. It requires a precise observation and continuous monitoring. Most of the businesses struggle to get an action on their portal for which they must encourage the customers to finish their shopping with various means. To achieve this objective you may require a detailed eye precision over every action occurred on your portal. To simplify this task you can take assistance of the customer experience management tool that tracks each activity on your website and send notifications to the customers leading them to complete their purchase.
- Limitation with technological knowledge:
All the customer experience management tools are made user-friendly to ensure the use of it by every single business. But a basic technological knowledge is required to leverage all the benefits from the tool and making effective use of it for the business management. To do so you require a professional who holds a master hand on the technology and is well equipped with the tool to serve you with the best output.