All About Digital Experience Analytics
In the new age of technology, customer experience (CX) has taken on a whole new meaning, with CX being a customer’s perception of their experience with your business or brand. It includes everything from shopping on your website to the delivery of your products or services, and even their interaction with your customer service channels, be it a phone rep or a chatbot.
To truly optimize CX, companies need to manage customer expectations for each individual customer, which makes a 360-degree view of the customer’sinteractions critical to their success. This has led to a whole new area of analytics knows as Customer Experience Data Analytics, which enables customer insights to analyze customer preferences aimed at delivering real time offers that are relevant and timely to each individual customer.
The transformation to a more transparent digital experience is necessary for small and midsize businesses. Generally speaking, technology companies are slightly ahead of other companies in terms of adding technologies that focus on digital experience analytics. Tech companies have been more inclined to invest in big data and machine learning than companies from other sectors,but companies outside of the technology industry are beginning to believe that customer experience analytics solutions will be well worth the investments over the next couple of years.
How can digital experience analytics help transform your business?
Digital experience analytics are being extensively leveraged to transform customer experience, improve productivity, and gain competitive advantage. Digital transformation has become a reality that every company needs to address in today’s digital era. Some industries are under intense pressure to transform their business model now, while others are starting with incremental process innovations.
Essentially, digital transformation is the leveraging of digital technologies to connect people, processes, data, and analytics aimed at improving customer experience. It is a fundamental rethinking of customer experience, business models, and operations to find new ways to deliver value, generate revenue, and improve efficiency.
Customer Experience Data Analytics
Customer experience data analytics are assisting companies with –
- Customer acquisition initiatives
- Increasing Average Order Value
- Increasing Customer Lifetime Value
- Reducing customer acquisition cost
- Reducing churn
- Personalization of marketing and shopping experiences of customers
To truly understand the customer experience, it is important to track not just quantitative factors such as what they purchased, how much they spent, and the frequency of their purchases, but also qualitative information such as why they purchased, how they chose the products/services they purchased, the channels they prefer to interact on — be it for shopping or customer service — their general preferences in terms of color or style, keywords they searched on, web pages where they spent the most time, any errors they encountered, and most importantly the products/services they considered but decided not to buy. Solutions available in the market today can enable you to leverage user journey analytics, and support deep dives into this big data customer experience.
SAP’s Digital Transformation Executive Study for Small and Midsize Companies
SAP recently sponsored a study conducted by Oxford Economics, which found that nearly 60% of all small and midsize companies believe that “digital transformation is important or critically important to the survival of our company” and that “digital transformation efforts will allow us to compete more effectively with large companies.” This percentage is expected to rise too once companies not implementing digital experience analytics realize their competitors are starting to surpass them. Currently, 55% of all small and midsize firms are investing in Big Data, which includes customer experience data, and analytics, which includes digital experience analytics and customer analytics data solutions but in two years, this number is projected to reach 76%.
The general belief is that investments into digital transformation will bring great value and ROI for small and midsize companies. These investments will lead to innovation, new product development and transformation, and automation. Digitization will help companies in various areas including sales and marketing, strategy and planning, talent management, organizational structure, operations, partnerships and ecosystems, and supply chain.
Digital transformation is understood as a survival-level issue for small and midsize companies, and the imperative to leverage emerging tools and create flexible, fast-changing organizations is especially strong in the technology industry. Leadership at technology companies must continue to focus digital investments on the suite of tools that will be most valuable to their business models over the next two years (e.g., machine learning, artificial intelligence, replay session, digital experience analytics, Big Data customer experience, customer experience data analytics), develop processes and strategies around the application of these technologies, and build a workforce that can adapt to these changes – and the ones that follow them.
Customer Experience Analytics Solutions
Saberpoint understands that it is critical for enterprises to innovate and keep up with customers’ evolving expectations. Our digital transformation solutions enhance this understanding of your customers, and improve your decision making through advanced tools and insights. Examples of these include:
Customer Session Replay:Saberpoint offers its customers a unique technology for the capture and session replay of every customer’s digital experience on your website and mobile app. These replay sessions can be leveraged to optimize your digital channels by providing session replay of everything that has happened during customer sessions on your website or mobile app without any need for tagging, and all user sessions can be searched through a simple text search functionality. The solution offers user journey analytics, and is truly a next generation customer experience analytics solution to track, analyze, and optimize your customer experience and analytics.
Digital Concierge: Saberpoint’s digital portfolio includes a digital concierge that can be leveraged to humanize your website with real voice and live graphics, personalize your digital channel with walkthroughs adapted to each user and optimize the user experience with real-time analytics. The digital concierge assists with the increase of sales and conversions and reduction of customer support calls, and to improve user onboarding and training.
Saberpoint works with our customers to stay ahead of the competition by embracing innovative digital solutions for real time availability of customer experience insights. We offer SAP Business One installation, SAP Pharma Solution Map, SAP implementation services, and Salesforce for a small business or any other business size.