Happy Friday! ‘This week in CX’ brings you the latest roundup of industry news.
This week, we’re looking at this week’s events and exciting updates from CXM and Awards International, and more. We’re also looking into new research from Sorted about plans for the post-purchase experience during 2023’s upcoming retail peak season.
- In case you missed it – the second issue of CXM Review is here, and we are in awe! After extensive research and expert collaborations, the CXM team proudly present the latest edition – ‘Trust: The AI Revolution & Global Polycrisis’. This second free issue explores the profound shifts in trust, navigating the uncharted territories of AI and the global polycrisis. We are beyond proud of this issue and cant wait to hear what you think❤️
- On Wednesday 11th October, Awards International hosted the 2023 edition of the UK Customer Experience Awards at Wembley Stadium, London. Our editorial team was excited to attend and celebrate the launch of CXM Review issue 2. Huge congratulations to all finalists and winners! It was a night to remember.
- Nearly two in five workers around the world say they have had to take time off work due to stress in the last 12 months, according to an Ipsos World Mental Health Day survey. Additionally, 62% said their daily life was disrupted due to stress in the past year.
- Britons are reining in their spending on eating out at restaurants and takeaways in a bid to save some money ahead of the festive season. That’s according to research from Barclays, which found more than two-fifths of people are planning to reduce their discretionary spending before Christmas. The data also showed more consumers were looking to cut back spending on their weekly shop, despite a continued fall in grocery price inflation.
- By 2026, more than 80% of enterprises will have used generative artificial intelligence (GenAI) application programming interfaces (APIs) or models, and/or deployed GenAI-enabled applications in production environments, up from less than 5% in 2023, according to Gartner, Inc.
- The latest from Zoomtopia 2023 has announced new solutions, innovative features, and platform expansions that can help you streamline and simplify how you work with colleagues and customers alike. This includes an AI companion, solutions and certifications to help with workflows, and more. Find out over on the Zoom blog.
75% of retailers are planning to invest in the post-purchase experience
A staggering 75% of retail leaders are planning to invest in the post-purchase experience as they look towards another busy retail peak season – leaving those who haven’t invested at risk of falling behind the competition. That’s according to a survey from Sorted, which has shed light on how retail leaders are preparing for peak season and the opportunities they are looking to maximise on.
The survey, consisting of 250 retail leaders across the UK, revealed that 70% see the value that comes from investment in the post-purchase experience. 68% also recognise the important role the customer delivery experience plays in their overall businesses – which, although high, fails to match the 93% of consumers that acknowledged its significance.
Prioritising the post-purchase experience
With ongoing economic uncertainty, consumers are increasingly comparing prices to secure the best deals. Insider Intelligence data highlighted that 71% of consumers changed brands at least once in the previous year, with better deals and superior customer service being the main reasons for their switch. This aligns with Sorted’s survey of retail leaders, who cited improving customer satisfaction and loyalty as the primary driver for investing in the post-purchase experience.
“It’s encouraging that retail leaders are focusing their attention on post-purchase experiences ahead of peak season, and that those who have invested are reaping the benefits.”
“The post-purchase experience has become a vital aspect of the customer journey. Research earlier this year found that 78% of consumers wouldn’t shop with a brand again if the post-purchase experience was bad, and now we are fast approaching a period where this loyalty will be tested significantly. Businesses need to invest in these experiences effectively to ensure they remain competitive and are able to thrive this peak season – and beyond.”-Carmen Carey, CEO of Sorted.
Thanks for tuning into CXM’s weekly roundup of industry news. Check back next Friday for the latest updates of the week!