Customer-Centric Roundup: January 2017
by iperceptions, on Feb 7, 2017
2016 was a big year for digital marketing, but the world is constantly evolving. With innovations and consumer preferences rapidly changing, it's important to operate with a forward-thinking mindset.
So let's take a look at some of the biggest customer experience trends to emerge from January that will play a pivotal role in digital marketing throughout the course of 2017.
Programmatic technology continues to progress...
Programmatic technology is reshaping the advertising industry. In fact, according to Search Engine Watch, the market is forecast to grow by more than 30 percent this year - growing faster than both social media (25 percent) and online video (20 percent).
Two trends in particular can be attributed to the continued expansion and growth of programmatic advertising: mobile and video. Advertisers and marketers have a unique opportunity to reach and target mobile users, which ushers in the question of how best to go about it. A third trend influencing the prominence of programmatic technology is advancements in machine learning. A growing number of innovative advertisers are expected to leverage deep learning algorithms to enable more efficient real-time bidding solutions.
Concerns over shopping cart abandonment
Cart abandonment rates are something that continually keep retailers up at night. Last month, eMarketer reported that cart abandonment rates are still a critical concern for U.S. retailers, with new research showing:
- More than 84 percent of consumers said "cost of shipping" was their primary concern for abandoning carts.
- 72 percent of shoppers agreed that a top reason for cart abandonment is because the overall order became too costly.
Complicated return processes, limited payment options and security concerns were also mentioned, though not nearly as significant as cost-related reasons. In addition to reducing shipping costs, alternative methods retailers are using to reduce cart abandonment include retargeting ads, as well as offering live chats and email reminders.
Bring Your Own Data
As our networks become more connected, they are also becoming more complicated and complex. Not only are we dealing with an expansive array of data and analytics, but many advertisers are now becoming masters of their own 1st party data - ushering in what the Ad Exchanger refers to as the "bring-your-own-data era."
It is up to businesses to assess the data they own to identify new audience segments. One type of 1st party data that has been proven to be particular powerful in improving campaign performance is Voice of Customer data.
Infographic of the month: 'Six stats to help you secure customer experience investment'
At this point, it's become obvious that we are moving toward a customer-oriented market. As we continue to accelerate in this direction, marketers need to increase their investments to enhance the customer experience. According to MyCustomer.com, nearly 80 percent of customers say they prefer doing business with organizations that provide quality experiences and almost 70 percent are willing to switch brands based on the service - whether that service is real or perceived.
Blog post of the month: 'Top 5 Customer Experience Trends For 2017'
Now is the perfect time to make adjustments and revamp business models and strategies to ensure a smooth and successful year ahead. But in order to do that, it's important to anticipate what's to come. From VoC research and intent data to mobile-first and customer-centric approaches, here are a handful of customer experience trends that will take center stage in 2017.
Image source: Unsplash