Industries

Retail

For a long time, retail sales were driven by physical locations of stores, a well-stocked inventory assuring the range of products available in one place, the price of products and finally customer service. Traditionally, customer experience or customer engagement based on customer insight, has not been very high on the retail industry’s priority.

These days with so many online options for the customer, retailers cannot afford to slip up on customer experience. Retail sales largely remained reactive and seldom needed to proactively drive customers to their stores.

Intelligent customer engagement solutions can help retail businesses know customer shopping habits, to remind them of offers, purchase schemes, festival discounts,interesting marketing or promotional events happening at the stores, without the customer having to visit them. This way they are able to drive sales from existing customers, rather than undertake the task of looking for new customers.

Customer engagement solutions can also help retailers design a holistic and pleasant customer experience at the different touch points, across channels and across the various customer facing systems. The pay-off is better brand engagement affinity and more footfalls.

Finance

A recent survey of banking trends suggests that for global banking leaders, the top most priority was improving the customer journey and providing a positive customer experience. As many more people are going digital, there is a significant proportion of people who are looking to conduct their financial transactions online and on mobile.

These people don’t want to be forced to do things the way their parents did –with cash books and long queues. Most banks, for example, take a multi-channel service approach by enabling customers to conduct business with them online, over the phone,in a branch location, or using a mobile app. However, not only does this call for data integration across channels, but it also calls for a streamlined, integrated, seamless and personalized omni channel experience for the customer,whether they’re visiting their bank’s local branch office, standing in front of an ATM, or checking account details from their smartphone.

Another consumer survey suggests that 75% of consumers expect a consistent experience wherever they engage.So the mandate for financial institutions is clear —a strong understanding of customers and their goals and preferences at every stage of the journey — whether they’re opening a new small business checking account, filing a supplementary health insurance claim, paying off a home equity loan, or cashing out ESPP shares.

It also requires delivering the experience with a predominantly digital focus. This could include websites with web chats, bots, artificial intelligent engines answering queries and educating consumers on financial matters and helping make decisions. The bottom line is leveraging personalization technology, providing a more relevant, engaging and effective digital experiences.

Insurance

As many more people are going digital, there is a significant proportion of people who are looking to conduct their financial transactions online and on mobile.

Most banks, for example, take a multi-channel service approach by enabling customers to conduct business with them online, over the phone, in a branch location,or using a mobile app. However, not does this call for data integration across channels,it also calls for a streamlined, integrated, seamless and personalized omni channel experience for the customer,whether they’re visiting their bank’s local branch office,standing in front of an ATM, or checking account details from their smartphone.

So the mandate for financial institutions is clear —delivering a unified customer experience, across channels, whether they’re opening a new small business checking account, filing a supplementary health insurance claim, paying off a home equity loan,or cashing out ESPP shares.

This could include websites with web chats, bots, artificial intelligence engines answering queries and educating consumers on financial matters and helping make decisions. The bottom line is leveraging personalization technology,providing a more relevant, engaging and effective digital experiences.

Travel

Travel is one industry that can hugely gain from predictive customer analytics, from creating new products that customers easily relate to, to segmentation based on customer behavior rather than demographics.Some of the areas in which predictive customer analytics can bring break through value include.

Dynamic Offers Of Travel Products

Travelers are increasingly searching for personalized experiences. With predictive customer analytics they can predict what the customers wants and then adapt the offer accordingly. For example bringing together a flight, extra baggage, a hotel, while also slightly adapting the price dynamically and considering competitors offers in real-time.

Segmentation and clustering of passengers

Trip purpose has served as a segmentation criteria for travel firms. On the other hand,clustering algorithms allow discovery of new kinds of behaviors; the ones that cannot be classified by hand easily. This is a key feature to segment customers based on behaviors.

Forecasting

Historically, forecasting engines compute from past bookings. However, what happens if an airline considers moving their 9:00AM flight to 8:00AM? Or how would the impact on demand be, if the price of flight tickets increases 10%? New generation forecasting systems can give you accurate predictions based on such dynamic “factors” .

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