Customer Experience Management Market Rising With Growth In New Technology Trends Research By 2030

Posted by Mrudula Anil Karmarkar on June 18th, 2024

The customer experience management market is witnessing momentous growth owing to the growing demand for unified solutions that deliver personalized customer experience across all touchpoints. Businesses are focusing aggressively on customer experience to build brand image and enhance their market positions. Considering the growing preference for digitization, customer service is expected to become a major challenge as customers use various modes of communication. Hence, organizations are investing in customer experience management (CEM) software to get an all-inclusive view of customers’ requirements across different channels. This also helps integrate large volumes of data obtained from online and offline channels with speed and precision.

Customer experience management (CEM) solutions are gaining widespread popularity in diverse industries. As businesses become more customer-centric, the market is expected to witness rapid growth over the forecast period. Ongoing trends such as hyper-personalization of customer service, the use of AI & automation, and various customer value models are the key attributes propelling the growth. Moreover, implementing robust social media customer service can help reduce costs, increase response times, improve customer satisfaction, and increase the adoption of the CEM platform across industries. Thus, driving industry growth.

The escalating significance of studying customer behavior allows various brands to adopt strategies for customer experience management to deliver exceptional services. Additionally, the increasing use of digital channels to interact with organizations is estimated to boost the market demand. The growing use of social media and digital platforms for sharing feedback and views about the brand's experience has influenced enterprises to adopt analytical tools such as speech analytics, text analytics, feedback management software, and web analytics & content management tools. These tools help enterprises collect, analyze, and group customer feedback or responses. They also provide actionable insights to enterprises for conducting personalized marketing.

𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐆𝐮𝐢𝐝𝐞: Customer Experience Management Market

As working from home becomes more common, facilitated by video conferencing, digital transformation of the customer and employee experience will be critical for growth. Remote working frequently leads to higher Employee Satisfaction (E-SAT), which leads to higher overall Customer Satisfaction (C-SAT). A remote workforce allows an organization to hire the best talent from all over the world, which improves both the local and global customer experiences. Organizations that want to keep their customer experience scope onshore/nearshore could benefit from a right-shored work-at-home model rather than an offshore-only model. These developments would further drive industry growth.

Different Technologies Used:

• Enterprise Feedback Management (EFM) software: EFM software allows organizations to centrally manage the data and feedback received from their customers. It also assists them in converting customer feedback into actionable information, which can be used to better respond to customers’ needs.
• Speech Analytics: Speech analytics can be used in a contact center to use the unstructured data generated during communication with customers and gain vital information about the customers.
• Text Analytics: Text analytics can be used for accurate text classification and in-depth analysis of unstructured customer data collected from different touchpoints, such as emails, SMSs, surveys, and social networking sites.
• Web Analytics & Content Management: Web analytics is emerging as a key tool for interpreting online customer behavior and understanding the customers’ needs comprehensively, particularly when organizations are undergoing digital transformation.

Touchpoints:

• Stores/Branches: Customer experience management can transform the network in stores/branches. Conventional branches and stores can be turned into experience stores offering an agile, integrated network environment that is multi-format, geographically customized, and digitally enabled.
• Call Centers: Customer experience management helps analyze and monitor customer interactions. If CEM were properly integrated into call center software, an organization could easily identify customers’ needs and problems and the ways to address them.
• Social Media Platform: Customers often use social media platforms to convey their feedback, irrespective of whether it is positive or negative. Organizations can use this feedback to their benefit and be transparent and honest while dealing with customers.
• Email: Marketers have realized that email marketing can play a niche role in improving customer experience. Customers prefer to learn about their favorite brands via email as compared to other channels. Email marketing provides the highest overall return on investment than other marketing channels.
• Mobile: Mobile customer experience management covers the way a provider interacts with subscribers at all the touchpoints, from billing and retail to visible marketing campaigns for customer support. Given the increasing complexity of mobile devices, carriers are progressively sustaining relationships with subscribers via customer-initiated requests for customer support.
• Web Services: Web services CEM envisages managing the overall experience of web users across several touchpoints. As the internet continues to evolve and organizations continue to mark their online presence across various platforms, the web experience is not limited only to the website of the organization but also covers the presence across several other online channels, such as professional networking sites, social networking platforms, and mobile devices.

In Conclusion:

Technological advancements are revolutionizing customer experience management services. Businesses are expected to benefit greatly from AI-assisted customer service and real-time self-service. Consumer choices and expectations necessitate the demand for automated customer support procedures. Nonetheless, data security is a primary priority for the industry, based on which an organization can enhance and retain its customer base. Thus, companies should emphasize how data is retrieved, stored, and used.