Smarter CX for Competitive Edge

Brian Donn, Vice President and Head of CX Cloud Applications APAC, Oracle | Tuesday, 10 July 2018, 09:43 IST

brianCould you please explain what you mean by “Smarter Customer Experience”?

Smarter CX is a new approach to customer experience, which response to rising customer demands in the digital age by connecting data, intelligence, and experience. In today’s hyper-connected world, customers are spoilt for choice and less loyal than ever before – and their expectations are fast outstripping businesses’ ability to deliver a superior experience.

The answer is a ‘Smarter CX’ approach to customer needs and wants and one that capitalizes on innovations and data to put customers at the center of the business. This means enabling hyper-personalized engagements, driving effortless transactions and creating deeply individualized products and services.

Whereas traditional CX is segmented, multichannel and transactional, Smarter CX is tailored, conversa­tional and adaptive, hiding any company bureaucracy from the customer. And to enable rich customer engagements, data is key. By being data-driven, enterprises can anticipate and empower customers and enrich every interaction. As such, Smarter CX requires not only the right solution but also a cul­tural mindset in which every part of the organisa­tion lives and breathes the customer experience.

Are there any key differences in customer experience needs in APAC vs. other regions?

Customers in every part of the world now expect brands to deliver convenient, hy­per-personalised experiences. This means tailored recommendations based on past purchases and return records. Like else­where, customers in APAC expect a brand to automatically adjust language, shipping and payment options based on wherever the customer is in the world.

Personalised shopping is particularly important in APAC; a market defined by digital experiences, where customers expect instant service and highly individu­alised offerings. Consumers in the region are hyper-connected with smartphone penetration significant­ly higher than desktop penetration in many markets. In fact, in 2017 APAC accounted for 64 percent of the world’s growth in mobile social media users, according to We Are Social, which puts more impetus on brands to connect with consumers on their terms.

“AI and IoT driven CX innovations are now allowing companies to anticipate customer needs based on location, weather and even mood to drive meaningful proactive decisions at the moment of truth”

Imagine this - If I’m in Hong Kong browsing my favorite on­line retailer for a new pair of shoes, the merchant can hyper-personalize my experience by showing me what designs I have viewed previously, similar designs bought previously or closely resembling previous views or purchases or recommend other top picks from the same brand. The price should be provided in in HK dollars and when I am ready to click “buy” and the size happens to be different from what I have previously pur­chased, I should be prompted to con­firm or change the details.

Consumers in APAC also have rising spending power and are spoilt for choice – and they will go else­where very quickly if a business can’t respond to their needs. A Smarter CX approach can help businesses win over APAC customers through prod­ucts and services that are tailored to meet their exacting demands.

What competitive advantages can businesses gain in APAC when they focus on Smarter CX?

Smarter CX helps enterprises win more customers and keep them loyal; especially in APAC, where consum­ers are digitally savvy and equipped with a world of choice at their fin­gertips. They will quickly move on if expectations are not met.

Enterprises can win new custom­ers and keep them loyal through seamless brand interactions offline to online, across customers’ favorite channels; real-time assistance; data-informed recommendations based on past purchases; and effortless browsing and buying, with localized lan­guage, payment and shipping options no matter where the consumer is.

AI and IoT have driven CX innova­tions are now allowing companies to anticipate customer needs based on location, weather and even mood to drive meaningful proactive decisions at the moment of truth.

CX leaders grow 14 percent fast­er than CX laggards, according to Forrester7, which also means that Smarter CX is a once-in-a-generation opportunity to transform and capture new opportunities, helping long-time players innovate to gain a transform­ative edge or small start-ups disrupt the market.

APAC-born businesses that pro­vide a superior customer experience can also stand a better chance at com­peting with the biggest global players – many of which are now winning on name recognition alone. In a future that belongs to the customer, Smart­er CX gives enterprises the opportu­nity to stand out.

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