Customer Experience Management Market Growth On The Basis Of Type, Application, Region & Forecast To 2030: Grand View Research Inc.
The customer
experience management market is witnessing momentous growth owing to the
growing demand for unified solutions that deliver personalized customer
experience across all touchpoints. Businesses are focusing aggressively on
customer experience to build brand image and enhance their market positions.
Considering the growing preference for digitization, customer service is
expected to become a major challenge as customers use various modes of
communication. Hence, organizations are investing in customer experience
management (CEM) software to get an all-inclusive view of customers’
requirements across different channels. This also helps integrate large volumes
of data obtained from online and offline channels with speed and precision.
Customer experience management (CEM) solutions
are gaining widespread popularity in diverse industries. As businesses become
more customer-centric, the market is expected to witness rapid growth over the
forecast period. Ongoing trends such as hyper-personalization of customer
service, the use of AI & automation, and various customer value models are
the key attributes propelling the growth. Moreover, implementing robust social
media customer service can help reduce costs, increase response times, improve
customer satisfaction, and increase the adoption of the CEM platform across
industries. Thus, driving industry growth.
The escalating significance of studying
customer behavior allows various brands to adopt strategies for customer
experience management to deliver exceptional services. Additionally, the
increasing use of digital channels to interact with organizations is estimated
to boost the market demand. The growing use of social media and digital
platforms for sharing feedback and views about the brand's experience has
influenced enterprises to adopt analytical tools such as speech analytics, text
analytics, feedback management software, and web analytics & content
management tools. These tools help enterprises collect, analyze, and group
customer feedback or responses. They also provide actionable insights to
enterprises for conducting personalized marketing.
𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐆𝐮𝐢𝐝𝐞: Customer Experience Management Market
As working from home becomes more common,
facilitated by video conferencing, digital transformation of the customer and
employee experience will be critical for growth. Remote working frequently
leads to higher Employee Satisfaction (E-SAT), which leads to higher overall
Customer Satisfaction (C-SAT). A remote workforce allows an organization to
hire the best talent from all over the world, which improves both the local and
global customer experiences. Organizations that want to keep their customer
experience scope onshore/nearshore could benefit from a right-shored
work-at-home model rather than an offshore-only model. These developments would
further drive industry growth.
Different
Technologies Used:
·
Enterprise Feedback Management (EFM) software: EFM software allows organizations to
centrally manage the data and feedback received from their customers. It also
assists them in converting customer feedback into actionable information, which
can be used to better respond to customers’ needs.
·
Speech Analytics: Speech analytics can be used in a contact
center to use the unstructured data generated during communication with
customers and gain vital information about the customers.
·
Text Analytics: Text analytics can be used for accurate text
classification and in-depth analysis of unstructured customer data collected
from different touchpoints, such as emails, SMSs, surveys, and social
networking sites.
·
Web Analytics & Content Management: Web analytics is emerging as a key tool for
interpreting online customer behavior and understanding the customers’ needs
comprehensively, particularly when organizations are undergoing digital
transformation.
Touchpoints:
·
Stores/Branches: Customer experience management can transform
the network in stores/branches. Conventional branches and stores can be turned
into experience stores offering an agile, integrated network environment that
is multi-format, geographically customized, and digitally enabled.
·
Call Centers: Customer experience management helps analyze
and monitor customer interactions. If CEM were properly integrated into call
center software, an organization could easily identify customers’ needs and
problems and the ways to address them.
·
Social Media Platform: Customers often use social media platforms to
convey their feedback, irrespective of whether it is positive or negative.
Organizations can use this feedback to their benefit and be transparent and
honest while dealing with customers.
·
Email: Marketers have realized that email marketing
can play a niche role in improving customer experience. Customers prefer to
learn about their favorite brands via email as compared to other channels.
Email marketing provides the highest overall return on investment than other
marketing channels.
·
Mobile: Mobile customer experience management covers
the way a provider interacts with subscribers at all the touchpoints, from
billing and retail to visible marketing campaigns for customer support. Given
the increasing complexity of mobile devices, carriers are progressively
sustaining relationships with subscribers via customer-initiated requests for
customer support.
·
Web Services: Web services CEM envisages managing the
overall experience of web users across several touchpoints. As the internet
continues to evolve and organizations continue to mark their online presence
across various platforms, the web experience is not limited only to the website
of the organization but also covers the presence across several other online channels,
such as professional networking sites, social networking platforms, and mobile
devices.
In
Conclusion:
Technological advancements are revolutionizing
customer experience management services. Businesses are expected to benefit
greatly from AI-assisted customer service and real-time self-service. Consumer
choices and expectations necessitate the demand for automated customer support
procedures. Nonetheless, data security is a primary priority for the industry,
based on which an organization can enhance and retain its customer base. Thus,
companies should emphasize how data is retrieved, stored, and used.
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