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future of retail

Role of Customer Intelligence in the Future of Retail

“Winning brands in the future of retail will be those that have the best customer intelligence.”

The future of retail is closely intertwined with an evolving customer journey that is being largely transformed by technology. Today’s consumers are more connected and empowered than ever before, ergo they demand retail experiences that are relevant, real-time, and seamless from screen to store. To be successful amidst such changing retail scenarios, retail companies must have an in-depth and unified understanding of their customers at a personal level. This is where the role of customer intelligence comes into play.

What is customer intelligence?

Customer Intelligence refers to the information derived from customer data that is collected through both internal (generated through interactions with the customer) and external sources (demographic data like age, income, and occupation). The key purpose of customer intelligence is to better understand customers by analyzing their buying patterns and their key motivators of purchase to drive future growth of the business.

The future of retail lies in providing exceptional customer experience regardless of whether your store is online or offline. Request a free proposal to know how Infiniti’s solutions can help your business gain a deeper understanding of your customer base and choose the right strategies to cater to them.

Customer intelligence in the future of retail

future of retail

We have reached a point where the future of retail will largely revolve around customer experiences. Customer intelligence solutions play a vital role in helping retailers identify what their customers want and the best strategies to cater to customer needs. Retail industry experts at Infiniti believe that customer intelligence will be vital for the future of retail due to the following reasons:

Growing rate of informed customers

Modern customers have unlimited access to information. They also have adequate knowledge about a brand, their products or services, and also about the competitor brands. Study shows that a fair majority of today’s customers are more likely to shift brands within a week of experiencing a bad customer service. The future of retail will largely be dominated by demanding customers, and businesses that choose to ignore them will be risking a PR disaster. Customer intelligence is the best chance available for retailers to understand its customers and ensure better customer service.

Get in touch with our retail industry experts for more insights on Infiniti’s solutions for retailers.

Personalized rewards and discounts

Customer intelligence is a great tool for retailers who want to reward their loyal customers with personalized rewards and discounts. IoT will play a significant role in the future of retail to help retailers achieve this. Loyal customers can be sent personalized discounts using sensors located in the store.  These sensors can detect when customers are near certain products and then alert customers of a special discount via their smartphones. Such strategies of understanding customers and giving them discounts on the products that they regularly shop will result in customer delight and such techniques will eventually go mainstream in the future of retail.

Better supply chain management

Retail customers are increasingly demanding faster delivery of high-quality products. Customer intelligence solutions can help optimize speed and accuracy through the supply chain. With the help of customer intelligence retailers can predict what products will be in demand during a particular time period. Every component of the supply chain, starting from planning to production to the return can be optimized for efficiency in advance.

Visualize real-time market changes

Understanding the market and customer needs is one of the key challenges faced by retailers. In a crowded industry like retail, it means that even a tiny break in monitoring the market can cause a huge setback in terms of acquiring new customers, revenues, and ensuring overall customer satisfaction. Customer intelligence solutions provide retailers with actionable insights from a stream of steady data. The customer data lets brands comprehend broader market trends and integrate predictive analytics and best practices into their business.

Learn more about Infiniti’s market intelligence solutions and gain an overview of how we help our clients with tailor-made solutions to suit their business needs.

telecom industry

The Basics of Creating a World-Class Customer Experience Strategy

Companies that focus on customer experience become successful in reducing churn and increasing revenues – leading to higher profits.

Customer experience definition 

Customer experience(CX) has become the new buzzword for most companies across industries. It may be defined as the customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, products, channels or systems. In other words, it is essentially how customers perceive their interactions with your company.

Customer perception and customer interaction are two basic elements of CX. Customer’s overall perception about a brand can occur as a result of single or multiple interactions with a brand while seeking any information or support at different phases of the customer lifecycle. Customer’s interaction with a brand includes various touch points including talking to customer support agent on call and self-service options or live chat.Brochure CTA

What is customer experience management? 

Customer Experience Management is the process by which an organization organizes and manages each customer interaction with their brand across the buyer’s journey. Customer experience management can be defined as the practice of designing and reacting to customer interactions to meet or exceed customer expectations and thereby increase customer satisfaction, loyalty, and advocacy. The objective of customer experience management is to optimize customer interactions, align with the customer’s ideal brand perception, and exceed their expectations to nurture and lay the foundation for long-term customer relationships. In today’s hyper-competitive marketplace, customer experience management is emerging as the key strategy to gain competitive advantage. Most organizations are expected to redirect their investments towards CX  innovations in the future. This also means, that your competitors are more likely to be focusing on customer experience in the future, thereby making it necessary to have a customer experience management software in place. The three essential pillars of customer experience management include:

Know your customers

Brands that have a good understanding of their customers will be able to create awe-inspiring experiences for their customers. It is essential for brands to pay more attention to customer data in order to gain insights about their needs and preferences for delivering personalized experiences.

Devise an optimal customer experience strategy

After identifying the buyer persona, it is crucial to define the customer experience strategy map all the relevant touch points throughout the customer journey. This helps to better plan and organize the brand’s interaction with their customers at each touchpoint.

Measure customer satisfaction

It is imperative to measure customer satisfaction in real time to estimate the success of the customer experience strategy. Customer satisfaction is devised based on regular customer feedback. This will give a clear indication regarding customer perception of the brand.

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Financial risk analysis

Top 4 Customer Service Skills That Can Drive the Growth of Your Retail Business

The retail industry is witnessing constant changes and players in this industry are facing immense pressure when it comes to keeping up with the ever-changing customer expectations, maintaining customer loyalty, retaining and engaging employees, and digital disruptions. With the constantly changing customer behavior, meeting customer expectations is getting really difficult for companies in the retail industry. To meet customer expectations, it is highly essential that you provide great customer service as it is a vital element of business operations that can affect your bottom line as well as how your business is viewed by the public.

If your business fails to provide a great customer service, it is likely that you will end up damaging your brand’s reputation. High-quality customer service management is important for a growing or established company’s bottom line. Therefore, businesses need to realize the importance of customer service. They must understand that it is a virtuous circle that drives profits and allows companies to compete against rivals with more resources and funding in their pocket.

At Infiniti Research, we understand the impact that excellent customer service can have on your business. And to help companies excel in a highly competitive landscape, our team of experts has highlighted four best customer service skills that can drive the growth of your business and boost your ROI.

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healthcare market research

Harnessing the Power of Knowledge Management System for Your Business

What is a knowledge management system?

A knowledge management system(KMS) is an application that is designed to capture important and relevant information within an organization and make it easily accessible to the employees at any given time and location. In simpler terms, a knowledge management system can be described as an information hub that aids content creation, organization, and redistribution through search tools and lets users find answers to their queries quickly.

KMS comprises several software modules, served by a central user interface. Some of these features allow data mining on customer input and histories and are also used for sharing electronic documents. MoreoContact USver, an efficient knowledge management system can help companies with staff training and orientation, support better sales, or help business leaders arrive at critical decisions.

A knowledge management system helps companies to turn important information into ‘knowledge’. Click To Tweet

What are the critical benefits of a knowledge management system?

A knowledge management system helps companies to turn important information into ‘knowledge’. Here are some of the key benefits of employing KMS include:

Information accuracy and consistency

By using KMS, everyone in an organization gains equal access and contribute to a comprehensive internal knowledge base. This ensures an improved quality of information. Furthermore, a knowledge management system also ensures that employees are provided with information that is targeted, useful, and timely without drowning in a sea of data.  

Faster decision making

A good KMS provides the basis for making good decisions through structure, search, subscription, syndication, and support. Also, by reusing knowledge in the repositories, employees can make decisions based on actualexperiences and practical lessons learned from larger sample sizes. This, in turn, enables them to ensure that no mistake that has been committed earlier is repeated.cta ir

Facilitate project management

Experience and lessons learned from previous projects, including cost estimating, risk management, and problem-solving benefit several aspects of project management. When companies utilize a KMS to capture project information, it helps new project managers to learn their craft more efficiently. KMS also facilitates the communication of relevant information among project team members, especially in the case where the teams work in multiple geographic locations.

Improved customer services

A knowledge management system tracks helpdesk and customer service information. This aids in identifying similar problems and offers successful solutions based on the customer feedback. A knowledge management system adapts to user’s questioning style by applying information-expansion technologies such as ontologies. Several companies are also expanding their help desk functionality to cater to customer queries by creating an automated knowledge management system.

Faster-employee onboarding

For most companies, employee onboarding proves to be a tedious task. With the help of knowledge management, this can be overturned. KMS gives new employees the wealth of information at their fingertips. This means that they can immediately start finding answers to the many questions they have without having to wait for another person to explain it to them.


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Thinking Inside the Box: How the Right Customer Care Strategies Can Deliver an Exceptional Customer Experience

The old phrase ‘caveat venditor’ (meaning let the seller beware) is being taken seriously by modern businesses that want to thrive in today’s extremely competitive marketplace. Customer care and satisfaction have now become the cornerstone for gauging success in business. Customer care, which typically includes the call center as well as online and self-service channels, plays an integral role in a company. As the natural owner of a large part of the customer journey, customer care can provide invaluable insights by helping businesses identify pain points, define journeys, and spur collaboration across functions. Additionally, having a good customer experience strategy is a great tool to have an upper hand in the market and build better goodwill for your brand.Contact US

What is customer experience strategy?

Customer experience (CX) refers to the customers’ interactions with an organization, both in the pre- and post-sale phase. The customer experience strategy defines the actionable plans that have to deliver a positive and meaningful experience to the customers across those interactions. Companies that are successful in implementing a good customer experience strategy facilitate a better customer journey, have higher customer satisfaction rates, gain increased revenues, and experience reduced churn.

Role of customer care in improving CX

Over the years, the proliferation of touchpoints and channels have increased the number of entities within the enterprise that engage with customers. Hence, customer care is playing an essential and natural role in mapping the customer journey and formulating a better customer expRequest Proposalerience strategy for more and more organizations. Customer care gives companies the ability to advance the customer transformation in several ways:

  • Formulate strategies from customer journey data: A significant number of touchpoints across primary channels are controlled by customer care. This makes customer care the natural owner of several service-focused customer journeys. Other important functional teams in the company such as sales, marketing, and product development can utilize these insights while formulating their strategies and consequently ensure a better customer experience.
  • Implement improvement measures: Customers report their issues or concerns regarding the company’s products and services to the customer care. This enables companies to take the necessary action and formulate a better customer experience strategy, either for one specific journey or across common touchpoints in all journeys.
  • Indicator to customer loyalty and repurchase: The customer experience and customer care service provided by a company is a major deciding factor of customer loyalty towards a brand. Companies that do not give importance to customer care will experience the lowest rate of good CX and a higher rate of customer churn.
  • Creates a lasting impact on customers: Any bad experience that a customer experiences from your brand can not only lead to a bad impression but also result in a negative word of mouth. Providing instant resolution to customer problems through a good customer care service is a good strategy to create a long-lasting impact in the minds of the customers.

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