DAY 4 at LIF – Exceeding Industry Expectations through CX
Today’s sessions focused on Exceeding Industry Expectations. With the widespread, global disruption from the crisis, many industries had to rapidly adapt to changes in customer needs, and spikes in new demand.
Mamta Rodrigues, BFSI Divisional President at Teleperformance, moderated today’s first session: Engage, Innovate, Compete: FinTech’s CX Imperative Going Forward with the COO of a major, online financial lending company.
For FinTechs to continue being successful, data is critical.
“With better data, we can improve our customer experiences and products even more. At various points in the buyer’s journey, we can offer products -- likely cheaper -- because we have a better idea of what they need and when they need it.” – FinTech COO
What else is top of mind today? Education, and what resources can be made available to empower consumers and their financial lives.
The good news is that, with more people going digital, there’s greater access to meaningful data than ever before – benefiting both FinTechs and traditional Banks.
Our second session of the day dealt with E-commerce Disrupted: Navigating a Volatile, Uncertain, Complex, and Ambiguous (VUCA) World, with Samdani Basha, Head of CX Design and Operations for India’s leader in e-commerce, Flipkart.
We have very definitely been living in an unprecedented, VUCA world that has caused people to be anxious, greatly affecting their decision-making. And, few industries have been impacted as dramatically as e-commerce.
Flipkart has seen online adoption increase significantly, and it is still growing at a steady pace. So, how can Flipkart continue to stay ahead of the growing demand? CX is a big part of their plan.
“Through proactive CX, we track a customer’s incident journey score, which marries the voice of customer and their actions to provide a very accurate view of customer propensities.” – Samdani Basha from Flipkart.
This is a trend we’re seeing with e- commerce companies trying to predict customer behaviors related to buying and returns.
Today’s third session discussed how Buyers Rule: Selling in a Hyper-Competitive Environment through a panel discussing including the VP of Customer Care for a leading music streaming service provider, and Michael Aronowitz, EVP of Digital Sales and Strategy for Teleperformance.
This US-based company’s distribution distribution model is key to their success. So, they’ve taken a very unique approach by partnering with auto dealers to offer a free, three-month trial on 80% of all new and used cars sold in the US.
While this model has been very effective – helping them capture nearly 35M subscribers – it depends on having clean data from the moment each car is sold.
“Data will show that timing is critical.” –Michael Aronowitz, EVP at Teleperformance
“Also, we never talk in terms of overcoming buyer “objections”. Rather, we “manage their resistance”. It has a much more positive connotation.” – the VP of Customer Care for a leading music streaming service provider.
KYB – know your buyer. Master the skill of “listening” through data so you can better relate to your customers.
Our final session of the day offered insights around Uncharted Territory: Understanding E-Commerce Challenges in an Unpredictable World, with CX leaders from LatAm-based online marketplace, Mercado Libre – First-Party Sr. Director, Gabriel Codesal, and Customer Directors Fernando Garcia and Marcio Ap de Souza.
The largest online marketplace in Latin America, Mercado Libre has experienced explosive growth during the pandemic.
According to Sr. Director, Gabriel Codesal, Mercado Libre has:
- Acquired 5M new users during the first two months of the crisis (March and April)
- Saw orders grow from 40-125% by country
- Searches increased by 40%.
“We saw as much growth in a few months as we had expected to take years. The future came faster than expected, and we had to quickly change our mindset about work-from-home. We implemented in one week what we had never imagined in our company’s 21 years.” – Fernando Garcio, Customer Director.
“We had to acceleration on our digital transformation and increase hiring to address the spike in demand. We cut recruiting time from 45 days down to just 15.” – Marcio Ap de Souza, Customer Director.
While technology is critical for online companies, it’s also important to balance it with a human element when it comes to CX. Especially at times of crisis, people really need human empathy.
Another great, action-packed day at our Leader Insights Forum! We hope to see you back tomorrow for a powerful conclusion to the week with a keynote on Getting Read for the ‘Day After Tomorrow’ with industry thought leader, Steven Van Belleghem!