Impact of customer experience on MSMEs
What is immersive customer experience and how can MSMEs use it?
view-point-marketcentral

In the new world of social media, AI, and online business, 80% of customers expect more from the brands they do business with. According to the Zendesk's Global Customer Experience Trends Report, customers today have high expectations, low patience, and multiple options when it comes to who they do business with. This means that MSMEs have to create convenient, simple, and natural customer experiences to increase their customers, profit, and customer loyalty.

95% of Indian businesses which have invested in good customer experience technologies report seeing a positive response. This means that great CX (customer experience) might be just the thing to create a growth trajectory for SMBs and MSMEs.

Here are some new trends in customer experience to keep in mind:

AI and Chat Bots are growing more popular. Whether it's on social media or on your websites, customers enjoy AI interactions with chatbots. 84% of Indian customers expect chatbots and auto-responders to feel more human and natural. This includes having personalized responses, communicate in a conversational way, and solve problems more easily. At present, 35% Indian businesses have invested in AI/chatbots. 45% plan to do this investment in the next 12 months.

Conversational experiences are important: For customers, friendly, natural, and fluid interactions help in becoming more loyal to a brand. This includes customer service not interrupting tasks. For example, if multiple customer support representatives are involved in solving a particular customer's query, the customer expects that they easily communicate among themselves to solve problems quickly. 80% of customers in India dislike repeating their query to multiple CX representatives and enjoy spending time with businesses that provide a more friendly and seamless experience. Only 64% of businesses currently have implemented a more conversational customer service.

Customers want deeper personalization: At least 50% of customers in India want companies to increase personalization. This means more customer experiences tailored to fit a particular customer - such as specific recommendations, personal email marketing, quicker follow-ups to past purchases, and meaningful communications with customer service. 87% of customers want businesses to have access to past purchases, context from interactions, and other information handy so that they can do business faster and easier.

Customer well-being and emotions matters for business: With reviews, social media platforms, and forums where customers can discuss brands, the emotions of customers to your brand can make all the difference. Delighting customers through freebies, vouchers, or a great communication experience leads to more loyalty. Similarly, a negative experience with communication can cause upto 66% of customers to exit immediately and stop buying from the business.

Read more:

  1. How MSMEs can improve Customer Retention: https://www.marketcentral.in/market/viewpoint/34/importance-of-customer-retention-for-MSMEs

  2. 4 strategies for B2B MSMEs to improve customer experience: https://www.marketcentral.in/market/viewpoint/11/B2B-Customer-Experience

At MarketCentral, we equip small and medium businesses with simple res every week through ViewPoint. Let us know what you think about this article at support@marketcentral.in. For more, you can follow our social media handles below:

Instagram: marketcentral

Facebook: marketcentral

LinkedIN: marketcentral

Popular Articles
view-point-marketcentral

7-Innovative-Ways-to-Fund-Small-Business-Growth

view-point-marketcentral

5-Ideas-to-Grow-Your-Business-Using-Technology

view-point-marketcentral

8-essential-to-promote-online-business

view-point-marketcentral

Budget-2023-MSME-loans

view-point-marketcentral

What-is-immersive-customer-experience

view-point-marketcentral

Online-advertising-for-MSMEs

view-point-marketcentral

Key-trends-msme-coming-year

view-point-marketcentral

SMBs are top job creators in India

view-point-marketcentral

Here's How UPI Can Help Your Business Grow

view-point-marketcentral

5 Small Indian Businesses That Grew Big

view-point-marketcentral

5 Ways to Make Your Business Safe from Future Shocks

view-point-marketcentral

Diwali business: Tips for small and medium businesses during the Indian festive season!

view-point-marketcentral

Get Online, Grow Big: Digital-First Small Businesses Are Prepared for The Future

view-point-marketcentral

The New GST Scheme: How Will It Impact Your Online Business?

view-point-marketcentral

In the News: MSME Credit Card, post-Covid revival, and new schemes for small businesses

view-point-marketcentral

How MSMEs Can Grow And Achieve Greater Independence

view-point-marketcentral

Transport and Logistics Challenges Faced By MSMEs

view-point-marketcentral

The Importance of Digitizing Supply Chains for MSMEs

view-point-marketcentral

How MSMEs Can Grow Sustainably With Three 'R's

view-point-marketcentral

The Importance of Sustainable Growth for Businesses

view-point-marketcentral

4 Customer Retention Strategies for MSMEs

view-point-marketcentral

Customer Retention

view-point-marketcentral

MSME Day 2022

view-point-marketcentral

What is Your Target Market? - Part Two

view-point-marketcentral

What is Your Target Market? - Part One

view-point-marketcentral

9 Ways to Make Your Business Data Safe and Secure Onlines

view-point-marketcentral

Why Automating Your Business Operations Can Make Your Business Smarter and More Efficient

view-point-marketcentral

8 Effective Ways to Drive Traffic to Your Website

view-point-marketcentral

5 Ways to Keep Your Online Business Growing

view-point-marketcentral

What is SEO or Search Engine Optimization, and How Can It Help Your Business?

view-point-marketcentral

6 Tips for Marketing Your Business During Festivals.

view-point-marketcentral

Branding for Small Business - What is It, and How to Do It.

view-point-marketcentral

What is branding and why do small businesses require it?

view-point-marketcentral

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART Two

view-point-marketcentral

Women Entrepreneurship and Women-led MSMEs: Schemes and Benefits PART ONE

view-point-marketcentral

Go Digital, Go Secure: What Does This Mean for MSMEs?

view-point-marketcentral

What is Social Commerce and How Can it Help MSMEs?

view-point-marketcentral

How to implement ISO 9001 for Your Small Business?

view-point-marketcentral

Why is an ISO Certification Important for Your Business?

view-point-marketcentral

Updating Your Financial Operations Can Save Your Business Lakhs of Rupees!

view-point-marketcentral

Keeping Your Business Safe Online: The MarketCentral Way

view-point-marketcentral

Best-Time-for-MSMEs-to-start-digital-marketing

view-point-marketcentral

The MSME Tech Upgradation Scheme: What Does it Mean?

view-point-marketcentral

5 Ways to Protect Your Data and Build a Secure Online Business

view-point-marketcentral

Customer Experience: 3 Ways for B2B Businesses to Stand Out from the Crowd

view-point-marketcentral

Diwali 2021: 3 Trends in Online Business, E-commerce Inflation, and More

view-point-marketcentral

4 Steps To Guide Your Business-to-Business (B2B) Enterprise Towards eCommerce Success

view-point-marketcentral

What The Facebook, WhatsApp Outage Can Teach Small and Medium Indian Businesses

view-point-marketcentral

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

view-point-marketcentral

50 Lakh MSMEs Have Registered on Udayam portal. Enroll your business today.

view-point-marketcentral

3 Recent Schemes and Funds for MSMEs and What They Mean

view-point-marketcentral

E-Commerce Market in India to reach $350 Billion by 2030: What Will This Mean for SMBs?

view-point-marketcentral

Amul, Parle Among Businesses That Has Cut Supplies to Udaan

view-point-marketcentral

Covid-19 Second Wave: What Can Small and Medium Businesses (SMBs) Learn From It?

view-point-marketcentral

Amazon is Opening Physical Stores. What Does it Mean for Small Businesses?