What’s Next for Customer Experience: 5 Predictions for 2023
Learn about the key trends in customer experience that will impact companies the most in 2023.
As businesses look ahead to 2023, there are many ways for companies to differentiate themselves from competitors when it comes to how they delight their customers, leverage data, and create personalized experiences for customers. Jen Bailin, chief revenue officer, SAP CX, shares her top five CX predictions for 2023.
Building on successes, learning from failures, and leveraging technology to power experiences, every forward-thinking organization around the world has its sights set on optimizing how they do business and, in doing so, improving customer experience (CX).
As we look to 2023, there are myriad ways for brands to differentiate themselves from competitors when it comes to how they deliver on consumer demands, leverage CX metrics, and create memorable experiences that keep customers coming back for more.
But there are the five key CX trends that will make the most impact. Let us take a closer look.
1. Social Sustainability Goes Mission-critical
According to the United Nations Global Compact, companies that focus on social sustainability — that is, the concept of operating without negatively impacting people, local communities, or society as a whole — can open up new markets and innovation.
In other words, social sustainability is good for people, the planet, and your bottom line.
In a recent SAP study, about 46% of consumers said they purchase from sustainable brands when possible, and about 30% intentionally purchase from brands with fair labor practices and ethical sourcing. The research also showed that about 78% of consumers had made an effort to buy more sustainable and ethical products, with the younger generations leading the charge.
In 2023, we will see companies make social sustainability a top business priority by investing in technology and tools to regain supply chain visibility and drive ethical business across employees, suppliers, and communities.
2. Personalized Experiences Take Shape in the Metaverse
According to Gartner, 25% of people will spend at least one hour per day in a metaverse by 2026. And by 2027, 30% of investments will be focused on “reimagining” the work experience, which includes how and where customer service teams interact with consumers.
As it stands today, the metaverse has been largely conceptual, but that is likely to change in 2023. Brands are eager to interact with their customers in the metaverse, either by recreating their real-life stores or creating entirely new online experiences, such as virtual marketplaces or VIP experiences, to transport customers outside reality. The metaverse is poised to take personalization to a new level by creating experiences based on the choices customers make in the metaverse; reaching new audiences; building on the demand for virtual experiences; and providing fast, personalized service to keep customers happy.
Customer experience is all about creating personalized experiences that make your brand stand out and keep customers coming back. And for many brands, 2023 will be the year to do just that — in the metaverse.
See More: Why 75% Brands are Changing their CX Data Strategy
3. Brands Bet Big on Omnichannel Shopping Experiences
Most shopping journeys do not start or end on a company or brand website. According to a study by Harvard Business Review, 73% of buyers use multiple channels before purchasing. Brands cannot afford to overlook their online experiences. Instead, they must design and deliver fluid omnichannel shopping experiences.
Brands that succeed at doing this:
- Work to eliminate friction for both digital and in-person shopping experiences.
- Provide flexible fulfillment and return options.
- Enable in-store associates to access customer account details to provide better service.
- Invest in artificial reality and other immersive technologies to create a more natural shopping experience online.
With the right technology, brands can learn how customers like to shop and optimize the experience to best meet their needs. Those that deliver seamless, omnichannel experiences will thrive in 2023.
4. Centralized Data Models Unlock Better Customer Experiences and Revenue
In the future, technology will be used to improve brands’ agility, flexibility, and scalability to generate meaningful business outcomes from their customer data. In fact, a survey conducted by Harvard Business Review Analytic Services (HBR), in association with SAP, revealed that nearly 71% of brands are already looking to alter their CX data strategy due to changes in customer needs.
In 2023, brands will likely invest in a centralized data model to increase scalability, agility, and flexibility in their CX strategy. Doing so will allow information to be collected in one place so it can be easily shared and used throughout the organization.
The same HBR survey data showed that 60% of companies plan to boost spending on customer data and analytics insights, and 50% are now in the process of implementing a centralized data model.
Soon, leading companies will move beyond long-term metrics like customer satisfaction, customer lifetime value, and average handle time. They will move toward more nuanced metrics that aim to uncover the true behavior of customers due largely in part to the move to centralized data models.
The shift in metrics and the investment in these technologies will demonstrate that companies committed to using digital tools in a more transformative way will succeed in generating revenue and reaching business goals.
See More: 6 Strategies To Build a Diverse Team to Enhance Customer Experience
5. Top-performing Companies Put CX at the Heart of Their Business Strategy
Top CX organizations operate differently. They are experts at CX strategy. They collaborate across the entire organization to drive personalized outcomes for customers. And they spend less time on operations (thanks in part to centralized data models) and more time on delighting their consumer base.
In 2023, it will be the companies that put CX at the heart of their business strategies that will be best positioned to outperform their peers.
What do you think are the key trends in CX brands should watch for in 2023? Share with us on Facebook, Twitter, and LinkedIn.
Image Source: Shutterstock
About Expert Contributors: The Expert Contributor program is designed to help kickstart meaningful conversations around the priorities and challenges most critical to C-level executives. The insights and perspectives will help CIOs tackle what’s most important to them. We are always looking for industry thinkers who can help set the narrative for our enterprise audience. To know more about this program, and submit your ideas, reach out to the Spiceworks News & Insights Editorial team at editorial-toolbox@ziffdavis.com.
MORE ON CUSTOMER EXPERIENCE
- How Customer Journey Mapping Provides Value to Business
- 4 Strategies To Boost Customer Loyalty Within the Visual Economy
- 3 Things To Consider When Looking To Obtain a Unified View of Customer
- How Companies Can Forge Deeper Connections With Customers Through Technology
- Improve NPS Collection and Opt-in Handling to Enhance Customer Experience
