To Stay Competitive You Must Improve Your Digital Experience
Empower Your Digital Experience to Do the Heavy Lifting
The real foundation for success is an organization that can execute well in three key areas: people, processes and technology. There are more than enough articles about hiring the right people, operating processes of high performing teams and the technology they use to execute their tasks on a daily basis. Assuming you have the right people, processes and technology, you can then focus on customer experience philosophies to improve your business. Your technology can be broken down into five distinct areas required for a successful digital transformation with the support of knowledgeable employees and a solid standard operating procedure. These areas are
2. Real time information
3. Predictive modeling
4. Automation, and
To be clear, there are probably others areas. But, it will be hard enough to nail these five so this is a good place to start.
Super Easy, One-Tap Mobile Experiences
Every business needs to embrace mobile in order to compete, but I’ll assume you already have a mobile experience by now. The easiest way to outsmart your competitors is to simplify the customer mobile experience to a single tap. Some would argue that voice is even easier than taps on a mobile screen but if you have a multiple tap mobile experience, you are a little bit away from voice transactions.
Digital transformations aren’t easy but following the above directional guideposts will start you down the right path
When I joined the StubHub team in 2013, buying a concert ticket simply wasn’t as easy as it could be. The experience was a whopping nine taps to checkout success and that was if you knew exactly what you wanted to buy. Our team of skilled product managers, UX designers, engineers and quality assurance folks decreased the experience to four taps which increased StubHub ticket conversion by 4x. There were other improvements made but the reduction in taps certainly was the primary driver of improved conversion.
Save Time for Customers by Automating Routine Actions
Arguably, one of the biggest benefits customers report in using tech is the ability to set it and forget it. When a business enables automation controls for the customer, the user behavior is changed in that the customer no longer has to think and this is often beneficial to a business.
The app, Acorns, is an excellent example of automation making a real difference. Acorns empowers their customers to automatically round up every credit card and bank account transaction which tucks that extra couple of cents away. While it may seem trivial to save 18 cents from your lunch, those pennies add up. Customers can customize their settings to determine how and when to round up and create their own accounts for saving and investing.
Simple automation has the power to completely change the life of your customers.
Real Time Information is Priceless
Any business with a retail store knows just how competitive the market has become over the last few years. Real time inventory tracking has become essential.
A premium retailer, Nordstrom, refused to let online shopping ruin the in-store experience. Instead, they implemented the right technology to create a productive connection between their storefronts, website and mobile shopping app. Now, any Nordstrom salesperson can access global, real-time inventory and have it shipped directly to the customer at any given moment.
Having visibility into real-time inventory makes it possible to provide better customer service and compete in loyalty and convenience.
Discover the Power in Predictive Modeling
Your customers have more options than they’ve ever had before which creates an overwhelming need to get the best and most for their buck.
At StubHub, we were able to analyze and organize data to capitalize on this need and better help the customer by offering Best Value guidance. By calculating a Value Score, we rated each ticket by its price and specific location and added machine learning to automate the calculation. Customers can now search for concert tickets anxiety-free and know, without a doubt, they’ve got the best seat at the best price.
Predictive modeling makes for a better digital experience and happy, return customers.
Challenge Your Tech to Work Hard
With all of the progress in technological innovations, it’s finally possible to allow smart systems to manage routine actions for the busy customer.
Take Apple Maps for example. Apple Maps stores the previous actions of the users to better understand the relationship between location, time and day of the week. Now, when I get in my car at 7:30 every morning, Apple Maps proactively tells me how long my morning commute will take to get to the Tesla Factory.
Customers are certainly willing to pay for convenience or reward you with high engagement.
Digital transformations aren’t easy but following the above directional guideposts will start you down the right path. Together, your people, processes and technology make it possible to analyze your data, remove uncertainties and evolve your product to work harder than ever for your customers.
Parag Vaish is available for speaking engagements at companies and conferences. He can be reached via LinkedIn.