Why is Customer Experience and loyalty being the new currency of 2023 & beyond?

CPQ Solutions

​​Establishing strong customer relationships requires engaging, easy-to-use processes and incredible customer experiences across the buyer journey. This way, you can earn the ultimate currency in business - customer loyalty.    

Many businesses are embracing digital commerce to offer a more connected customer experience and add value to their customers.  

This blog will discuss why customer experience is even more critical in 2023 and the top digital commerce considerations for your business while planning the customer loyalty strategy. 

What exactly does CX mean?

Customer Experience (CX) is all about creating a positive perception for your customers through multiple touchpoints. The customer journey, from prospect to purchase, plays a crucial role in shaping the overall CX. Effective Customer Experience management involves ensuring that every customer interaction with your brand is seamless, satisfying, and memorable. ​

Customer Experience and loyalty

Why is CX more critical in 2023?

The ongoing economic crisis has made retaining customers a critical aspect of keeping a business afloat. Studies show that a 5% increase in customer retention can lead to a profit boost of anywhere from 25% to 95%. Furthermore, a bad customer experience can make 80% of customers more likely to switch to a competitor.

To avoid this, it's often more cost-effective to focus on nurturing existing customers by making them happy instead of trying to acquire new ones. Research suggests that retaining a customer is five times less expensive than acquiring a new prospect. 

Thus, retaining your customers and driving revenue is as vital as delivering a great Customer Experience in 2023 and beyond. These statistics represent how a good or poor Customer Experience can impact revenue rather than the urgency of giving an impressive buyer experience. Because the customers expect:

  • Quick responses, resolutions, and information
  • Hyper-personalized assistance, Customer Experience, and products/services
  • A customer's experience can make or break your business.

    Yes! Because studies have shown that one out of 3 customers, i.e., 32% of customers, say they will stop purchasing from a brand they used to love before; after facing the poor Customer Experience once. And these days, it has become quite common to see people posting on social media about their good or poor experiences with a brand name and spreading the word around.

    You can overcome this scenario by enriching the Customer Experience with these top 3 digital commerce considerations as part of planning your customer loyalty strategy:

    1.Personalize services and interactions: As customer preferences and expectations change, businesses must understand their needs and deliver what they expect. Use AI-powered CRM tools like Salesforce to understand and identify their choices, preferences, likes, dislikes, behaviors, demographics, and other information to get valuable insights to personalize the customer experience. For instance, you can also Implement an advanced CPQ software solution to enable users to personalize the products and services and get a hyper personalized quote in less time.

    2.Provide Unified CX: A fully connected buyer journey can deepen the brand and customer relationship. So, consistently interact with your customers across all the touchpoints (both digital and physical stores). Implement Salesforce Service Cloud to enhance your service using intelligence and productivity tools on the Service Cloud to assist your teams in delivering personalized, proactive customer service across every channel and device.

    3.Build trust: Trust is the foundation you can lay to gain customer loyalty. Ensure you provide high-quality products and services, secure payment interactions, and data security to achieve higher brand retention and increased customer loyalty. The Salesforce Platform uses various data security methodologies to protect sensitive customer data by making it accessible only to authorized users within your organization when they need customer data for insights, information, transaction details, and other purposes. 

     Salesforce Implementation Partner

    To conclude, your customer is your business's greatest asset, and a positive Customer Experience strengthens their trust and sustains business growth in the long range. As a Premium Salesforce Implementation Partner, we can say confidently that the Salesforce platform can empower your businesses to offer a unified, personalized, and secured buyer journey by leveraging the power of commerce solutions and data science. Give a great CX, retain loyal customers, and drive revenue by simplifying the processes and enhancing customer service using actionable insights. 

    Ask our certified Salesforce Specialists to know how you can drive your business by delivering fast, reliable, and exceptional service across all channels at sales@dextara.com


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