Korean Businesses Are On Board With CXM
Innovation, transformation and value remain important keywords for business leaders to achieve success in today’s rapidly evolving digital world. But to achieve the second phase of customer-centric business transformation there is one term that our Korean clients have put the spotlight on in 2019 – Customer Experience Management (CXM).
Korean businesses have an explosion of customer data flowing through devices, servers and the cloud at their fingertips leading to some amazing innovations. For example, GS Retail – an umbrella brand of Korean retailers, supermakets and hotels – uses analysis of big data generated from its multiple interfaces to increase its conversion rate across each individual business. Lotte Rental’s Myomee – an online rental portal that provides a wide range of products that are applicable across a consumer’s lifetime – identifies the lifestyle choices of young consumers in their 20’s and 30’s to deliver a website experience that’s tailored to individual preferences.
Although we know more about customers than ever before, untangling a twisted mix of new and legacy technologies to achieve personalised experiences is one of the biggest hurdles that APAC CMOs face in 2019.
The key challenge is syncing this information across all sources into a single data language that can provide insights and engagement across each step of their customer journey.
Customer experience management (CXM) has emerged as a key pillar of business strategy. There have been previous examples of businesses emphasizing customer experience with respect to products and services, yet nevertheless lacking understanding as to what they was about and the process to manage them in a systematic manner. The value of CXM can only be fully realized when it is possible to analyze and predict customer behavior based on real-time intelligent data, and produce and manage content that enables fast delivery of personalized experiences through various channels.
The impact that CXM can have on the bottom line has already been proved. Adobe and Forrester’s 2019 Total Economic Impact Report investigated the return on investment (ROI) for 9 businesses across 8 industries that ran CXM using Adobe Experience Cloud for the last 3 years. Over the last three years, these businesses on average achieved a 242 percent ROI, over $35 million of profit in net present value and a seven-month payback period. In addition, they saw a 14 percent increase in site traffic, a 25 percent of in web and mobile conversion rates and a 10 percent year-on-year growth in loyalty program membership, respectively.
The global trend towards hyper-personalised experiences delivered in real-time is one that Korean companies like Lotte Rental and GS Retail are already exploring with amazing results. In an era of experience business, voices are rising that you should go on all fronts and beyond being customer focused to becoming customer obsessed when it comes to CXM. Cloud has already become adopted among companies widely, and artificial intelligence has evolved sufficiently to support this transition. Your business success depends on how fast and accurately you respond and implement with respect to better CXM.