Corona pandemic urged the governments to take strict measures and implement complete lockdown. The sudden announcement of lockdown in Spain, Denmark, India, and Poland caught organizations by surprise. A good number of e-commerce packages got lost, migrant laborers lost their jobs while skilled laborers had a tough time transitioning from corporate to a remote working setup.
BPO organizations are functioning with limited employees, which is having an immense effect on the overall customer experience. Telecom, E-commerce, Fintech, and SaaS organizations are having a tough time servicing existing customers. The increased number of resolution requests is putting pressure on the already strained employee base.
How has Pandemic Impacted the Customer’s Mindset?
With over 12 million cases and 500K+ deaths, the corona has coaxed the world is reconsidering its priorities. Thousands of people have lost their jobs, millions of employees are taking a pay cut and transitioning towards a frugal lifestyle.
With no sign of a medical breakthrough, the corona is here to stay and the mere thought of living with corona is impacting the people acquire products and services. Frugal living is going to be the new normal and it will reflect on the balance sheet of organizations.
Some of the trickledown effects of corona include
- Customers are willing to save every penny
- Customers are expecting and cooperating with delay in delivery of products and services
- Customers’ loyalty is going with organizations that are upholding jobs
- A part of customers are getting politically motivated to support specific businesses
How Exceptional CX Will Stop Customers from Churning?
Customers have always been skeptical about trusting businesses with their money but the assurance of easy return, 24X7 customer support, and government certifications gave them the requisite guarantee. With the changing dynamics, where a multitude of organizations is filing for bankruptcies, customers are going to be scared. Upholding quality customer experience by remaining reachable on varied channels and by being able to resolve problems, organizations can stop customers from churning.
Some of the major challenges that lie ahead of organizations include
- Customers are worried about their money, product or subscription
- An increasing number of complaint has led to an increase in wait time and resolution
- Customers are at home and they are looking for faster resolution
- The increased usage is leading to more errors and disruption in services
Top Hacks to Deliver the Best CX
As found earlier, customers were willing to pay extra for better service, now customers are going frugal but not willing to compromise on experience. Uphold the experience or see them go. Any organization that offers a solution that resonates with contemporary time at an affordable price will win the lifelong loyalty of customers.
Especially now when the stock market is falling, banks are not willing to offer loans and people are getting fired, any organization that takes care of its customers will strengthen its brand value.
Leverage Social Media for Faster Resolution
With fewer employees and more resolution requests, BPOs should start looking at social media as a viable option. By leveraging the widespread reach of platforms like Twitter and Social Media, enterprises can solve queries and also keep their huge user-base updated about every move they make.
By innately utilizing social media during the lockdown period, when people are stuck at home, organizations can build a reputation that will never die. Enterprises can nurture customers to prefer social media as the primary mode of resolution.
Keep the Communication Channels Open
Industry leaders from the varied segment are filing for bankruptcy, the funding season is dead and there’s no one willing to loan out a huge amount. Businesses are closing daily and key stakeholders are having a tough time managing finance.
Keeping the communication channel open with customers, stakeholders and third-party organizations can have a positive impact on the overall brand reputation. When customers read positive news about your organization, they are likely to continue engaging with your services or other offerings.
Letting your customers know about the downtime, employee shortage and delivery in service delivery is acceptable and deemed worthy in the eyes of customers. Users are willing to put up with enterprises that are taking an all-round approach towards handling this uncertain pandemic. Communication is the key and earlier businesses understand it the better it will be.
Inform Users about the Expected Delay
E-commerce players like Amazon and Flipkart have always kept it transparent with their customers. Amazon offered refund ranging from $5 to $10 for delays in delivery, which is an important lesson in keeping the customer engaged and happy.
Transparency has more value than it is often attributed with and customers love it when businesses reach out to them with issues. Flipkart and Amazon are a prime example, where customers have reached out to pick up their products instead of waiting for it to get delivered.
A similar approach in all industries will help both nascent, as well as well-established organizations, gain the trust of customers.
Involve Customers in Shaping the Experience
As mentioned earlier, customers are willing to wait, take cooperative measures, and suggest changes to help organizations keep up with the quality experience. Making customers an integral part of the process development will help businesses build a process that has customers at its helm.
Over 50% of organizations are now diverting marketing budget towards customer experience management hence it makes sense to have customers contributing. A customer can tell us better, what they want, how they want it, and how often they want it. Based on the input from customers, enterprises can build processes that do exceptionally well in managing customers and creating a memorable experience for them.
Quickly Adapt Technological Changes or Innovate
With tailored outsourcing become a popular BPO trend, organizations are facing an innovation challenge. The next wave of transformation will be led by BPO organizations that are leveraging state-of-the-art technological advancements like AI, ML, and IoT.
BPOs that cater to Fintech has evolved well during this corona pandemic. They were quick in leveraging technology to introduce video calling KYC and help BFSI and Fintech organization scale even when customers were restricted to their homes.
In India and Singapore, a huge percentage of millennial population has started investing in the stock market during this pandemic and most of them filled their KYC requisites through video call and AI-based verification technology.
Popular e-commerce organizations can adopt a similar tech to support easier seller onboarding, while cab aggregators like Uber and Ola can use it for KYC verification of regular customers.
Help your Partners to keep up with the Changing Norms
Banks and Fintech start-ups have acclimatized better to the changes, maybe because they were allowed to work under the “essential services” tag. One lesson every industry can learn from the banking sector is adoption, they are the pioneer when it comes to testing technology and turning it in a status quo.
From the passbook printing machine to OTP based ATM transaction, banks have shown the way. Banks are successful in adopting changes so fast because they take their partners along. Banks have helped their outsourcing partners leverage the latest technology to ensure all processes are working at the same level of efficiency and accountability.
E-commerce is perhaps the only sector after banking that is helping its partners to leverage innovation to serve customers with efficiency.
Remain Compliant and Protect Your Organization and Customers
Cybersecurity crimes are up by 70%, WHO has warned again and again about new threats from the Internet. With people losing their jobs and online businesses flourishing, such events are expected to keep increasing. Businesses that function in the online space need to take strong measures like:
- Run scrutiny and identify all kinds of loopholes. A VAPT will reveal varied challenges.
- Review all kinds of compliance failure. Any certificate that has expired must be renewed at the earliest. Failing to renew can lead to a ransomware attack.
- Customers are skeptical about spending their money during this pandemic, the last thing they want to do is engage with a non-compliant platform. Work it out or lose your loyal customers forever.
Corona pandemic is establishing new norms and standards and any organization that believes “things will go back to normal” is probably mistaken. These challenges and changes are here to stay and the early you adapt and acclimatize to the changes, the better for your customers and revenue.
Customers are marred with options and they are not going to wait for you to catch up. As an enterprise, you will have to lead and show customers a new way of acquiring services. No matter what change you adopt, make sure that customers are at the helm of all such challenges.