Tag: insights

Five Reasons Why Customer Experience Matters Now More Than Ever

Five Reasons Why Customer Experience Matters Now More Than Ever | Contentserv Blog

The commerce world used to function using a different strategy, where businesses controlled which products they sold. They used to select and publish the information they thought would keep consumers interested and engaged, mainly through generic campaigns and advertising. Consumers, having little choice back then, bought into whatever businesses were offering.

All this changed when the digital era began.

Today, consumers have a world of resources at their fingertips. With a slew of new tools brought by the internet at their disposal, they are no longer passive, voiceless bystanders, waiting for a brand to hand them products they don’t need. This means that today’s brands face challenges beyond satisfying the demands of their consumers. They also compete for the fleeting attention of these modern shoppers—shoppers always on the lookout for something different or new.

Consumers now hold more power than ever before; they have started to transform the commerce world with demands for tailor-made, personalized content based on their unique needs and preferences. Furthermore, in the past, consumers were bound to availability, now it’s mostly a matter of choice, especially when they are no longer bound by geographic location or logistics. In this age of consumers, what sets apart a brand is the experiences they can provide.

But what is customer experience?

Customer experience is the overall quality of a consumer’s encounter with a brand. From product discovery, onsite and online interactions, packaging and fulfillment, each touchpoint is part of their experience journey.

Many brands have made the disruptive decision to shift their business strategy—from door to desktop, from a salesperson to social media, and now from product to experience. Since 86% of shoppers are willing to pay for great experiences, it is the right time for brands to pay close attention to why customer experience matters more than ever.

Five Reasons Why Customer Experience Matters

1. Customer expectations keep rising. Modern customers are willing to grant brands access to a wealth of personal information. At the same time, with a multitude of options readily available with a click or a swipe, consumers can easily switch loyalties. A Walker study found that customer experience will overtake price and product as a key brand differentiator. Additionally, a PWC report found that 80% of consumers believe speed, convenience and knowledgeable support are the most critical expectations that brands should meet.

 

2. It sets a brand apart from its competition. With many available options, customers can easily find and purchase a product anywhere, using any device, anytime. According to Genesys, 83% of consumers want an omnichannel experience from a brand. Omnichannel delivery provides consumers with a consistent experience at every touchpoint. A consumer finding a brand on social media and finishing the purchase using their mobile device makes a brand stand out to consumers. Additionally, as brands get ahead of their competition, they also reap their rewards. A report by Adobe found that brands with the most robust omnichannel strategies enjoy a:

      • 10% year-on-year growth
      • 10% in average order value
      • 25% increase in close rates

 

3. It generates repeat shoppers and brand ambassadors. Brands need to note that 1 out of 3 consumers will leave a brand after one bad experience, while 92% would completely abandon a brand after two to three negative interactions. However, when provided great experiences, consumers stay with a brand and become repeat buyers. In fact, 87% of customers make another purchase from the company that provides the unique experiences they crave. Additionally, 73% of consumers say a good experience is vital in influencing their brand loyalties. Consumers appreciate great experiences, and they pay it back by recommending their favorite brands to others.

 

4. It is the new battlefield. According to Gartner, 81% of companies are competing primarily based on customer experience. It means brands are recognizing the importance of delivering an experience to build genuine connections with their customers. However, brands must act quickly, as 62% of companies are already steadily shifting their focus on customer experience. The competitive advantage is huge, and customer experience is the new arena to win over customers and stand out.

 

5. High impact. To become an experience-driven business, brands need to have the right strategy in place. It also involves having the right tool, the right process and the best people, and when executed the right way, the rewards are high. The Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within three years of investing in customer experience. Other powerful statistics that show the impact of investing in customer experience are:

      • 73% of companies with above-average customer experience perform better than their competition
      • 83% of companies that believe it’s important to prioritize customer experience revenue growth
      • Customer-centric brands generate revenue 5.7 times more than competitors
      • Brands that excel at customer experience are 60% more profitable than their competition

Owning the customer experience

Today, brands that are thriving take proactive measures to provide their customers with the most unique and engaging experiences they can offer. They embark on a journey to be more customer-centric, and they build their strategy around their customers. Customer centricity comes in many forms—from building relationships, getting customer feedback or adopting new technologies. It is a proven strategy to drive long-term business success, but it is hard work. However, it can become less complicated by having the right solutions that can facilitate the personalization and contextualization of consumer experiences.

Three Ways Experience-Driven Commerce is Changing Online Shopping

Contentserv Blog | 3 Ways Experience-Driven Commerce Is Changing Online Shopping

“Experience-driven commerce is the future of commerce,” said Adobe’s Executive Vice President, Brad Rencher1 in 2018. It had been two years since an experience-driven commerce future was first predicted, and because the right circumstances took place, it is safe to say that experience-driven commerce is happening now.

E-Commerce has completely transformed how consumers shop and how businesses operate. So, is experience-driven commerce really the next big thing for commerce? And how is it changing the online shopping experiences of consumers?

Experience-driven commerce, defined

According to Adobe2, “Experience-driven commerce = Maximizing sales by delivering customer experiences from discovery to purchase that are optimized with insights from real-time shopping behaviors and multichannel data.”

Specifically, experience-driven commerce is:

  • Customer-centric – presenting products in a way that resonate with what consumers are looking for
  • Omnichannel – meeting shoppers and their needs across all channels
  • Relevant product content – providing shoppers accurate, rich, complete and up-to-date product content

Experience-driven commerce trumps traditional commerce since today’s consumers are savvy enough to know and get what they want. They seek personalized experiences, connection and engagement. This means businesses need to develop experience-driven commerce strategies if they want to remain relevant and competitive.

Experience-driven commerce, the essentials

The shift to experience-driven commerce is fueled by:

The age of consumers. Millennials are currently the largest consumer group3, and Gen Z, the pickier and savvier version of Millennials, is not far behind. These current and soon-to-be consumers grew up with digital conveniences at their fingertips – and they only recognize brands that are accessible and personal.

Brands must be customer centric. Brands cannot expect these new breeds of consumers to accept everything they provide. Thus, brands need to find a way to know their customers — their needs, preferences, where they are and how they shop. The foundation to understanding this consumer behavior begins with data. Therefore, brands must harness the power of data if they want to deliver experiences tailored to the needs of these consumers.

Constant connectivity. 53% of the global population is connected to the internet4, and it is a number that is still growing as devices become more affordable. It is also estimated that an average person owns and will use at least 154 connected devices by 20304. Most consumers can therefore easily reach for any of these devices to research a product or service they need, complete a purchase, and share their experience, good or bad, online. This means that with a few swipes, consumers can make or break a brand.

Brands must be omnichannel. Today’s consumers expect to have access to what they want when they want it. To remain competitive and relevant, brands must employ a strategy that delivers a seamless experience across all platforms – desktop, laptop, mobile phones, tablets and in-store.

Personalization. Most shoppers are willing to share personal information as long as they get personalized experiences in return. In fact, 61% are willing to share private information to ensure brands understand their needs5. Furthermore, offering personalized shopping experiences are necessary for brands to build loyalty and expand their customer base:

  • 52% of consumers said they would switch brands if the company does not offer personalized communication6
  • 25% of consumers have stopped engaging with a brand due to poor personalization7
  • 35%  of Millennial consumers are willing to walk away from a brand with poor personalization7

Brands must offer personalized and contextualized product experiences.Consumers become advocates when brands meet or exceed their expectations. Brands must understand their customers and their purchase journey to create a shopping experience that specifically caters to their needs.

So how can brands deliver the demands for experience-driven commerce?

Delivering experience-driven commerce

Brands that want to focus on experience-driven commerce must re-imagine their e-commerce strategy. Many will have to begin by embarking on a digital transformation journey. Digital transformation is the catalyst for innovation in the e-commerce space. It allows brands to connect people, process, data and technology. Specifically, digital transformation can help brands eliminate organizational and technological silos, improve internal processes and empower brands to deliver accurate and updated information to its partners and audiences. This is vital to build an engaging brand message in order to generate the success expected of an experience-driven business.

Brands that are digital are in a great position to understand consumers, enhance their product offerings and deliver a channel-agnostic experience, any time. Additionally, brands must consider the following elements when shifting to a more experience-driven approach:

  • Technology. Brands need to leverage the right technology that can fully support their e-commerce strategy. The necessary solutions will depend on the products sold and the target market. At its core, the chosen technology must be able to provide solutions for personalization, analytics, testing, product information and digital assets management.
  • Data. Hyper-personalized experiences begin with data. Brands need a system of insight to ensure that data, wherever and however it is used and by whom, is high quality – complete, accurate, rich and up to date, all the time. Additionally, data must be used intelligently by way of analytics to fully exploit its potential.
  • Content. Product content is critical. It must speak to the needs and wants of consumers. To provide context around shopping experiences, product content must be tailored to the persona, preferences, location and needs of the target audience.

Experience-driven commerce begins with product experience

Great experience-driven commerce begins with meeting customers on every stage of their shopping journey. It requires understanding on how consumers use different channels to look for the information they need to decide on a purchase. Brands must send the right messages without overwhelming their consumers along the way. Furthermore, the shopping journey must be made seamless and easy.

Delivering experience-driven commerce does not have to be complicated. However, it does require the right strategy that is adaptable to the future expectations and preferences of consumers.

4 Essentials For The Delivery of an Excellent Product Experience

Woman smiling because of great product experience

4 Essentials for the Delivery of an Excellent Product Experience

Excellent product experience delivery goes beyond ensuring core product satisfaction. Imagine buying one of the popular smartphones out there only to discover later on that it has poor customer support and an even worse return policy. The product itself may be good, as it’s popular after all, but if its ancillary services are a hit or a miss, what’s stopping you from switching to the better brand and leaving a bad review?

Product experience, then, is the customer’s emotional response to the product at every touch point. To excel in product experience, brands must elicit a positive emotional response from consumers each time they interact with a product at every touch point.

How to Get Started:

1. Identify your target’s pain points. To manage experiences, you must first manage expectations. And what consumers expect from ecommerce sites boils down to:

  • UI/UX optimized
  • Accurate and complete product information
  • Unlimited selections or assortment of products
  • Personalized offerings
  • Availability of reviews and ratings
  • Shopping convenience, including flexible payment schemes
  • Discounts and promos with loyalty reward offers
  • Free delivery and pick up options
  • Painless return policy

2. Build a technology infrastructure that can support your content creation and distribution strategy. Top brands implement the concept of product experience management (PXM) to distribute relevant and targeted content at the best times and to the precise targets in order to: deliver the desired experiences and elicit positive emotions, build a relationship with customers and eventually inspire loyalty and expand market share.

According to Gartner, a PXM adds the following capabilities to a product information management solution (PIM):

  • Product content analytics
  • Personalization
  • Contextualization
  • Automation and optimization using machine learning (ML) and artificial intelligence (AI)

3. Create Compelling Content. As with customer experience, the great differentiator for brands in ecommerce is content. Top brands not only address shopper pain points, but work to exceed their expectations. So, through rich and contextual content, you could communicate, engage and build a relationship with consumers, hoping it eventually leads to not just sales, but even endorsement and loyalty. Note, though, that what’s compelling for one may not be the same for another, hence the rise of personalization. By doing a demographics and psychographics deep dive, you could create content that anticipates and addresses a consumer’s particular need, and then position yourself as the credible solution provider.

For more inspired content, you can checkout Warby Parker’s and Airbnb’s websites.

4. Use Analytics for Insights. Brands need insights into their product content performance to come up with tweaks and improvements that could drive consumers deeper into the sales funnel. With analytics, you could also see associations and affinities between your products and customers.

Not only that, by leveraging your operational and transactional data, you could make better business decisions, such as how to:

  • Best respond to rapid changes in market conditions
  • Adjust pricing
  • Improve market segmentation
  • Address seasonal demands

Now You Know the Essentials, Do You Have the Tools to Start?

By using a combination of features and advanced technologies that facilitate not only the on-boarding, enrichment and management of data, but one that can also help you create targeted, contextual and emotionally-engaging product communication.

  • PIM – It’s the foundational piece to a PXP. With a PIM, you can collect, maintain and distribute accurate, complete and consistent product information across all channels. This is important because when it comes to e-commerce sites, consumers expect accurate and in-depth product information.
  • Master Data Management (MDM) – This solution allows you to accelerate business processes by connecting all data in your product information supply chain. An MDM also helps you ensure data quality and security, create golden records, and control versions.
  • Marketing Experience Management (MxM) – The perfect complement to your PIM and MDM, an MxM enables you to exceed consumer expectations through timely delivery of personalized product experiences across channels. With an MxM, you can offer dynamic promotions and adjust them in real-time based on insights gathered from analytics.

3 Key Steps to Winning Consumer Trust on the Product Page

3 Key Steps to Winning Consumer Trust on the Product Page

Getting consumers to your product page and getting them to purchase your products are two different things. The average ecommerce conversion rate hovers just below the three percent mark. That’s not quite three people out of every 100 visitors to your product pages are purchasing. So, you can’t afford to turn off any would-be buyers and they would be if your pages aren’t relevant enough.

Relevancy is more than a product match with a consumer. Unless you sell a very niche item, your product would also be available from a number of retailers. Anything from a shirt to a car can be bought across hundreds of sites across the web. One of the key pillars to relevancy on the web is trust, which makes a lot of sense since buying something online is somewhat final. (Even the easiest return policies are somewhat tedious, which is a reason why retailers with a strong brick-and-mortar presence tend to have better online performance.)

How do you convince consumers that you are trustworthy when they land on your product page? Below are three time-tested and proven techniques to make trust the key pillar on your product page.

STEP 1: Product Reviews

It should be no surprise that people trust other consumers more than they trust a brand. One survey states that 85% of consumers trust online reviews as much as personal recommendations. Reviews prominently displayed on your product pages will give people the peace of mind to make purchases.

What about negative reviews, you might ask? Most consumers are smart enough to realize that not every product is a great fit for everyone. Some people are more vocal than others and sometimes they’ll leave unflattering reviews of your products. Read them and take action, but don’t delete them. A bunch of five-star reviews is just as damaging as having no reviews at all. In fact, 82% of consumers seek out negative feedback only, so if they can’t find it there will be an even greater chance of mistrust.

Your product will speak for itself over time if it’s sold enough, but until then, be thankful for reviews left on your site. Think of them as a little bit of free content marketing from the people that matter most, your customers.

STEP 2: Authentic Photography

The first thing that should come to most product marketers is quality photography. But, quality photography and authentic photography are two different things. How many fast food restaurant commercials have you seen with amazing looking food only to be dismayed when you order the same thing at the restaurant? Those commercials don’t exactly exude trust, do they?

What exudes trust are user-generated content (UGC) like Instagram posts. Because consumers crave authentic photos so much, they take photos themselves to share with their peers via the platform. It became a phenomenon, so a social media agency based in New York gathered and analyzed data, and found out that “Instagram-style”photos increase conversion rate by 25% more than professional product shots.

A professional photographer can make anything look great, and they should, but, consumers expect to get the same thing they see online. If they don’t, and instead got a slightly worse variation, then your product pages will have the same amount of trust as a fast food commercial.

STEP 3: Knowing Your Customer

Perhaps the quickest way to earn trust is to know someone and help them solve a problem. While most products can be found across the web, they’re mostly flashed in front of you as if the product itself is enough reason to buy it. Typically, a person is swayed to spend money on something that solves a problem for them.

How do you know the problem that your customer is trying to solve? That takes persona research and the ability to display variants and suggestions based on who is searching for what. Once you figure out your persona pain points, then you can solve for those and offer your solution on the right touchpoints at the right time. By solving their problem, you’ve gained their trust. Personalization is so effective that according to Accenture, 58% of consumers are more likely to buy from a shop that offers items based on their history.

There are many other ways to prove your trustworthiness, but your product page is where the rubber meets the road, so to speak. Most people aren’t concerned with your corporate messaging and the educational sales funnel that might be set up. When they land on a product page you have a small window to prove that you are worthy of them going through the sales process. That’s done with relevancy, authenticity, and with proof from the people that came before.