The dramatic trajectory of online commerce has transformed almost any industry and organization type. From native-digital brands to traditional retailers, online and omnichannel are the new standard. Despite this massive change in customer behavior has been around for a while, there is no doubt there are massive challenges ahead: Customer expectations and fierce online competition are higher than ever. In this context, post-purchase experience is key to stand out.
Multiple studies have demonstrated that the expense of acquiring new customers can be up to 5 times higher than the cost of retaining current ones.
Regarding the market, although the specter of a new economic crisis remains, especially for small and mid-sized businesses, more than 75% of businesses understand that investing in customer experience helps navigate through hard economic times.
Overall, there is some cautious optimism. Businesses are feeling good about the future and are grounding plans to increase investment in customer experience in 2023 and beyond.
In this context, where new customers can be hard-won, post-purchase experience is crucial to nurturing the next sale. However, in 2022, only 17% of consumers believed brands cared about their experience after buying. The gap is massive.
The cost of underserving your post-purchase experience
It is no secret that falling short on expectations for customer personalization can destroy confidence and retention. Studies show that 61% of customers will change brands after one bad experience.
Therefore, customer silence is not always gold. A deep and purpose-driven design of customer experience processes within your organization can help your brand increase awareness of customer satisfaction at every touchpoint.
Master returns management
Consumers increasingly consider online purchases a risk-free exploratory journey. Returns are here to stay. A McKinsey survey showed that 62% of consumers would not consider buying from a retailer that does not offer free returns, and 84% would not repeat if the returns experience was poor.
This new normal is extremely challenging, as mastering returns management does not only consist of connecting to a 3PL or software plug-and-play solution. Excelling in return management generally requires a deep transformation of many operational processes.
Deeply personalized customer communications
Expectations of personalization are more advanced than businesses realize. According to one Infosys study, 86% of consumers said hyper-personalization has at least some impact on what they purchase.
Incorporate circular economy
Consumer awareness and concern for environmental and social issues are rapidly increasing. The circular economy is the responsible use, reuse, and regeneration of materials and products to reduce waste. First-movers implementing circularity are benefiting from longer-lasting relationships with their customers.
AI in customer experience
The emergence of technologies that facilitate more realistic digital interactions will create fresh opportunities. Among those who frequently engage with customer service chatbots, 72 percent report a noticeable improvement in quality.
Learn more about what Ealyx can do for your business
Across industries, Ealyx empowers brands that are serious about the post-purchase experience by unifying great proprietary technology, know-how and execution capacities.