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A Walker study found that by the end of 2020, customer experience will overtake price and product as the key brand differentiator.The experience gap leaves an opportunity sweet spot; price and quality remain top of mind for customers as they make purchasing choices. But when customers think about their interactions, positive experiences influence purchasing decisions in almost every industry.In today’s digital-driven economy consumers increasingly dictate the kind of service they want, when they would like to purchase it and how they would like to consume it. Customers today undertake multiple roles from creators to critics to unabashed supporters. It is interesting to note that the shopper journey today seems to have undertaken a more customized route where customers seem to want to dictate all aspects of the product by being actively involved in the process and also prefer purchasing products that are more customized. With 9 out of 10 businesses competing mainly on customer experience, it’s the organizations that take customer experience seriously that will stand out from the noise and win loyal customers over.What can a great customer experience do for a business:Double the revenue: Companies earning billions can expect to earn over $700 million within a period of three years post investing in efforts that further their customer experience.Greater profits: Great customer experiences can command price premiums of up to 13–18%.Source: The not so pretty pictureThe gap is clear when you look at what customers expect versus the satisfaction they’re actually getting. It’s not a pretty picture. But closing that gap by finding the sweet spot — where technology complements the human element of customer experience without creating new frustrations — is the opportunity right in front of you.With the world moving from two-dimensional media to three-dimensional spaces. The messaging of various products and services is becoming tangibly explicit with visualization and presentation significantly amplifying the customer journey and experience. There are areas customers identify for improvement, creating clear opportunities for advancements by using new technologies and digitizing more of your product presentation.
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