SINGAPORE, July 26, 2016 /PRNewswire/ -- A recent Frost & Sullivan study showed that by 2020, customer experience is projected to overtake price and product as a key brand differentiator. This is relevant as companies globally lose over US$300 billion each year due to poor customer experience with more than two-thirds of this being spent with competing entities. Poor customer experience results in customer churn and also negatively impacts a brand's reputation.
Customers today want timely, personalized and easy access to services – anywhere, anytime, through any device. They also expect their queries to be handled by qualified staff, irrespective of the channel they choose. Over 71% of customers surveyed view timeliness as key to services, which should also be simplified and efficient.
Truly understanding the Customer Experience means having a grasp of the customer's interaction history and demographics, and looking at the entire journey from the moment the customer initiates contact (via any channel) through to issue resolution.
"Organizations that aim to offer a consistent experience across multiple channels capturing interactions across each touch-point and making the conversation with the customer contextual will hold a significant advantage. The power of understanding and moving toward an Omni-channel customer journey combines everything we know about a customer's past, current and subsequent interactions from all touch-points into actionable information for the enterprise," noted Vineeth Nayak, Founder and Managing Director, Tetherfi.
"Customers want their interactions to be uniform, consistent, personalized, secure & timely irrespective of the channel, whether through self-service, support agents or face-to-face. Such expectations are forcing brands to rethink their customer contact strategy and establish one that delivers a truly Omni-channel experience," explained Jayesh Pajwani, Chief Strategy and Growth Officer, Tetherfi.
"All businesses should aim to provide a unified Omni channel experience across all channels so that the process is seamless, consistent and integrated as customers move through them," mentioned Krishna Baidya, Associate Director, Digital Transformation, Asia Pacific, Frost & Sullivan.
Frost and Sullivan discusses above and more in the White Paper it wrote in discussion with Tetherfi titled 'Omni Channel Customer Experience – Not An Option, But a Strategic Necessity'. The topics discussed include how the Omni Channel customer experience can help organizations with their growth as well as cost containment objectives. Using Frost & Sullivan's Customer Experience 3.0 reference architecture as a guideline, it also discusses the right solutions to offer rich experience, intelligent self-service and collaborative engagement and cloud enablement.
The complimentary White Paper can be downloaded here.
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SOURCE Frost & Sullivan