In a world where everything is accessible and governed by fierce competition, providing exceptional customer service is crucial to maintaining a competitive advantage.
The concept of customer experience originated in early commerce, where merchants and service providers sought to differentiate themselves through outstanding service. However, in the early 2000s, the term "customer experience" started to gain recognition as a business strategy in its own right. Shown to drive customer loyalty and increase revenue, to this day, customer experience continues to be crucial for brands’ success.
While there are many ways businesses can develop this front, the most vital approach is through engagement, defined as reaching the right customers at the right time through the right channels to achieve the most desirable results.
This is where engageX CPaaS steps in.
What is engageX?
engageX is a Communications Platform as a Service (CPaaS) from e& enterprise. It enables businesses and enterprises to enhance their digital transformation journeys by equipping them with the right digital channels, guiding the implementation of appropriate processes and providing expert services.
Through strategic partnerships with leaders of the CPaaS industry, engageX provides solutions that consist of the best, most diverse set of integrated components that deliver all communication services customers require, such as communication channels, APIs and end-user interfaces, to use and monitor a platform’s services. In addition, it offers the largest collection of simple-to-complex use cases across the customer journey, thereby enabling users to customize their solutions based on their needs.
These solutions extend across 12 different sectors, including e-commerce and retail, banking, healthcare, government, aviation, logistics, education, energy and utility, entertainment, automobile, real estate/construction and hospitality.
Accordingly, engageX is a comprehensive digital engagement model that aims at empowering and helping customers connect with and interact with existing or potential users through various digital channels, while offering a seamless digital customer experience.
The adoption of CPaaS is increasing as businesses require a centralized platform for managing and integrating various communication channels, including SMS, voice, chat, email, WhatsApp Business and others, to improve customer interactions and experiences.
As a result, the global CPaaS market is projected to grow from US$12.5 billion in 2022 to US$45.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period.
While this growth can be attributed to the increased adoption of CPaaS solutions during the pandemic, it is predominantly led by a rising demand for improved customer service and client engagement. Indeed, 77% of brands believe customer experience (CX) is a key competitive differentiator, with the global CX Management market reaching US$8.79 billion in 2021 and being projected to grow 18.1% every year from 2022 to 2030. This is further supported by the fact that 86% of consumers would leave a brand after as few as two poor experiences.
There are a host of further benefits to employing CPaaS, including:
- Enabling brands to effectively address customer pain points through advanced analytics and reporting tools that highlight user behaviors, to increase consumer loyalty and satisfaction
- Allowing agents to efficiently handle higher volumes of customer interactions and reduce response times by automating workflows
- Enhancing engagement by personalizing customer interactions through Artificial Intelligence (AI) technologies, including Natural Language Processing, Machine Learning, and Predictive Analytics
- Allowing organizations to adapt to changing customer preferences and thereby keep up with market trends via scalable and flexible solutions
- Enabling businesses to reach customers with relevant information and thus enhance consumer satisfaction by supporting proactive communication and personalized marketing
- Improving brands’ omnichannel capabilities by providing a seamless experience across communication channels and platforms
On the other hand, not implementing CPaaS can lead to poor customer experiences, lower consumer retention and, ultimately, reduced revenue. Indeed, brands that fail to adopt the solution may struggle to keep up with changing customer preferences and therefore be at a disadvantage.
Thus, it is evident that in order to remain competitive in a crowded marketplace, businesses must differentiate themselves through superior customer service and experience. A feat they are able to achieve through the support and expert services provided by engageX CPaaS.