Over the past decade, tech-savvy firms like Amazon, Uber, and Netflix have conditioned customers to expect service that is personalized for them, accessible on-demand across multiple channels, and responsive to their needs at that exact moment. These companies are adopting a mentality described as “care is the new commerce.” This mentality focuses on eliminating
Customer retention is when you hold on to customers you have spent money to acquire. This set of customers is supremely important for any business today. Many companies don’t realize the importance of customer retention, focusing more on acquisition, and sometimes leaving their existing customers unsatisfied. Acquiring new customers is 5 to 25 times
Global markets have seen an increase in competition which has led to significant challenges for different enterprises when it comes to customer retention and hence, brand loyalty. In addition, customers have become increasingly demanding when it comes to services and products delivered. Bad customer experience on social media has a direct impact on a company’s
Investment in AI is growing at a very rapid pace. Companies are eager to adopt AI thanks to its ability to speed up processes, eliminate bottlenecks, and even save money. But what should businesses be doing in preparation? According to Constellation Research, 60% of AI adopters raise their budgets by 50% year over year.