It’s official. Those businesses who rate customer experience (CX) as a top priority will grow revenue faster than those who don’t.
Defining customer experience
CX can be defined as the interactions and experiences a customer has with a business. Not just at individual touchpoints, but throughout the entire customer journey – from first point of contact to becoming a satisfied, repeat customer. If just one of those interactions falls short of expectations, or fails – it can quickly undo any positive interactions that came before it.
Why is CX important?
The pandemic has changed the economy, and the organizations who are not only surviving but thriving, have recognized that it is now a consumer-driven, digital-first world. From a CX perspective, it’s vital for businesses to prioritize how they integrate new digital technology into their broader customer engagement and payment strategies.
CX is not just about a customer’s experience in the moment, it’s about how the individual touchpoints align with the context of their end-to-end journey. This, of course, is backed up by metrics.
What are CX metrics?
CX has become the spearhead of brand identity. Businesses who use metrics to optimize and fine-tune the customer journey and create frictionless transactions, have increased Net Promoter Scores (NPS) and Customer Satisfaction (CSAT) scores. These metrics, at their core, are vital, because there’s no element as closely related to long-term, sustainable business growth as customer satisfaction.
The complexity of today’s payments environment can present challenges for merchants and payments processors, such as:
- Tracking how customers are engaging across multiple payment channels and environments.
- Analyzing the business value of each customer interaction.
- Identifying and remediating incidents of failed transactions, systemic and technical issues, and payment fraud issues before they impact the customer experience.
- Efficiently managing the performance of each end-to-end payment transaction.
Optimizing customer journeys across payment channels is crucial, but one of the challenges faced by CX leaders is the inability to access customer journey data due to silos and legacy systems. One way to overcome this is to adopt third party technology that provides real time analytics and insights.
The importance of payment analytics
Payment analytics show transaction and related event data across all payment channels, thereby providing a single, consolidated view of a business’s payment processes.
Considering how crucial the impact of CX is on revenue, it highlights the importance of analytics and payment data.
In the payments world, it’s no longer enough to provide customers with the option to pay with a credit card at checkout. Payment options have expanded with the accelerated global adoption of smartphone apps and multiple alternative digital payment methods. But with this array of options, comes huge complexity, and understanding payment activity is a critical part of Customer Relationship Management (CRM).
Leveraging transaction analytics can boost your business. Accessing your data, your way can provide powerful insights with which you can streamline the entire payments experience and nurture customer experience in a way that will help you build lasting, loyal consumer relationships.