With all uncertainties in the environment, the entire world went grudgingly in complete isolation or some form of it to survive this pandemic. Companies of every size adopted work-from-home as a way to ensure business continuity.
COVID-19 showed us its ability to alter our individual habits as well as business operations to adapt to new situations. In the midst of all these, organisations fasten their digital transformation as a way to support business efficiency and productivity. The pandemic raised several questions for business leaders. Among the main ones, how to mitigate the impact of the novel coronavirus as it upsets every aspect of your business?
The coronavirus pandemic impact goes beyond a health issue. It also impacted on the consumption pattern of customers. For instance, there was a shift from purchasing high-end products to buying essentials. Above all, there was a fundamental change in customer behaviour around the world. For organisations, the ripple effects were on four sides:
In the midst of all these changes, how should organisations prepare for the future while adapting to new expectations? We share our thoughts below:
To shape a sustainable future in the new normal, companies need to understand how this pandemic is affecting all interaction touch points with their customers and make sure that they are not at the mercy of any such external events.
It is important for B2C companies of all kinds to understand the degree to which the current customer journey has already changed, and just how different it might still become. Understanding new behaviours will help businesses navigate, respond and adapt their different touchpoints.
Businesses need to also connect the different touchpoints for two main reasons:
We are all conscious of the potential business benefits in building trustworthy customer engagement and loyalty. Your business’s relationship with customers is built over time, nourished by digital and physical experiences seamlessly and consistently across the customer’s journey.
PwC’s Global Consumer Insights Survey 2020 highlights 4 key acumens that align with questions you should be asking about how recent consumer behavioural changes have affected different phases of the customer purchase journey.
Real-life experiences with your brand – at each physical, product and digital touch point, is what really matters. Your brand is now the experience you deliver. No matter what industry you are in, in this time of crisis, CX is your new brand. Yet, it raises another question: How do you measure experience?
More businesses are adopting Return of Experience (ROX) as a metric to measure the impact of investments in both Customer Experience (CX) and Employee Experience (EX). Such businesses are able to gain a much wider view compared to those using siloed metrics. If we go by the definition of ROX, it is a new performance management metric that connects both CX and EX and brings together investment in organisational culture as well as in technology and analytics.
Watch the video about PwC’s “Return On Experience” (ROX)
Though it’s almost cliché to talk of a new normal at this point, we have to admit there is no quick return to how things were before COVID-19. Change is ongoing, and our ability to adapt is central to who we are as humans.
At such a critical moment in our recent history, the need for companies to align digital product innovation with their business and establish trust with customers could not be any clearer.
However, understanding where to focus is the harder part—and it’s central to your success. Here are our top 5 key actions you can take today:
In fact, customers are interacting with companies digitally in every facet of their day-to-day lives. Think how easy it is to use your mobile device to transfer money, monitor your Bank transactions, book a flight or simply order a pizza! So, why should your customers expect anything less?
With good data, the right leadership, ways of working and a holistic approach, we believe digital products can solve organisational challenges and lead the way to next-level value and customer service.
If you have not put innovation and customer experience at the heart of your business, now is the time.
Advisory Leader, PwC Mauritius
Tel: +230 404 5028
Consulting, Partner, PwC Mauritius
Tel: +230 404 5015
Senior Manager, Clients and Markets Development, PwC Mauritius
Tel: +230 4045029