The major demands of the current market are the personalized customer experiences (CX) and modernized systems. While the market leaders have already implemented intelligent strategies to attract more and more customers, many other companies are focusing on building a digital strategy to satisfy the needs of their potential customers.
has changed almost every bit of human life. Whether it's finance, medicine, education, retail, marketing, or any other industry, technology is inseparable. As a result, businesses are adopting newer and more modern platforms to match the current market trends, and this digital transformation is rewarding them with improved revenue.
But have you ever wondered who is more responsible for this transformation? Are they the companies or customers?
Well, the answer is — customers. More precisely, the digital customers.
The current market is flourishing in almost every aspect, thanks to digital experience technology. Customers want to get relevant information in an easy-to-consume format on the device of their choice. This fundamental need drives the customer experience transformation, and eventually, the digital transformation.
The advanced customer experience technology allows people to connect with the company anytime they want. And, embracing digitization
is the only way for organizations to deliver the best customer experience.
Turns out, the ‘customer first’ mindset is at the heart of the digital customer experience strategy of most companies.
As per the recent IDC report, around two-thirds of the CEOs of the global 2000 organizations believe in building a robust digital customer experience and leave behind the conventional offline business strategies by the end of the year. Furthermore, 34% of companies target a complete adoption of digital transformation within a year or less.
The rise of digital transformation is pretty clear.
Digital Transformation and Customer Experience Go Hand in Hand
Even though these statistics are jaw-dropping, the market is far from a total digital adoption. For example, Progress.com’s State of Digital Business Report revealed that around 45% of businesses are yet to kick off their digital transformation journey. In comparison, 59% of companies believe that they have already lost the race as they delayed the adoption.
This is the era of mobile applications, IoT devices, AI-powered tools, and high-speed internet. These things have significantly improved customer satisfaction and their overall product/service experience. As a result, companies are looking forward to transforming digitally to understand their customers well and meet their expectations through a multi-channel customer experience.
As a result, almost all businesses hope to strengthen their online presence and deliver the best customer experience.
Is Customer Experience Transformation Possible Without Digitization?
Digital transformation, generally, is an adoption of technology in all different business areas. It leads to a few fundamental alterations in business operations and the value they provide to their consumers.
In layman’s terms, digital transformation is about integrating modern techniques
to interact with customers and continue delivering excellent customer experience ALL THE TIME.
As mentioned earlier, this digital transformation has a lot to do with customer satisfaction and experience. According to a PWC study, more than 50% of companies point at customer experience transformation as the most influential factor for digital transformation.
In return, digitally transformed companies get more engaged customers and more sales. The Rosetta consulting study reports,
Such highly engaged customers are six times more likely to try a new service or product.
Four times more likely to recommend your brand to their family and friends.
Two times more likely to buy your product even if your competitor is offering a better product at a relatively lower price.
Moreover, they have three times the annual value, compared to the traditional, average customers. But, of course, this goes without saying that digitally transformed companies get more profits than their traditional peers.
To summarize, customer experience transformation is challenging with traditional offline strategies. However, digitization is the new market reality, and businesses must adapt it to meet the expectations of the new kind of digital customers.
Steps for Improving Customer Experience Through Digital Transformation
Digital customers in the current market expect a lot from a product or service. Therefore, they won’t think twice before moving to another company if your product/service doesn’t meet their needs.
Therefore, companies must evolve and reconsider their efforts to make new customers and retain the existing ones. The following are the basic steps you need to keep in mind for achieving a satisfactory customer experience transformation through digital transformation:
Consistently deliver a personalized experience to your customer. Gone are the days of the 'One size fits all’ theory.
Focus more on agile product experimentation.
Focus more on multichannel, seamless customer experience.
Build more customer data for more subscriptions.
Train the leadership for a complete focus on digital.
Ensure customers can interact with your service on the device of their choice.
Keep the customer in mind. ALWAYS!
Avoid robotic approaches. Give it a human touch!
Honestly, it's hard for your business to thrive without digital transformation. Whether it’s about the customer experience, operations, or business models, digitization is the most effective way to satisfy market needs in 2021 and beyond.
Customers want everything ‘right now.’ Embracing technology is the key to fulfill it!
Frequently Asked Questions
What is customer experience transformation?
Customer experience transformation (also known as CX transformation) improves customer experience through the adoption of newer technology, business structures, operations, and even culture. The ultimate aim of CX transformation is to deliver a remarkable customer experience at scale.
What are the four essential areas of digital transformation?
Digital transformation always comes down to the following four major areas:
Organizational and cultural transformation
Transformation in business processes
Transformation in business domains
Transformation in business models
What are the top three benefits of excellent customer experience?
Great customer experience can take your business a long way. Here are its top three benefits:
Offers cross-sell & upsell opportunities to improve revenue
Boosts customer loyalty
Improves brand identity