Research Shows Omnichannel Engagement Solutions Deliver Big Financial Returns
February 29, 20167min
Independent study found Genesys customers achieved 158% return on investment across entire contact centre operations
Genesys, the market leader in omnichannel customer experience (CX) and contact centre solutions, today released the results of the commissioned Total Economic ImpactTM study conducted by Forrester Consulting that examined the return on investment of deploying the Genesys Customer Experience Platform by large companies.
The findings show that Genesys customers realised a 158% return on investment (ROI) over five years from the date of purchase, along with business improvements including e-commerce sales conversions, customer engagement and agent productivity. Companies in the study using Genesys solutions saw an ROI in less than 13 months, according to the Forrester study, “The Total Economic ImpactTM of Genesys Omnichannel Engagement Centre Solution.”
“For organisations the study demonstrates the value of a modernised customer engagement strategy using an omnichannel engagement centre to improve revenue, lower operational costs and increase employee satisfaction,” said Reed Henry, Chief Marketing Officer at Genesys. “The Genesys Customer Experience Platform powers this next generation customer engagement solution, acting as the system of engagement across the journeys in the customer lifecycle to deliver personalised, omnichannel experiences.”
Value by the Numbers
The Forrester study shows that when companies enhance interactions for their customers through the Genesys Omnichannel Engagement Centre Solution, they experienced improved e-commerce conversions, reduced cost in contact centre maintenance and faster resolution times by agents. The key findings include:
50% reduction in customer abandonment at key points in the customer journey
Over 1 million in increased revenue through increased e-commerce and voice conversions
50% cost reduction to integrate new contact centre agents
12.5% improvement in agent handle time
12.8 month payback period
Need for an Omnichannel Engagement Centre
Customers are increasingly digitally savvy, social media-minded and mobile-first, and demand an intuitive and seamless customer experience. As the number of channels and customer touchpoints have skyrocketed and customer expectations for simplicity and personalised service have expanded, companies need a system of engagement that offers a unified and consistent approach to engage with their customers.
As shown in the figure “Evolution to the Omnichannel Engagement Centre,” organisations are building out the next generation of customer engagement, the Omnichannel Engagement Centre, which takes the perspective of customers over time, across journeys and the entire customer lifecycle, spanning contact centres, websites, mobile apps and social networks. The Genesys Omnichannel Engagement Centre Solution acts as the system of engagement for organisations to orchestrate engagement with their customers across all touchpoints, channels and journeys.
Forrester identifies the need to engage customers across all technology touchpoints as a necessity in the “Age of the Customer.” Technology-empowered customers now know more about products and services, pricing, and reputation than ever before. The only way to win, serve and retain customers is to become customer-obsessed.
“Using the Genesys solution, enterprises are able to improve customer experience, agent productivity, and efficiency of customer service across all digital and voice touchpoints, channels and journeys. They accomplish this while significantly reducing technology and personnel costs,” according to the lead author of the study Liz Witherspoon, Senior Consultant, Total Economic ImpactTM, Forrester Consulting.
Forrester interviewed and collected data from global enterprise companies currently using the Genesys Omnichannel Engagement Centre Solution, Genesys marketing, sales and consulting personnel, as well as Forrester analysts. The five Genesys customers featured in the study included:
An American multinational financial services corporation headquartered in the United States with over $10 billion in revenue.
A $42 billion Chinese multinational computer technology company with headquarters in China and the United States.
A global event e-commerce leader with one of the world’s top five e-commerce sites and over 32 million monthly unique visitors driving sales of over $8 billion.
An African mobile communications company with over $5 billion in revenue, providing voice, messaging, data, and converged services to over 55 million customers in 40 countries.
The largest private financial conglomerate in South America with over $3.9 billion in revenue and among the largest banks in the world with operations in 20 countries and more than 4,000 branches.
Join the Genesys webinar, “Delivering the True Value of Omnichannel: The Total Economic Impact™ of the Genesys Omnichannel Engagement Centre Solution,” for a deeper analysis of the study presented live for North America, Europe, Latin America and Asia-Pacific time zones. Speakers include: Art Schoeller, Vice President and Principal Analyst, Forrester Research; Liz Witherspoon, Senior Consultant, Total Economic Impact Practice, Forrester Research; and Lisa Abbott, Director of Product Marketing, Genesys.
Genesys is a leader in omnichannel customer experience(CX) and contact centre solutions in the cloud and on-premises. We help brands of all sizes make great CX great business. The Genesys Customer Experience Platform powers optimal customer journeys consistently across all touchpoints, channels and interactions to turn customers into brand advocates. Genesys is retained by over 4,500 customers in 80 countries to orchestrate more than 100 million digital and voice interactions each day.