Consumer experience (CX) has always been the most critical aspect of a business. Regardless of what products or services you sell, your sales volume will always be determined by your customers. Hence, it is crucial to take care of consumer expectations which are on the rise and changing rapidly.
To enhance the consumer experience, more and more companies are undergoing vast digital transformations. According to research carried out by Vodafone, 69% of the companies believe that they will fail in the market if they don’t shift to a digital mode.
Digital transformation introduces digital technologies in all areas of a firm to meet the changing market trends and enhance consumer experience over time.
It is simply changing how a business approaches its customers with time and place not being a barrier. The more accessible consumers will find to interact with the services provided by an organization, the higher the quality of customer experience they will get.
The most pertinent fact about this transformation is that it is driven by consumers and not by companies.
Why is digital transformation important?
In the past, buyers were keen to look for products that were low-cost and had high-quality standards. However, today, customer experience has also come into the equation and is a very crucial variable.
The following points prove that transforming digitally is essential for a business:
Today, buyers expect to get services from a business similar to what they experience in their personal lives with technology.
Transforming digitally gives a good opportunity for employees to work more effectively as all the manual work is done by machines which lowers the risk of errors.
Digital transformation helps companies to keep their data secure.
With high-tech technology, businesses can strengthen their partnerships as it enables a transparent, timely, and accurate workflow.
Why Customer Experience is central to digital transformation?
A study at MIT revealed that companies who transformed digitally were 26% more profitable than their competitors.
Moreover, it is observed that companies that transform digitally are likely to find customers who actively participate in increasing business activities. These include customers who are:
Six times more likely to use a newly released product or service by your brand
Four times more likely to suggest your brand to their connections
Two times more likely to purchase from your brand even when your competitor is serving a better price or quality.
Apart from this, the expectations of consumers have also risen with regards to the experience they are getting from companies, and there are several aspects to this:
With the increasing options in social channels, customers want to interact digitally across more than one channel.
Customers expect companies to provide quick and far-reaching services.
With the digital world growing, the only way to retain your customers is to provide them with quality service and experience.
With the increase in usage of smartphones, companies need to ensure that they are accessible via smartphones to eliminate inconvenience for customers.
Next: Key points to consider when leveraging digital transformation to enhance customer experience. Read on.