We’re entering a new era of digital transformation. Between 2020 and 2024 alone, experts project that companies across the globe will spend upwards of $7.8 trillion dollars on new digital technologies to improve both business operations and customer outcomes.
Within the customer service industry we’ve seen this rapid rise of technology adoption bring about several key changes to the contact center, with companies investing more heavily in their customer experience (CX) technology stacks to improve contact center team engagement and performance, enhance customer service delivery, get visibility into the voice of the customer, and more.
Why Companies Are Investing in CX Tech Stacks
Here are some of the top CX challenges companies are working to solve and how they’re addressing them with new digital solutions to build out the CX tech stack.
#1: To speed up customer service delivery
It’s no wonder then that among the biggest innovations in customer service that we’re seeing unfold right now, all of the top trends involve emerging digital technologies, such as AI-powered solutions that automate processes and AI-powered chatbots, designed to help customers get the information and assistance they need faster.
#2: To support remote teams
With more customer service teams working remotely as a result of the global coronavirus pandemic, companies have recognized a need to invest in solutions like Stella Connect to support the new unique challenges of remote CX teams.
During this time and for the foreseeable future as teams are predicted to remain fully or partially remote, we’re empowering our clients to adhere to best practices for supporting customer service teams with our remote customer service workforce management platform, which enables leaders to reward and recognize customer service agents and conduct meaningful coaching based on real-time customer feedback, all while teams are working in distributed virtual environments.
#3: To get a clear picture of team performance
COVID-19 has had a major impact on customer expectations. As a result of the pandemic, more than half of customers now say they now put an even greater importance on customer service as a factor when deciding to do business with a given brand, according to a Stella Connect analysis of 2021 customer service trends, conducted by surveying more than 1,100 American consumers.
Findings from the same study reveal that one-third of customers have switched brands due poor customer service, with up to 42% of Millennials saying they have done so.
That’s why leading companies like eBay’s Kijiji, Yext, RevZilla, SmartPak, and Earnin have partnered with Stella Connect to use our real-time customer feedback and QA tools not only measure their customer service team performance, but to strengthen their customer service training programs, improve their QA programs, drive customer service team engagement, and more to optimize overall team performance.
#4: To understand the voice of the customer (VoC) and monitor customer KPIs, like CSAT
Poor customer service experiences can have serious consequences when it comes to critical customer outcomes like customer retention and lifetime value.
According to our survey, more than half of customers (53%) have decided to stop doing business with a brand altogether as a result of a negative experience.
Not only that, poor service delivery can affect your company’s future customer acquisition efforts and overall brand reputation.
Our survey found that 38% of consumers report telling their friends and family to stop doing business with brands with which they’ve had a negative experience and an additional 35% say they will post about the poor service online.
Monitoring the VoC gives brands the chance to uncover issues such as these, correct them in the moment, and prevent them going forward. Ecommerce giant Birchbox leverages Stella Connect’s CX tools to make things right with customers who share negative feedback about their experiences, coach individual agents when issues arise, and monitor ch