Happy Friday! We’re bringing you the latest roundup of industry news. This week, we’re looking at a new product from Qualtrics, the launch of a new digital company, new M-Cube research into Gen-Z shopping attitudes, and the latest business updates from the cost-of-living crisis.
Key news
- Odigo has been named a global leader for the third consecutive year! The award comes from ISG in their Contact Centre as a Service 2022 report.
- Authenticx released their 2022 Customer Voices in Healthcare Report. This revealed that healthcare organisations spend an average of $726,000 annually to resolve disruptions in the customer journey. 1 in 5 customer interactions indicated a continuous loop of disruptions that stalls a preferred outcome in CX.
- IZEA (NASDAQ Listed), who invented the (in)famous influencer marketing launched in the UK this week. This hybrid service/tech approach dispenses with the mandatory long-term retainers and hourly billing that currently dominate the sector. The new London presence will be headed by Sylvia Enotiades – a UK influencer marketing professional – as UK Country Lead.
- Beehive Research has announced today that Rune Wennesland has been appointed as a Non-Executive Director. Rune re-joins Paul Kavanagh and Nicole Holt on the board of the award-winning market research and customer experience agency.
Qualtrics have announced new product line to improve employee, customer, and brand experiences
With Qualtrics CrossXM, organisations can understand how key employee experience metrics (such as manager support, career development and recognition) have a direct, statistically significant impact on customer outcomes. With these insights, leaders can focus on initiatives that will drive the most value for employees and customers.
Research shows that 80% of customers have switched brands because of a poor customer experience. It’s clear that each customer interaction can impact a brand’s ability to retain that customer and even attract new ones.
With CrossXM, CX leaders can better leverage their employees. They can understand the changes needed for their frontline experience to take CX to the next level. It also gives them the ability to use data to gain a competitive advantage. It identifys the key areas to focus on that will boost brand equity and drive customer lifetime value.
“CrossXM gives organisations the ability to predict how employee experience investments will pay off in brand value and customer outcomes, a powerful innovation that will change the way companies prioritise investments in their most important asset—their employees.”
– Brad Anderson, Qualtrics president of products and engineering (you can additionally find an exclusive CXM interview with Brad in our digital edition of our magazine, CXM Review – pages 31 to 32)
Organisations can connect their CX and EX programs using CrossXM. It will enable them to identify which employee experiences have the most impact on the CX.
With CrossXM, HR leaders can tie EX to business outcomes, proving the value of their efforts toward the bottom line. CX leaders can better leverage their employees to understand how to bring customers’ experiences to the next level. Finally, marketing leaders can identify key customer interactions to boost brand equity; gain a competitive advantage; and drive customer lifetime value.
New digital company, Compliant, has been launched for digital marketing and advertising
Compliant, a compliance technology company for digital marketing, has launched. It will help brands and publishers across the globe to monitor, measure, and benchmark privacy compliance across digital media supply chain.
With regulatory scrutiny intensifying in digital marketing, privacy compliance has risen to the top of the C-suite agenda. Brands and publishers must balance the increasing demand for data with rising consumer expectations of transparency, choice and control.
Compliant has published its first report – “Data Privacy: The Compliance Illusion”. This is a summary of the results from the Compliant 2022 audit of the world’s top websites. The report reveals the extent to which companies within digital marketing ecosystem are exposing themselves to data compliance risk. Compliant have already revealed the following stats:
- While 92% of European publishers now operate a CMP, a staggering 81% are still passing data before user consent has been received.
- The average number of data resellers within a European publisher’s site has dropped considerably since GDPR was enacted, however some brand sites still contain up to 18 different data resellers.
- While 91% of European advertisers now employ CMPs on their owned and operated sites, 88% of them are installed incorrectly, so data is passing before consent is received and exposing brands to even greater regulator risk.
“The results [of the 2022 audit report, Data Privacy: The Compliance Illusion’] are a wake-up call for the industry, with brands and publishers exposing themselves to regulatory and reputational risk. We’re here to give companies the tools they need to be compliant in a world of constantly evolving privacy expectations. Current market solutions are not fit for purpose. Automating privacy compliance with an always on platform is the only viable option.”
– Jamie Barnard, CEO of Compliant
New M-Cube research has found nearly half of Gen Z are anxious to shop in store
M-Cube surveyed 18-24 year olds (typical age bracket coined as ‘Gen-Z’) in the UK to discover their attitudes towards the high street market. The findings revealed that 47% feel more anxious shopping in-store now than before the pandemic. 49% said it has always made them feel anxious. When shopping on the high-street, almost half of Gen-Z (48%) don’t like speaking to customer service staff. They would prefer to use digital channels to access the information they need.
The research also highlighted the comparative attitudes towards online and in-store shopping. The majority of respondents said they prefer to shop online (54%). When asked why, 73% said it’s quicker and easier to find products. They also enjoyed the convenience of buying anytime, anywhere (68%).
Of the 46% who prefer shopping in-store, 71% of those surveyed said this is because they like having the product instantly. 66% said they like to see and feel the products before they buy. Enjoying the experience was also identified as a key reason (49%).
60% of Gen-Z think in-store experiences need to be improved. When asked how this can be achieved, the majority of respondents said physical stores need to become more of a social space. This was closely followed by having more QR codes/access to quick information (44%) and better music and lighting (29%).
How does this make you feel? Is your organisation considering these thoughts already in order to engage their younger consumers, particularly those from Gen-Z? Or is this something that has piqued your interest as something you could target to improve in your business?
Either way, here’s some resources we have on digitalising the physical store space:
- The high street come back: how to transform the customer experience
- How small businesses can compete with big brands using digital channels and live chat
- Brands Should Focus on Delivering a ‘Human’ Experience in the Brave New World
Cost-of-living crisis: business and customer updates
Here’s the latest updates of the cost-of-living crisis on businesses and customers, how they are being impacted and predictions of the impact.
UK inflation has hit a 40-year high at 10.1%.
This is an increase of 0.2% in just two months. This is higher than many economists had predicted. It is largely down to rising energy prices, as well as soaring food and drink costs.
Inflation is notorious for having a knock-on effect to businesses, who will have to adjust their strategies to accommodate. This could include even higher prices for goods and services, reduced working hours for employees, lower sales and more consequences.
Consumers no longer feel like they’re ‘thriving’
The convergence of multiple global political, social, economic and environment crises has created a new era of uncertainty. People are increasingly anxious about their financial security; ability to maintain their health and wellness; the quality of their relationships and working life; and the impact of climate change. This is hampering the ability of people around the world to thrive. This research comes from Interbrand.
Unsurprisingly, the current cost of living crisis and the state of the economy is top of mind. 69% of people said it is negatively impacting them. People are also concerned that access to nutritious food and health concerns will have a negative impact on their ability to progress. Nearly two thirds of people believe that eating and being healthier will benefit them. 57% said that a better economic situation would help them to live a better life.
The importance of community to people’s wellbeing is also evident, with 58% of people saying it is friends and family and 55% their relationships that helps them to thrive.
Consumers turn to gift cards to help mitigate the cost-of-living rise
25% of consumers concerned about the cost-of-living, especially in the build up to Christmas time, are turning to gift cards as a means of budgeting and controlling their spending.
Over two thirds of shoppers have expressed that they would like to receive multi-brand gift cards, which have redemption flexibility. For retailers, this will be key to keep in mind as they head into the Christmas period to ensure they are engaging with customers in the ways the consumer wants.
Gift cards can also serve as a means of supporting consumers seeking to make the most of loyalty points or rewards. In fact, 50% of consumers would buy gift cards habitually if rewards or loyalty points were attached to them. Linking gift cards to loyalty points puts cash back in customers’ pockets by rewarding their everyday spend, as they can be redeemed against essential items like groceries and fuel.
In a further bid to help manage the cost-of-living, consumers are also leaning into discounts and coupons. 59% are planning to use promotions in the coming months. In response, retailers will find discounts, promotions and loyalty schemes critical in stimulating sales over the coming months.This research comes from Blackhawk Network’s survey of 15,000 consumer respondents.
Thanks for tuning into CXM’s weekly roundup of industry news. Check back next Friday for the latest updates of the week!