The growing importance of Customer Experience
Apr 02, 2020 at 12:05 pm
There is no doubt that the next few years will bring about great changes in the retail space. Physical stores and retailers are losing their market share to Ecommerce competitors as consumers are becoming more accustomed to purchasing products and services online. Speaking contextually, COVID-19 and its resulting layoffs and closedowns have paved the way for total ecommerce domination. While companies with no online infrastructure have gone bankrupt, Amazon announced it would hire 100,000 more employees to keep up with demand.
Millions of people are sheltering at home and opting to buy products online, and companies need the infrastructure to sell their products and services online; brick-and-mortar retail will be reduced drastically or become a thing of the past in the coming years. However, the most important element of any sale is the customer’s experience. Physical stores and brick-and-mortars offer people with a social experience accompanying their purchase. When an offer is transferred into a virtual space, it’s crucial to walk the customer through an equally valuable purchase experience.
A carefully thought out and implemented customer journey is a key driver of ecommerce revenue. It leaves customers with the desire to come back, which in turn creates repeat business for the company and reduces churning rates. Creating new customers implicates higher spending than keeping existing ones, nobody knows this better than subscription based models. It is why the revenue created by repeat purchases hinges on the seller’s ability to keep the business model customer centric.
Something to keep in mind is that as aggregate demand shifts primarily into ecommerce providers, consumers will grow their expectations in accessing help online. Not only this, but they will continue to be more likely to share bad customer service experiences, which adds extra weight to the concern of growing ecommerce brands. Any brand looking to sell directly to customers should be thinking about how to implement quick issue resolutions, valuable interactions, and personalized experiences to meet the growing demand of high quality customer service.