Rise of the Consumer Enterprise

RISE OF THE CONSUMER ENTERPRISE Today's customers have access to technology that lends them a powerful voice. Their behavior and actions can tilt markets, influence business processes and shape new products and services. Businesses are acutely aware that customers wield unprecedented clout. The smarter businesses have learnt to harness the power of customers and make it work to their advantage. They are listening to their customers using technology. They are responding and engaging with customers in a scalable, cost-effective manner using technology. There is a different kind of enterprise rising today -that of the customer. WIPRO Applying Thought 0 CUSTOMER EXPERIENCE INTERACTIONS: AIRLINE EXAMPLE Found a great deal Earned extra loyalty program points Optimize Reached destination on/before time consumer Great flight experience experience Offered an upgrade Airline quickly resolves issue HIGHER + CUSTOMER VALUE PLAN PURCHASE AIRPORT PLANE DESTINATION SERVICE LOYALTY DESTROYS CUSTOMER VALUE Add-on fees on baggage Long lines at check-in Delayed connection flight Several failed attempts to get customer support Missed my plane Lost baggage upon arrival INCREASED CUSTOMER SERVICE INCREASED CUSTOMER ASSISTANCE INCREASED CUSTOMER HYPER PERSONALIZATION RETENTION VALUE 62% 75% 70% 62% of global consumers, in 2013, switched service providers due to poor customer service experiences, up 4% from the previous year. (CustomerThink.com) is the increase in a company's profitability, when there is a 5% increase in customer retention. of customers will do business with you again if you resolve their complaints. (Ruby Newell-Legner) retailers indicate that personaliza- tion of product offerings based on real-time data of consumers will be their topmost priority in 2014. (Wipro - EIU Study) (Bain & Co.) 86% 53% 82% 69% of buyers will pay more for a better customer experience. But only 1% of customers feel that vendors consistently meet their expectations. (CEI Survey) Utility CXOS consider improvement in technology as a key focus area to drive customer centricity, in turn driving top line growth and retention. (Wipro-Utility Week Study) of consumers say the number one factor that leads to a great customer service experience is having their issues resolved quickly. (LivePerson) of marketers say the industry needs to embrace "hyper-person- alization". (Adobe Digital Road- block Survey) WHAT ARE ENTERPRISES DOING TO ENHANCE THE CUSTOMER JOURNEY? 1% 64% 92% 35% In Utilities, transmission compa- nies can be awarded or penalized for their customer service performance at a rate of up to 1% of their allowed revenue. (Wipro- Utility Week Study) retailers report increased brand loyalty as a general gain from data analysis and 52% say big data has enabled them to expand their sales by offering the next best item. (Wipro-EIU Study) Consumer Goods CXOS recognize optimizing consumer experience as their topmost priority. (Wipro-Forbes Study) banks globally have a single customer view and 36% banks offer real-time personalized offerings. (Wipro-EFMA report) DO BUSINESS BETTER www.WIPRO.COM CONSULTING I SYSTEM INTEGRATION I BUSINESS PROCESS SERVICES PERCEPTIONS OF THE CUSTOMER EXPERIENCE