Customer Experience in 2020 – A Likely Roadmap
When we are drawing a picture of 2020, it is not very far and will pass in a blink of an eye, especially in this super-fast and competitive market of business. We are living in an age where the businesses need an alternative solution for customer engagement, and customer experience. The demand for optimal, seamless and enriched customer experience is evident than ever. Even at present, 70% of the business decisions are being made based on the customer experience.
The contribution of modern technology to the trend is high through offering many opportunities to enhance the customer experience and take it to the next level. Let’s check out some statistical insights for the future of the customer experience –
The more you will work towards the wholesome customer experience as a business, the more you’ll get paid and earn a profit. It is simple. According to a study conducted by Walker, customer experience will be the key driver for the increment of brand value, and it will overtake the benefits that you get from your products and prices as a brand.
- 87% of the customers and retail service providers agree that omnichannel experience is critical for the success of the brands – according to a study conducted by Brightpearl.
- Consumers who shop across multiple channels contribute to higher lifetime values to the brands according to research conducted by IDC.
According to Gene Alvarez, the managing vice president at Gartner, the CX leaders develop their strategy and CX from a customer’s point of view, personal preferences and goals. Brands need to put the customers first for enhancing their experiences and then build the brand on the basis of that.
Customer Experience Trends in 2020 and beyond
Traditional customer experience path has been disrupted by the adoption of digitization widely. Digital trends are continuously re-shaping the way customer experience is seen.
- Evolution of the Smart Stores
E-commerce and digitization have already become history. Digital expansions and adoption of high-end technologies like big data, analytics, and AI are blurring the line between digital and physical stores. The blended stores with virtual and physical experiences are helping retailers delivering the omnichannel environment.
In the nearest future, the smart stores will enrich the customer experiences by enhancing the online channels like product reviews or price comparisons. They’ll also offer unique in-store physical experience through the augmented reality that both physical stores and online stores can’t offer individually. Personalized reviews and community building through trials and in-store experiences will be the future.
- Extreme Personalization of Experiences
Personalization is the key to customer experience, and the trend is only being sharpened on the graphs. According to a study by VentureBeat, 77% of the digitally exposed consumers expect a super personalized digital experience from the brands. Data technology and tech-savvy customer expectations are the drivers of personalization across the industries.
Consumers want the services and experiences customized according to each customer’s needs, preferences, and requirements –
- Extreme personalization or hyper-personalization will be at the main focus of the brands in 2020 and beyond
- Through technologies like IoT, more ‘things’ will be connected than ever
- Customers will be able to generate more personal information and data in the future. According to Forbes, 1.7 MB of new data will be created every second by each digital user in 2020.
- The ability to capture, use, analyze and draw insights through the data will enable the brands to target the customers in real time.
Smart Assistance is the new way for customer interactions
Smart assistants like Amazon Alexa, Microsoft’s Cortana or Apple’s Siri are already in the game from the last decade. Adoption of intelligent assistance through the smart assistants that have the ability to solve problems and make decisions will be the future of the customer interactions.
The smart assistants will be able to lot smarter works like making payments, comparing prices, choosing brands, complete transactions, mining through huge data to resolve complex queries and participate in interactions beyond added phrases through Artificial Neural Networks.
- Remote Teams are behind the scene
Along with smart systems, the trend of human interactions will not fade away when it comes to customer experience. The study says, the majority of the consumers still prefer human interactions for consultation and advice. Remote human teams will be enabled by technologies through growing smart device ecosystem and mass adoption of digitization to perform beyond expectation.
The virtual human experts at the critical touch points along with smart assistants at the others will boost the customer experience and loyalty and can reduce the churn dramatically.
- Impact of AI and VR
Instant delivery and instant fulfilment of requirements is the presence of customer service already due to increasing customer demands. The future is in smarter shipping like drone delivery, one-day delivery coverage in the highest number of geographical location sharing currency and economy, and growth of driverless smart cars beyond 2020.
The autonomous vehicles could be delivering the parcels of the stores in maybe the next ten years. Along with that, AI and VR will create an integrated and engaging experience for the customers blending the lines between the physical and digital world of business. The phone-based VR units are on rising by 2020 due to computation advancements and evolution of smart development kits using VR/AR.
- The virtual showrooms will be on trend
- Customers will be able to shop using cameras
- Customers will be able to design product of their choice virtually
- Each and every transaction and customer experience of critical businesses and complex requirements will be monitored by smart systems
The trend says the businesses will succeed in terms of customer experiences only if they are equipped with high-performing applications backed by high-performing technologies. Excellent and omnichannel customer experience will boost the growth and profitability of the businesses. IT and businesses will be a blend of techniques and strategies to provide high quality and nonstop customer service, faster troubleshooting, and fixation, which will lead to improved customer satisfaction and higher revenues.