With industry giants such as Amazon and Alibaba dominating the marketplace, it’s no surprise that SMEs often struggle to compete on equal footing. But one key area of differentiation where smaller businesses can win is customer experience. CX has become the driver of success for businesses of all sizes and presents a particularly huge opportunity for SMEs.
Studies show that customers will pay more for a better experience. That’s a good advantage that smaller retailers can capitalise on. Often, bigger retailers compete on price alone rather than providing a personalised customer experience. SMEs have a unique opportunity to make their mark and build lasting customer relationships. Of course, providing a great experience isn’t an easy task, especially when it comes to meeting the sky-high expectations of today’s customers. This is where technology, like artificial intelligence (AI), can help.
The definition of a great customer experience can be subjective. For some customers, it may mean the ability to quickly self-serve as they’re looking for answers to questions at midnight before they complete a purchase; and others may be impressed by a personalised experience like product curation and recommendations based on their previous purchases. Whatever the experience may be, AI can help SMEs deliver on it. Here are a few ways how:
It’s not easy being an SME today. There’s so much competition and it can be hard to compete with bigger brands. However, as customer experience continues to make its mark as a key value driver, technology – like AI – helps level the playing field.
Ryan Lester, Senior Director Customer – Engagement Technologies, LogMeIn