Search

New Research from Zendesk, SML RFID, Incisiv and Toshiba, FullStory, and Cornerstone

Topics Covered Include Immersive CX, Inventory Challenges, Innovation, Customer Sentiment, and Employee Retention

CX surveys and research studies

Zendesk: Immersive CX Will Be a Brand Differentiator

The latest global Customer Experience (CX) Trends Report from Zendesk reveals that immersive experiences are fast becoming a key differentiator for brands to stay competitive, and that they help ensure customers remain loyal. According to the report, 61% of customers are excited about experiences that are natural, convenient, and fluid.

Immersive CX is evolving into a new standard, redefining how companies engage with their customers as consumers demand that brands meet them where they are, under their terms, through seamless and engaging interactions. In the last several years, business leaders have recognized how this transformation has required an expanded role of CX, necessitating major investments for brands to remain competitive and meet elevated customer expectations.

This year’s key findings take note of the critical components that businesses need to deliver immersive experiences, which will shape the future of CX. The components include AI, conversational experiences, personalization, customer well-being and sentiment, and integrated teams.

Overall, customer service will become even more important to build resilience and manage uncertainty, the Zendesk report says. And the brands that invest in technology to provide a seamless, immersive CX will see a boost in customer acquisition and loyalty—and, ultimately, profitability. Zendesk is the San Francisco-based supplier of software-as-a-service (SaaS) products related to customer support, sales, and other customer communications.

Related Article: New Research from Treasure Data, Neustar, Emplifi, Gartner, and Acxiom

SML RFID: Out-of-Stock Inventory Will Be Retail’s Biggest Challenge in 2023

Nearly half of retailers believe that frequently out-of-stock items are going to be the biggest challenge for stores and sellers in 2023, according to a report from SML RFID, a provider of industrial internet of things (IoT) and connectivity technologies. Last year, the same percentage of retailers thought that improving in-store CX was the top priority.

In the report’s other findings, 39% of respondents say that labor and staffing shortages were directly impacting operations at the in-store level, with retail among the most affected sectors to date. Retail is continuing to look for operational improvements as it tries to bounce back from the pandemic, the report notes, and retailers recognize the need to remain agile and responsive to changing trends.

But by investing in the right solutions, such as RFID, retailers can obtain a complete view of inventory and stock while also reducing the impact of ongoing labor shortages on the existing workforce, resulting in better enterprise decisions and improved CX, the report from SML RFID declares.

SML RFID is a subsidiary of parent company SML, which has deployed RFID inventory management solutions to many of the world’s most successful retailers. In 2018, SML produced for retailers 1.4 billion RFID tags programmed to electronically store information, including product type, size, color, and various other identification and tracking features. RFID tags offer faster and more efficient product authentication, reducing the risk of lost or counterfeit products, and providing visibility across the global supply chain in real time.

Incisiv and Toshiba: Retail Innovation Leaders Enjoy Much Higher CAGR

A new joint report reveals that innovation leaders in retail outperform their non-leader counterparts in revenue by as much as 5.5% in a comparison of three-year compound annual growth rates (CAGR). Yet only a small number of retailers are willing to foster an unconventional approach that makes innovation possible.

The joint report, titled State of the Industry: Innovation in Retail, is from Incisiv, a next-generation industry insights firm that helps retailers and brands navigate digital disruption, and Toshiba Global Commerce Solutions, the Japanese provider of unified commerce solutions and a major presence in retail store technology.

Surveying 233 retailers, the report found that innovation leaders enjoyed a three-year revenue CAGR of 6.2%, compared to a rate of 0.7% for non-leaders. But while 92% of retailers acknowledge the importance of innovation for future growth, only 22% actively encourage and reward risk-taking and experimentation within their organizations, demonstrating a lack of alignment between the stated beliefs of retailers and actual practice.

The report also found that what retailers considered as innovation centered around foundational capabilities, such as inventory visibility, with 76% of retailers either scaling or exploring innovation initiatives in this area. However, innovation in inventory visibility goes deeper than simply exposing available inventory, the report counters. As an example, innovation in this area should use the intelligence gained from inventory data to create better shopper experiences across channels. A real-world application would find retailers scaling or exploring initiatives to help them provide narrower and more accurate delivery estimates to shoppers.

Finally, the report discloses what retailers consider to be their top priority when it comes to CX-focused innovation: That priority consists of unifying the CX across both digital and physical channels. To this end, the brick-and-mortar store plays a crucial role in this aspect, as it offers customers the ability to physically interact with products and engage with the brand in person. By leveraging the store to enhance the online customer experience and integrating it with mobile and digital channels, retailers can create a seamless and personalized journey for customers. Data from the study reveals that 83% of retailers are, in fact, scaling or exploring initiatives to help them unify customer journeys across digital and physical channels.

Related Article: Phygital Experiences to Drive CX in 2023 and Beyond

FullStory: Many US Consumers Do Not Care Where They Buy From

When it comes to digital transactions, Americans are loyal to the experience, not necessarily the brand. New research from digital experience intelligence provider FullStory show that 40% of US consumers say they do not care where they buy from “as long as it works,” making the digital experience more important than ever for brands to remain competitive in uncertain economic times.

In a survey of more than 7,000 consumers across the US, Europe, and Asia Pacific, the FullStory research reveals that even in a price-sensitive environment, CX can have a direct impact on revenue: Nearly 6 out of 10 of Americans (58%) will pay a premium for a guaranteed flawless digital experience. The demand is not exclusive to the US, with 59% of consumers worldwide stating the same.

The research also indicates that consumers’ difficulty and stress on sites and apps poses a significant revenue risk for brands. More than half of respondents (53%) are unlikely to return to a business that provides a poor digital experience, and only 5% say they are “very likely” to give a brand a second chance after a bad online experience. Conversely, the top factor to ensure a great digital experience in 2023 is the ability for consumers to quickly accomplish what they came to do—a priority for 81% of US consumers and 77% of consumers worldwide.

Cornerstone: Pressing Need Exists for Clear Growth Opportunities to Retain Employees

A new study from talent experience solutions provider Cornerstone OnDemand shows the importance of career mobility and growth opportunities for employees if companies wish to retain talent. The report, Ready, Set, Grow: The Building Blocks for High-Impact Talent Mobility, reveals the business imperatives of internal career mobility, and spotlights the role technology plays in enabling employee growth in today’s evolving talent landscape.

Washington-based Cornerstone is the provider of a next-generation talent experience platform in its stated mission to accelerate talent and career mobility. Measuring the views of 1,060 employers and 1,000 learners across North America, Europe, and Asia, the Cornerstone study shows that talent development and internal mobility are a constant demand from today’s workforce, acting as key contributors to improved engagement and retention. 

Employees today crave a strong career mobility strategy, with 73% of workers wanting to know about career opportunities inside their organization. Visibility is a critical component in employee satisfaction, with 47%of employees surveyed saying they would have greater work satisfaction if more opportunities were available to explore careers internally.

The Cornerstone research likewise highlights the profound impact of technology on both employee career satisfaction and organizational success. Employees are 80% more likely to prefer a self-service technology option over a manager conversation for an initial understanding of internal career opportunities. Additionally, employees who have access to self-service technology for career mobility exploration are 50% more likely to stay with their organizations compared to those with no visibility.

Author Information

Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.

At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.

SHARE:

Latest Insights:

Graphiant Network Edge Is Selected by Rampact CIO to Boost Agility, Improve Connectivity, and Provide Cost Savings to South Carolina Municipality
The Futurum Group’s Ron Westfall assesses why Graphiant Network Edge can streamline the provisioning of connectivity solutions with built-in security at a fraction of the cost of existing SD-WAN or MPLS implementations.
RingCentral Elevates Communication with AI-Driven Innovations
Craig Durr, Practice Lead, Workplace Collaboration, at The Futurum Group, delves into RingCentral's strategic AI enhancements and new product launches, highlighting their market impact.
Machine Learning Drives Increased Growing Yield for Fresh Fruit and Vegetables at Massive Scale
Alastair Cooke, CTO Advisor at The Futurum Group, shares his insights on how Nature Fresh Farms has boosted productivity using machine learning. More strawberries per square meter through computer science and math, no LLMs required.

Latest Research:

In our latest research brief, Revolutionizing Conference Spaces: Embracing Multi-Camera Solutions for High-Impact Spaces, done in partnership with Crestron, delves into the transformative power of multi-camera solutions in high-impact spaces, ensuring every remote or in-person participant is fully engaged and connected.
The Futurum Group’s latest research brief, Future-Proof Your Linux on Z and LinuxONE Infrastructure with Velocity Software: Insights into Performance Management and Modernization, we explore the benefits of advanced management tools tailored to enhance operational efficiency, system reliability, and overall performance.
The Futurum Group’s latest research brief, Integrating Cloud and Mainframe: Rocket Software's Vision for Data-Driven Futures, done in partnership with Rocket Software, we talk through digital transformation and cloud integration.