The Consumer Electronics industry in India, which was valued at $10.93 billion in 2019, is expected to reach $21.18 billion by 2025, clearly indicating that the expected growth is humongous. Most of the growth can be attributed to the constant changing and upgrading lifestyle of individuals, increased demand from households, and easier access to credit facilities. Apart from this, there is also a hike in the demand from the rural market as the government continues to invest significantly in electrification and access to the internet.
Consumers now have multiple options to choose from and this has led to multiple growth challenges for consumer electronic companies. The final buying decision for any appliance is dependent on multiple factors including initial awareness, ease of purchase process, online reviews, past experiences with the brand, its value, and much. Hence, the companies have to protect their existing market share and also plan to grow in the face of such uncertainty. CX is going to play the role of key differentiator here and hence, the need for investing in a great customer experience across the buying journey is more important than ever. Companies are forced to rethink and recreate their CX strategy across the various touchpoints in the customer journey right from creating awareness to promoting loyalty and explore the adoption of disruptive technologies to maintain a competitive edge.
Do you know – Worldwide spending on CX technologies is expected to reach $641 billion by 2022 (As per the IDC report).
In this blog, we’ll cover a few of the key challenges that companies are facing and their solutions.
Considering the fact that most consumer electronics companies sell more than one product, for brands to get maximum revenue from each customer, they’ll have to ensure customers consider them first before going to a different brand. How can companies do that? By promoting customer loyalty. Unfortunately, most consumer electronics companies in the industry are struggling when it comes to driving customer loyalty.
A recent McKinsey study showed that the average loyalty of customers for the industry is less than 20 percent which is considerably low.
How to tackle:
Today companies cannot buy customer loyalty just by giving offers or discounts but instead, they need to focus on delivering great service and effective communication. In fact, in a recent survey conducted by Vernacular.ai, over 80 percent of the respondents mentioned that the above two factors play a critical role when buying from the same brand.
Here are a few steps they can you can take to drive customer loyalty-
Retail touchpoints still are very important and can’t be ignored. In fact, about 75 percent of consumers still prefer to visit an exclusive brand outlet (EBO) or a multi-brand outlet (MBO) to evaluate and compare brands. On average, customers visit two EBOs before making a final purchase and the reason is that live demos, physically viewing, touching, and experiencing products are important and influential at the moment of purchase. Few challenges faced by customers in finding a brand outlet and knowing more about a product from the store are:
How to tackle:
To solve the above problems, companies need to create a simplified mechanism for customers to get all relevant information at ease. It has to be something that’s suitable for both, tech-savvy and less tech-savvy individuals.
One of the biggest nightmares for customers is to get their products serviced. Where most companies promise to service within a few days, the process ends up taking weeks together and this delay not only creates frustration among users but negatively impacts their brand perception. The reason for the same is, a lot of brands have outsourced their servicing to third-party companies. This has created a communication gap.
How to tackle:
To provide their customers a seamless service experience, companies need to streamline the process. They should first try to make it easy for the user to schedule a service request. One method to do this is by using a single number for scheduling a service appointment, updates, and learn other information as multiple numbers can create confusion and make the process even more cumbersome.
In the mission to increase their sales, consumer electronics companies have forgotten the importance of being customer-centric. The customer experience provided by most brands post-sales is significantly deteriorating as they take after-sales service as a cost and keep cutting the corners. Brands often forget that a bad experience in claiming a warranty directly impacts key metrics like lifetime value (LTV) and retention.
Today, for brands to succeed, they need to line up their organizations in accordance with the customer’s needs across the various touchpoints. They are required to create those “WOW” moments that customers may cherish for the future. Getting a product replaced/repaired or claiming a product warranty without any hassles with minimum brand interaction is a few of some examples.
Here are few advantages of a customer-centric approach-
To avail these advantages, companies need to thoroughly understand the behavior of different customer segments and making necessary changes to their approach.
Voice bots and CX
Voice bots can be used to schedule servicing/demo bookings, locate nearest retail outlets, knowing the status of a product replacement request, and much more. The implementation of voice bots in industries like banking, food & beverages, e-commerce, etc has resulted in increased CSAT scores and a reduction in call handling times.
It’s crystal clear that apart from creating quality products, consumer electronics companies need to focus on the customer experience. It’s the single most important element that will differentiate their brand from the competition.
Investing in providing a great experience at every stage would not help retain more customers but enhance their overall revenue as well. It goes without saying that automation and the latest technology will play a critical role in helping them achieve these goals and balance human and automated interaction.
In case you wish to deliver superb CX to your consumers, you may book a meeting with us to understand how we have helped consumer electronics companies reduce their customer support costs by up to 75% or you may reach our sales team @ 9643303884
Brands are increasingly focusing to become more customer-centric and elevate customer experience to improve customer satisfaction, loyalty, and lifetime value. Consumer Durable goods companies that provide high value and complex products face unique challenges.
Easy access to an integrated knowledge base with support will help reduce the cost of support delivery and helps the customers find faster and relevant answers. Centralized access to all sources of knowledge which includes service manuals, technical solutions, troubleshooting, operator manuals, service bulletins, training videos, and documents will help customers and even contact center agents find answers to their questions in no time. You should aid simple google search and smart match of related help topics based on input on support requests to drive better use of the knowledge resources. In case you allow agents to escalate a support incident to add a new technical solution to the knowledge library, it will make it an invaluable asset over time.
Calling to wait in line and having to navigate the maze of multiple IVR options is outdated. Digital channels lower the overall costs for companies and are in fact preferred by most customers because of ease of access, time savings, and convenience. Brands are now expected to provide consistent support and service experience across many channels including web, mobile, email, and chat.
Brands should enable a combined view of all transactions related to the product and customer including registrations, product configuration, service plan entitlements, warranty, support requests, inspections, warranty claims, service orders, and service campaigns. This will allow agents to understand customer needs better and provide a more apt solution to address those needs. You may also facilitate the complete view by aggregating information captured from all customer service and support processes that touch the customer.
Brands should have consolidated support systems across regions, functional areas, and support channels. If they having a unified system for technical support, parts, service, warranty, and sales, it will help reduce the cost of support systems and provide a full picture of all customer support needs. A consolidated support software in Cloud is a good alternative that will result in rapid deployment and lower upfront investment. A Single support platform, a portal, and a mobile app for end customers, field service technicians, and channel partners will leverage enterprise-wide resources worldwide to provide a consistent and seamless customer service experience.
Fulfilling a support request for consumer durable goods often requires a follow-up action in the field, or a different department, or an independent dealer or service network. Brands need to integrate support with parts, warranty, orders, field service dispatch, and scheduling to deliver a unified customer experience. The integrated support and service will remove duplicate data entry and boost visibility to activities in the field. Today’s customers expect seamless and unified integration and workflow across silos instead of being handed off to different groups or departments. It is critical for brands to deliver a connected customer experience across these internal silos and disconnected systems to win customers for a lifetime.
Various product support issues can be identified and resolved faster by capturing pictures or video from universally available cameras on mobile devices. Brands should leverage IoT for remote diagnosis and collecting information directly from the connected products. They should try to minimize product downtime by leveraging the accurate and timely information collected from the field. Apart from fast diagnosis, the information will help dispatch the right technician and deliver the needed parts to repair the product.
Brands should use insights gained from support data, to better their products and services by helping to fix the problems at the source. Repeat issues can be prevented by using support data to identify emerging quality problems early and taking necessary actions. Brands can activate rapid response teams to address problems when new products are introduced to the market. Study on customer complaints and their feedback also helps to identify and fix operational performance issues within the company or channel partners.
Brands should establish VoC process to gather customer feedback on resolutions and performance of their customer support agents. Such VoC to be integrated with Customer Experience metrics to improve overall customer satisfaction. Systematic and timely analysis of the existing customer service and support processes and focus on continuous improvement will lead to product and customer support excellence.
Call centers are increasingly getting transformed into contact centers and now it is time for contact centers to evolve to become centers of customer engagement. Brands can leverage push notifications and SMS in addition to emails, to provide proactive alerts, notifications, and timely information. This will keep your customers engaged and improve their perceptions of responsiveness. Additional revenue generation options can be generated by keeping customer contact information accurate, registering their products, and offering related services or accessories. When customers are continuously engaged with Brands, it results in customer loyalty, referrals, and advocacy. As customers rely more and more on product ratings and word-of-mouth on social networks, good product support will reduce the cost of customer acquisition and retention.
Brands should enable customers to find answers to support inquiries fast and at any time by providing easy and intuitive self-service options on various channels. This will also reduce your call volume as most customers today prefer self-service. Since the mobile device has now become the primary and foremost channel of communication, having a mobile application or a mobile-friendly responsive website will help your customers access the information they need on any device of their choice readily available.
DialDesk has been able to create customizable and CX focussed customer support solutions for many clients in Consumer Durables Industry. In case you wish to know more, contact our sales team @ 9643303884
Providing a stellar customer experience has been a cornerstone of business practically since spending and consumption have existed. However, now that the business landscape is growing increasingly competitive and companies are competing for customers’ attention more than ever before, delivering a great customer experience is even more important to increase conversions.
Here are some ways you can boost your conversions by keeping customers satisfied.
A significant part of increasing conversions is promoting customer loyalty — and, concurrently, customer lifetime value. Customer experience is closely linked with this, as 64% of companies rate customer experience as the best tactic for improving customer lifetime value.
By shifting your focus on how to boost customer lifetime value, you’ll establish the right mindset to make customer experience work to increase conversions. Gear your strategies towards boosting the value of your customers, and the customer experience part will fall into place more naturally.
Data Source- Forbes
The buying experience often gets the most attention in customer service. Conversions are the name of the game for most businesses, so it would make sense that importance is placed on the process leading up to a purchase. For example, retail brands focus heavily on ensuring that sales associates help shoppers find the right sizes, greet guests warmly, create quick and easy checkout processes, and include thoughtful touches like water bottles in change rooms.
These are all important components of a great customer service experience, but so are the processes that take place after the fact. Indeed, the post-purchase experience can be just as important, if not more so, in securing customer loyalty. Customers want to feel that they are important even after they have handed over their money. So, how do you ensure you make your clients and customers feel valued after they’ve purchased something from your company? Here are a few strategies that can help.
Just as there are policies and procedures set up for sales associates and live chat agents, there should be policies and processes set up to ensure a smooth post-purchase experience for customers.
Firstly, maintain communication with your customers after they have placed an order or made a purchase at your store. For digital brands, this might involve an e-mail pathway that confirms the transaction, sends a shipment notification, provides an estimated delivery date, and seeks feedback about the customer’s level of satisfaction with both the service and/or the product.
Secondly, sales associates, call center agents, and live chat agents should know what to do when an order is delayed, or when a customer is dissatisfied or seeking an update on order status. If customer service agents are empowered with the tools to find answers and solve problems, customer satisfaction and retention will likely be improved.
Another important component of the post-purchase experience is the collection of feedback. Companies brands should reach out to customers after they have made a purchase to gauge how satisfied they were with the product or service they purchased. Not only does this help brands improve their own customer service, but posting reviews can help convert future customers as well. it is five times more expensive to attract a new customer than to retain an existing one. So, pay attention to your existing customers and get their feedback to improve and refine your customer service skills and product offerings.
Nobody likes confrontation. However, ignoring dissatisfied customers is poor business practice. Brands should seek out customers who are complaining about their product or service on social media or in the reviews section of their website and then offer a resolution. For example, offering exchanges, returns, discounts, or even a simple ‘Thank you for the feedback’ can have a significant impact.
Additionally, it is helpful to have efficient ways for customers to reach a real person they can talk to about any concerns they may have post-purchase. This is where call centers with well trained agents and call-back technology are incredibly important. They ensure that customers can reach a real, live human without spending hours on hold.
Finally, post-purchase is the best time for brands to start to work on customer retention, brand loyalty, and creating brand evangelists. Brands can do this by sharing special offers and incentives with their existing customers. For example, birthday gifts or discounts, early access to sales and new products, and loyalty or referral programs can all help ensure customer happiness.
Implementing policies and procedures, seeking feedback, helping out dissatisfied customers, and encouraging brand loyalty are all key components of creating a successful post-purchase strategy. With a strong focus on these strategies, you can set your brand apart and create a great community of happy (and repeat) customers.