Retail Asia 2018 JunJuly2018 | Page 13

NEWS 81% of global consumers believe organisations provide a disconnected experience SOFTWARE company MuleSoft recently released Consumer Connectivity Insights 2018 — a survey of more than 8,000 consumers globally to analyse whether organisations are meeting customer expectations for a connected, personalised experience across industries and geographies. The report found that customer loyalty is at risk for organisations unable to provide seamless experiences across all channels and timely access to information. Globally, more than four out of five (81%) consumers believe that organisations in at least one of the four sectors surveyed (banking, insurance, retail, government) provide a disconnected experience. Government services were seen as the worst performers (66%) while banks were the best performers. Customer retention at risk As a result of disconnected experiences, more than two-thirds (69%) of global consumers would consider changing a service provider. Consumers were most likely to consider changing retailers (57%), closely followed by insurance providers (56%), and banks (51%). Younger consumers (18-34 years old) reported the least tolerance, with 76% saying a disconnected experience would make them consider changing a service provider. “Technology has fuelled an on- demand culture and created a world in which consumers expect connected experiences across all channels. Millennials especially are increasing the pressure on organisations to provide a connected experience, yet it is clear many organisations are still falling short. For example, nearly half of consumers say they gave up on an activity or request when information sharing with an organisation was too difficult,” said Ross Mason, founder and vice- president of product strategy, MuleSoft. “Organisations need to connect their systems, devices and data end-to-end in an application network to deliver a great customer experience. The rewards are potentially huge for those that succeed, as they’ll unlock new ways to increase customer acquisition, retention and spend.” The future is now The survey shows companies are already struggling to provide a connected experience and the demands on IT will only continue to increase as consumers’ expectations of technology continue to evolve. In fact, 60% of global consumers said they would prefer to shop by having an Amazon Go experience (also known as “just walk out shopping” whereby consumers can purchase goods in-store without using a cashier or checkout machine). The younger generation (18-34-year-olds) were particularly keen on this concept, with 77% saying they would be in favour of shopping this way. Nearly two-thirds (65%) of global consumers would like to use popular messaging services such as WhatsApp, Organisations need to connect their systems, devices and data end-to-end in an application network to deliver a great customer experience. Viber, Facebook Messenger or iMessage to securely interact with organisations. Again, the number is even higher (78%) among 18-34 year olds. One technology that businesses are starting to invest in is chatbots. According to global research and advisory firm Gartner, 25% of customer service operations will use virtual customer assistant or chatbot technology by 2020. However, Consumer Connectivity Insights 2018 revealed that there is still work to be done. While 43% of global consumers have engaged with a chatbot when contacting an organisation over the past 12 months, only 38% of those who had used chatbots said their query ha d been completely resolved/answered, and 19% said that the chatbot was unable to resolve or answer their query as it did not have access to the necessary information or systems. In fact, 26% were asked to call a customer service representative directly, and 14% said they were directed to a Web form. Additionally, 79% of global consumers think it will be beneficial for chatbots to become more intelligent through being connected to more systems and data. Nearly half (48%) of respondents cited “24/7” customer service as the biggest benefit of more intelligent chatbots, followed by not having to wait on the phone (46%) and having queries answered quicker (37%). “Organisations need to find a way to meet current demands and future- proof their business at the same time,” added Mason. “For instance, we are only touching the tip of the iceberg when it comes to voice and chatbots. A truly great customer experience using chatbots will only be delivered once they are connected to more systems and have access to a greater range of data. Integration continues to be a challenge for many organisations, but an application programming interface (API)-led approach will put them on the right path to innovate and create greater customer loyalty in the future.” ra Retail Asia June/July 2018 11