Via Data Quest : 2016 is a big year for Ecommerce companies. Unlocking the power of connected consumers, bypassing the digital divide, discovering the value of mobile in retail, etc., have coupled into a supernova of business transformation and customer engagement. Ecommerce used to be a retailer’s turf; retailers used to control how consumers buy and sell online – until now. With mobile devices deeply integrated with the shopping experience, ecommerce retailers are demanded to up their notch to survive let alone grow.
Companies are in havoc trying to seek the right technology that not only resolves their business challenges but also ups the ante in a competitive environment. Marketing automation tools, customer data analysis through algorithms, content marketing, and customer interaction management technology are the primary platforms they invest in. And companies that don’t, are at the receiving end of customer despair and stagnant or zero growth, ultimately leading to extinction. One technology that stands out is the Customer Interaction Management (CIM) solution, an emerging technology that helps ecommerce companies in bridging channel gaps and improving customer engagements. Customer Interaction Management or commonly abbreviated in the industry as CIM is exactly what the term implies; the management of interactions between an organization and its customers. CIM came into existence after the rampant dependence on customer engagement, profitability and customer experience which predominantly came into the spotlight after the digital transformation.
Ecommerce value in India is said to hit $16bn by the end of 2015 and cross the $100bn mark in the next five years. This not only opens doors of opportunity to players that are willing to enter the industry, but also is a wake-up call to the already established heavyweights that the industry is evolving at an uncontrollable pace. Even if technology is accounted for this transformation, changing customer demands and interaction platforms is what is fueling the change.
A CIM software integrates all points of customer interaction touch-points into one holistic platform, transforming itself to an omni-channel communication platform. An effective and intelligent CIM solution will not only help in retaining and expanding business, but it will also help businesses to gain insights into the behaviour of customers and modify operations customized to each customer. The primary factor in defining the success of an e-commerce business is the capability to manage the complete spectrum of customer interactions – from online product assistance to cross-selling, and to have a complete interaction history that spans all media.
In addition to becoming an omni-channel platform, CIM solution provides relevant customer context with the entire interaction history to customer service representatives to solve customer queries quickly as possible without further investigating the particulars of the order or customer. If effectively implemented, a CIM solution can be a company’s front line of defense in resolving customer complaints and queries. Resolving to each customer query is critical to an online company’s profitability. According to Forrester Research, 66% of Web Shopping carts are abandoned before purchases are completed simply because their queries go unnoticed.
“With more than 80% of Indian ecommerce market share served by Ameyo, we are geared towards revolutionizing the Ecommerce-CIM domain. The recent introduction of omnichannel engagements has provided our customers a strategic advantage in the ecommerce realm,” says Kartik Kakar, General Manager, Ameyo. An industry wide study conducted by the research team of Ameyo, found that 37% of ecommerce companies run their business operations through CIM technology and 54% are planning to invest in the technology in the next two years.
The time to come is tricky for ecommerce, but it’s also filled with opportunities for those who take the effort and resources to invest and explore the shifting customer expectations and trend, and mine customer data to improve experience.