Digital CX. This term has gained relevance over the years for businesses in various industries. Retail, transportation, automotive, healthcare, banking and financial services are some of the many industries that have experienced gains by leveraging the power of the digital. For instance, if you feel hungry and want food without having to cook, then you order food on UberEats and it is delivered at your doorstep within minutes.
A decade ago, it was difficult to join the dots in the consumer journey and deliver the right information to the right consumer. However, companies can now use predictive analytics to meet the consumer needs. Both clients and companies should look for trends in the industry and strategize to determine what would work best for them.
This article has been created keeping in sight the recent research report published by Nelson Hall, covering digital CX trends, buyer needs and CSS Corp’s service offerings in an outsourced environment. Knowledge of these trends will help you prepare for the future disruptions in the industry and address the issues with a planned strategy.
Current Digital CX market overview
The report by Nelson Hall has suggested that emerging digital channels will result in greater adoption of customer service outsourcing. This means that the development of a digital CX strategy and analyzing how front-office processes can be transformed become increasingly relevant aspects to consider.
The current market for digital CX services is increasingly focused on revenue generation and growth in digital adoption. Nelson Hall has reported that the market is currently 7.4 billion, growing at a rate of 5.1% CAGR through 2022, demonstrating a potential for future investment opportunities in this sector. The key client needs focus on increased use of digitization for self-service support and reduced dependency on voice. On the other hand, vendors should focus on digital transformation-led consultancy services and integration of CX technology. Machine learning, RPA, cloud-based platforms, NLP (neuro-linguistic programming), and analytics will be useful for delivery of omnichannel services.
Customer satisfaction is and will be at the heart of Digital CX services
Customers enjoy a lot of benefits with the current offering of Digital CX services. Traditional services encompassing tech support, customer care, and order processing rate highest on the consumer satisfaction index. The biggest benefit that companies can seek from outsourcing CX services will be increased customer satisfaction (CSAT and NPS). Other benefits include higher FCR (first call resolution), opportunities for new sales, cross-sell and up-sell.
Among other services, operational optimization and use of analytics will increase revenue generation from existing and new clientele base. Also, contact center RPAs will reduce manual errors and complaints, thereby, facilitating cost savings. Therefore, ensuring and delivering customer satisfaction will be key to flourishing in this market.
It all sounds good, so where’s the catch?
With all this scope for expansion, there are still a few obstacles that might hinder companies from achieving targeted benefits from CX services. The biggest challenge for most clients today is crafting a business case for the adoption of digital change agents that will yield concrete results. The other inhibitors in this process are:
- Insufficient support from the senior leadership for this growth strategy
- A unified customer view for omnichannel delivery is still in its infancy
- The pricing and cost models are not mature to support the integration of the digital CX strategy into the business processes
- Vendors harbor a reactive nature and are unable to co-innovate
- There is a lack of customer data and the data sources are disparate
Given this overview, businesses across all sectors must focus on combining technology and industry insights to reap the benefits of deploying a digital CX strategy.
Technological solutions that will drive innovation in the CX services market
The solutions that will be the new frontiers of innovation for the CX clients are:
- CX Consulting
Clients are seeking consultative services to implement digital channels and use automation to transform their CX strategies. As part of the renewal process, CX clients are expecting re-examination of their operations, product innovations and evolution of advanced analytics such as recommendation engines.
Automation will see innovation in three forms: contact center RPAs, customer-facing cognitive bots, and workflow automation. Deploying these channels will reduce performance variability, assist the agent in decision making and enable effective management of incoming requests.
Revenue generation will be an important objective for CX clients. This will be achieved by leveraging digital models to generate new sales and leads, engaging in premium customer targeting, and increasing revenue per transaction in cross-sell and up-sell opportunities.
- Value-Add service & Insight Generation
Performance Analytics will be expanded by use of customer intelligence, speech analytics, and recruitment and employee engagement analytics. Also, customers will want to align data from different sources and channels to generate timely insights.
- Live Agent Support & digitally enabled recruitment process
Increasing consumer demands, escalating labor costs and decreasing employee loyalty are concerns for clients. Agents who are digitally proficient, multiverse, and can perform in unscripted situations will become a necessity. Additionally, clients are looking to digitize the recruitment process via use of social media and improve the speed to expertise for new hires.
- Self-service channels
Self-service resources are gaining popularity with clients to efficiently manage their support systems. Interactive Voice Response (IVR), cognitive chatbots, virtual assistants and interactive web forms are becoming increasingly viable and will power customer satisfaction in the future.
There is a need for service providers who have deep expertise in offering successful Customer Experience strategies while leveraging the newer innovations highlighted above to execute a flawless digital CX strategy for the clients.
CSS Corp is at the frontier of offering Digital CX services to its clients
Nelson Hall has recognized CSS Corp as a key player in its report for our novel digital CX offerings. All our offerings have won industry leading recognitions, awards and accreditations.
- Early Warning System – this helps our clients improve response time and provides tech support by use of prescriptive analytics
- CSS Corp’s IoT showroom in Chennai – Recognized center of excellence, helping clients overhaul their CX strategy and design
- Our flagship solutions, like Premium Tech Support and Analytics led Revenue Generation – help contact centers offer the right service to the right client
- Our digital platforms, Cognitive Customer Experience Platform, GADET, Video Chat, Omni-channel services and Active Insights – collate data to drive revenue generation decisions
CSS Corp keeps innovating to stay ahead of the curve, using next-gen tools, such as automation and AI. We deliver premium vendor support for our clients that help solve complex, challenging problems.
The inclusion of digital and automation at the center of client engagements will be essential to survive in the industry. For those who trail behind – the lesson is clear - if they won’t adapt, they will perish.