Technology Which Leverages Customer Experience

By Deepak Agrawal, AVP, Ideaspring CapitalAn experienced early stage investor, Deepak comes with a demonstrated history of working in the venture capital and private equity industry

Customer behavior is changing. Customers are very demanding and brand loyalty is on the decline. They want products which are personalized, engaging, immersive and super easy to use.

Modern technologies are transforming every domain in customer experience for businesses. Whilst, many businesses have already benefitted from implementing these technologies, it’s the business’ sole responsibility to work towards improving efficiency, productivity and growth prospects by continuously evolving, using such modern technologies.

To provide improved customer experience, product companies must “understand” the customers not only at an aggregate level, but also at an individual level(cluster of one).

We can classify the technologies being used by business as technologies which help in
•Collecting data about the user
•Understand customer better using above data
•Provide great user experiences

A product has to use multiple of above technologies in unison to provide the ultimate experience.

Data Collection
Data can come from various sources: Customer Reviews and Customer generated Content, Wearables, IoT Sensors and more.

Data can be structured/unstructured or mixed. Amount of data being gathered is increasing rapidly.

Data can come from various sources: Customer Reviews and Customer generated Content, Wearables, IoT Sensors etc.
Here are some of the technologies which are helping in data collection

Wearable Technology, Internet of Things

Data Analysis to Understand Customer Better
Amount of data being gathered is increasing rapidly. A recent Salesforce survey that stated that 57 percent of the total consumers willingly share personal data with companies that promise to send personalised offers and discounts. With massive data inputs received by a business through various activities it becomes increasingly important for them to analyse this data and use it for delivering a better experience to end consumers.

Overall multiple promising technologies have emerged to help businesses provide a great experience to their customers

For example
•The New York Stock Exchange generates about one terabyte of new trade data per day.
•Facebook users generate about 500+terabytes of new data every day in the form of videos, messages, comments etc.
•Single Jet engine can generate 10+terabytes of data in 30 minutes of a flight time.

This is where technologies like big data analytics, Machine learning, Deep learning and NLP come in handy. With the help of of the above technologies, your business can conveniently gather useful insights into consumer preferences and behaviors that help them provide personalized services. The nature of personalization helps you build a loyal customer base and improve revenues over the long term.

Big data analytics is transforming the way businesses interact with customers. The technology helps a brand/business understand customers’ problems, aspirations and expectations.

User Experience
User experiences have come a long way from being desktop centric menu based to multi device and multimodal interactions.

Architects are using Virtual reality to provide their customers walkthrough experiences of their future homes.

Retail stores are providing Augmented Reality experiences to have their customers look at how a furniture looks in their homes before buying.

Banks and other institutions are using chatbots to handle customer service functions. These virtual assistants fulfil a customer’s demand of getting instant service support from a business.

People are using Voice Bots to listen to music, shop online, access recipes and others