Artificial intelligence fuels customer experience strategies of iconic firm

Insights from cutting-edge research

AI fuels customer experience strategies of iconic companies

A global survey of more than 550 senior executives across 30 countries and territories reports that 91 per cent of “iconic” companies — those that maintain both the highest levels of customer experience (CX) satisfaction and have world-leading brand recognition — deploy artificial intelligence (AI) solutions to increase customer satisfaction, compared to 42 per cent of companies in their fields overall. The new report from MIT Technology Review is sponsored by Genesys and called “Getting to Iconic”. It reveals iconic firms are more likely to recognise that automated AI tools are most effective when they supplement and extend the capabilities of their customer support team, rather than replace human investment. Sixty per cent of respondents felt they had the right mix of “live” and automated customer communication channels, compared to only 26 per cent of the poor performers and 40 per cent overall.

The report concludes that iconic firms are using AI for more than just chatbots. Most respondents indicate AI is guiding their customer analytic capabilities. The report noted that optimising tools, applications and operational processes to engage with customers across every stage of their shared journey has always been a core growth strategy for successful global firms. This has only accelerated with the advance of technologies such as big data analytics, which turns customer information into predictive assets, and virtual assistants, which help firms more efficiently manage customer inquiries.

Iconic companies are also nearly three times as likely to consider leadership in technology adoption as a vital component of maintaining customer experience excellence. Only half of firms with low levels of customer experience satisfaction and low brand recognition employ enabling technologies — and 10 per cent have no intention of doing so. “This research confirms what we anticipated — AI will be crucial in taking customer satisfaction to new levels,” said Merijn te Booij, chief marketing officer, Genesys.

Facing up to more demanding and global online shoppers

 

Nearly half (47 per cent) of online shoppers globally reported frustration with everything from shipping, to returns, to lost products and miscalculated duties and taxes during the 2016 holiday shopping season, according to the 2017 Pitney Bowes Global Ecommerce Study. “As consumers become more experienced with online shopping, they’re shifting more of their holiday spend online and expecting better and better service from retailers,” said Lila Snyder, executive vice-president and president, global e-commerce and presort services, Pitney Bowes. Snyder added, “With even more purchases expected to be online this year, retailers need to double down on the elements of the consumer experience that matter most — delivery, returns, tracking and world-class customer care.” The study recommends three strategies for online retailers. They are:

Take a cue from marketplaces: a) Learn to love shipping. Low cost, fast, flexible and accurate shipping is key to attract and retain customers; b) Implement information management solutions that aggregate a single view of the customer; c) Expand your product assortment, offer timely promotions, and simplify checkout.
 

Go cross-border, but don’t rely on brand alone: a) Localised marketing is essential because marketing channel preferences among consumers vary significantly by country; b) Operational prowess separates the winners from the losers, particularly in neighbouring countries. The expectation is low cost and high visibility of delivery, localised customer care, and minimised duties and taxes.
 

Have the courage to go where the customers are: When retailers implement cross-border strategies, they tend to start where the transition is easiest — neighbouring countries with similar regulatory environments where people speak the same language. Pitney Bowes’ analysis has found that the prioritisation of near-border markets has come at the expense of underserving consumers in countries more apt to shop cross-border.