MMA Deep Dive: The trends shaping consumer experience
Josh Lee, VP, Head of Digital CX, Fashionphile was joined by Bruce Temkin, CCXP, XMP, Director of Qualtrics XM Institute to discuss the trends shaping consumer experience and what they mean for brands.
At the heart of the discussion was how we use data to design and improve the customer experience.
Meeting evolving customer needs
As customer needs evolve, it’s important to understand and meet those changing needs – otherwise, businesses risk being left behind as customers go elsewhere. Creating experiences customers want moving forward is how brands can set themselves apart from the competition in the race to differentiate.
This is true for Fashionphile as it looks to scale, with data central to their decision-making. The company uses these insights to discover and understand customer behavior, business health, and trajectory of the market. By combining qualitative and quantitative data, it can see the bigger picture, uncover opportunities and get ahead of issues before it’s too late.
In an industry that is quickly becoming commoditized, it is important to differentiate your brand – one of which is to differentiate through experiences
Sense and respond
Create a culture of action that improves every experience, strengthens customer relationships, and fosters loyalty. Listen to and understand customer feedback, send the right insights to the right teams, and then take recommended actions that drive systemic change.
Finding the “why” behind the “what”
As brands look to create an advantage in the market, improving the customer experience should be number one on the list. To do so, it’s important to think beyond the product and focus on the meaning, says Bruce. To many customers, the product or service they buy symbolizes something deeper and by understanding what that is you’ll be in a better position to bring that meaning to life for customers.
Fashionphile epitomizes this. To the market, it’s an e-commerce leader in the ultra-luxury space where consumers can buy and sell second handbags and accessories, but internally Fashionphile sees its role differently. Instead, it focuses on the experience associated with each product. It’s not just a handbag, every item is a piece of joy – and it’s this meaning that guides their actions. To help Fashionphile focus on the “why”, it uses qualitative feedback to dig deeper into the data.
Think about the audiences you serve, understand the meaning of the things they do with you, so you can better meet their needs
Discover the “why”
As Josh Lee, Head of Digital CX, Fashionphile says, “The why is very valuable.” Discover what really matters to consumers, so you can take the right actions to meet those needs. Find out what they like, what they don’t like, and use these insights to create the experiences customers want.
The impact of digital transformation
Over the past 18 months brands have re-designed tried and tested experiences to keep up with the times, but as we come out of the pandemic how these experiences might change again is unknown to many.
According to our Consumer Trends research conducted in partnership with XM Institute, one thing is sure - digital transformation will continue, but brands need an agile approach to digital experience as demand differs by country and activity.
Convenience and ease make transactional online activities like handling personal banking and online shopping popular, whereas emotional connection is best-felt face to face. Consumers are not likely to increase their use of online videos to speak to family or friends post-pandemic.
Consumers expect to do more transactional activities online as we come out of the pandemic. These include handling personal banking, purchasing a product, watch a tv or movie and contacting customer service.
Optimize every customer journey
By creating a consistent experience across every channel and making it easy for customers to solve an issue or complete their task, brands can grow customer lifetime value and reduce the cost to serve.
What does this mean for brands? As digital grows in different ways and channels, a one-size-fits-all approach to customer experience will no longer work. It’s imperative that brands meet their customers where they are, on the channels they prefer, and ensure every experience is as good as the next – whether that be online, in-store, or on the phone.
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