Customer Experience Management Market Trends

Growth Drivers

• Growing Adoption of Smartphones - By 2023, there are projected to be about 5 billion smartphone users worldwide, or approximately 85% of the world's population. With the rise in adoption of smartphones the demand for online shopping is also estimated to boost. As a result, businesses are expected to make sure that all aspects of the customer relationship – from browsing to making purchases to interacting with the brand – are mobile-friendly. Hence this factor is estimated to boost the growth of the customer experience management market over the forecast period.
• Rise in Social Media User - Utilization of social media ranks among the most popular online activities. Globally, there were over 3 billion social media users in 2021, and that figure is expected to reach around 5 billion by 2027. Social media offers an opportunity for consumers to gain knowledge regarding the brand, express their views, offer feedback and express concern. Hence social media plays an important role in customer experience management as it allows business to make changes according to customer expectations in order to satisfy.
• Surge in Online Payment - Globally, two-thirds of adults currently send or receive digital payments, with developing economies accounting for an increasing share from 35% in 2014 to 57% in 2021.
• Prominent Role of Packaging in E-Commerce - The success of a business is greatly impacted by the packaging used for eCommerce. Since packaging is sometimes the first physical touch a customer has with a brand, about 50% of consumers worldwide stated they are more inclined to make another purchase from the same business if the packaging meets their expectations.
• Customer Reviews to Drive More Customers - About 98% of customers read reviews before making a purchase online in 2021 worldwide. Online reviews offer a chance to find out what buyers actually think about the company and the entire purchasing process. Many businesses send surveys to their consumers in order to get feedback, however online reviews typically gather more diverse data from a wider spectrum of customers.

Challenges

• Lack of Innovation
• Data Privacy Concern
• Costly & Time-Consuming Implementation - Finding a system that works for business organization might take weeks, months, or even several months. Further, data is constrained since CRM necessitates centralizing all customer information. As a result, one has to sort through the data and determine which of it the company want to keep in the CRM system. The time it takes to look up consumer information is another drawback. One could obtain data on every single consumer through the system. However, this comes at a cost since information search could occasionally take longer than anticipated. Also, there are a variety of CRM systems available today, making it difficult to select the best one for the company. Hence, this factor is estimated to hinder the growth of the customer experience management market.