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Customer Experience Management

Customer experience management market to hit $21.8bn

960 640 Stuart O'Brien

The global customer experience management market is projected to reach revenue of $21.86 billion by 2027, equivalent to a CAGR of 13%.

That’s according to data from Fortune Business Insights, which cites the heightened importance of enhancing customer experience (CX) amid the COVID-19 pandemic.

The report asserts that with millions of people worldwide confined to their homes, brands are aggressively looking for avenues to maintain visibility among their customers and cater to their changing needs.

The unusual circumstances created by the coronavirus have forced companies to engage customers in a more meaningful way. For example, the cable provider Comcast deepened its customer experience management by developing short, topical videos powered by an interactive experience for its Xfinity cable service during the pandemic.

In China, a restaurant chain started delivering ingredients for meals usually enjoyed in communal settings at people’s doorsteps, ensuring no physical contact and strengthening its relationship with loyal customers. The variety of novel ideas triggered amid the COVID-19 pandemic enabled the market to register an impressive CAGR of 11.7% in 2020.

According to the report, the value of the market was estimated to be $8.29 billion in 2019.

Furthermore, the report says the proliferation of smartphones, mobile applications, and other smart devices has triggered a massive digitization trend among businesses. Enhancing CEM through virtual platforms and online portals has become one of the core strategies adopted by companies to foster long-lasting relationships with their customers.

However, with private customer information being available online in most cases, the threat of data breaches has escalated in recent years. Hackers are targeting digital platforms to extract critical data and sell them on the black market. For example, in April 2020, over 500,000 accounts on the teleconferencing platform Zoom were breached and then sold on the dark web by cyber-criminals.

Similarly, in India in January 2020, Unacademy, the popular online education platform, experienced a massive data breach, exposing more than 20 million accounts containing customer information related to email addresses, payment history, passwords, and usernames. The constant exposure of delicate information to cyber-attacks may inhibit the customer experience management market growth.

In 2019, the North America market size stood at $2.81 billion, and the region is expected to lead the market during the forecast period due to the speedy digital transformation of businesses in the region. CXM companies across the US and Canada are actively adopting and deploying customer experience management solutions powered by advanced technologies such as artificial intelligence (AI) and machine learning (ML). Thus, the market in North America is foreseen to progress at an incredible pace.

Asia Pacific is strengthening its hold on the customer experience management market share as a result of the broadening presence of AI and the Internet of Things (IoT) among enterprises in India and China. In Europe, on the other hand, the increasing number of call centers is expected to propel the regional market.

AEGIS

INDUSTRY SPOTLIGHT: Aegis Customer Experience Management

960 640 Stuart O'Brien

Aegis is one of the leading global business services providers of customer experience management.

For 30 years, we have been the go-to experience creator for global giants across multiple industry verticals.

Aegis has a presence in 9 countries with operations being supported from 46 delivery locations managing over one billion moments-of-truth being supported by over 40,000 employees globally in 36 languages. We believe there is a real opportunity for UK clients to benefit financially from offshore servicing particularly South Africa for voice and India for back office activity without any degradation in service quality, compliance or customer experience.

Aegis’ services primarily cover:

  • Customer Lifecycle Management: Covering the complete lifecycle of customer interactions and engagement associated with a brand from the point of sale (telemarketing, lead generation, etc.) through to order processing, customer service, technical support and customer retention and loyalty management. We support our customers through multiple channels including voice, email, chat, etc. through both on shore and off shore servicing.
  • Back Office Services: Covering operations support activities managed as part of non-customer facing activities including transaction processing, document management and processing, finance and accounting back office, HR back office, and spend management and general procurement back office.

Aegis’ operates in the telecommunications, banking, financial services and insurance, technology, retail, travel & hospitality, manufacturing & automotive sectors worldwide and counts world leading brands among its clients.

Visit www.aegisglobal.com or contact Will McAllister on 077899 65424 or Paul Stephen on 07769 297696.

AEGIS

INDUSTRY SPOTLIGHT: Aegis takes Customer Experience Management offshore

960 640 Stuart O'Brien

Aegis is one of the leading global business services providers of customer experience management.

For 30 years, we have been the go-to experience creator for global giants across multiple industry verticals.

Aegis has a presence in 9 countries with operations being supported from 46 delivery locations managing over one billion moments-of-truth being supported by over 40,000 employees globally in 36 languages.

We believe there is a real opportunity for UK clients to benefit financially from offshore servicing from South Africa for voice without any degradation in service quality, compliance or customer experience.

Why South Africa?

  • Excellent natural English language skills with neutral accent and “UK equivalent” vocabulary
  • Natural cultural alignment to support empathetic customer experience and interaction
  • Minimal time difference making it easier to manage 3rd party service providers
  • 1st world technology and telephony connectivity delivering UK level systems availability
  • FCA, PCI, GDPR authorizations and certifications available as standard as well as full range BCP
  • Cost reduction of 30% – 40% against UK pricing
  • Proven experience in servicing UK customers from South Africa.

Aegis’ operates in the telecommunications, banking, financial services and insurance, technology, retail, travel & hospitality, manufacturing & automotive sectors worldwide and counts world leading brands among its clients.

To discuss how Aegis South Africa could support you, your customers and your cost reduction aspirations, visit www.aegisglobal.com or contact Will McAllister on 077899 65424 or Paul Stephen on 07769 297696.