5 Valuable Benefits of Experience Driven Commerce for Your Business
Did you know that organizations earning $1 billion every year have the capability to earn an extra $700 million within the first three years of investing in customer experience? Did you know that spending in CX initiatives has the potential to double your organization’s revenue within 3 years? Experience-driven commerce is the best way forward to success and there is no denying it.
How to Define Experience Driven Commerce?
During every brand encounter, experience-driven commerce weaves together data, analytics, and content to present consumers with a contextualized, personalized, and omnichannel experience. Its strength comes from its ability to engage customers from their current touchpoint rather than asking them to adjust their habits to accommodate your capabilities.
What are the Benefits of Experience Driven Commerce?
- Delivering Personalized Experience
By focusing on personalized experience-driven commerce, you can offer relevant content, product information and services to your customers through your brand. The teams of your organization can work efficiently heading in the right direction. Surprising as it may appear but 74% of people face disappointment when the content is not personalized. As per a study, roughly 55% of the customers were okay sharing their personal information if it is advantageous for them and is being utilized safely. So, do not be hesitant to make efforts for delivering personalized e-commerce experiences.
- Focusing on Customer Data
The IT (Information Technology) industry is successfully managing to stay up with the marketing business. Success comes when the two are on the same page in terms of strategy and focused on the same company objectives. Customer data, which is collected via ecommerce customer journey, is at the heart of all decision-making when it comes to experience-driven commerce, which drives both marketing efforts and the IT that supports them.
- Profound Understanding of How Money Comes in
A business gains more visibility internally as it embraces and interacts with data and technology. As a result, your organization’s cross-functional teams bring new perspectives and get a clearer understanding of how to use data and technology to boost sales-driven digital experiences.
- Deploying Omnichannel Approach
Did you know that customer retention rates are 90% higher for omnichannel vs. single channel? Providing an omnichannel customer experience is critical for customer engagement and retention. Let us learn about some ideas for giving your customers an omnichannel experience: i) Make your brand seamlessly available on mobile via mobile browser and app for improved ecommerce customer journey ii) Incorporate live chat into your website iii) Embed social media content on your website
- Obtaining a Higher Rate of Return on Investment
When your customers are satisfied by the ecommerce experience you provide, they are more likely to stay loyal to your brand and spend more money each time they make a purchase and over the course of their engagement with your brand. You don't just make your customers happy when you give them a customized experience they desire; you also enhance their average order value and overall customer lifetime value.
We helped a health brand with Experience Driven Commerce which brought a 5-fold increase in their sales. Contact us if you are targeting the same for your business.