As we move into 2022, we will no doubt see an increasing number of businesses look to exploit the potential that blockchain technology offers and use it to enhance their customer experience (CX).

Blockchain is most commonly associated with cryptocurrency, but in recent months there have been a number of announcements from major companies looking at how blockchain can be used in different areas of the business. The technology offers the ability to share information via a distributed ledger, meaning it’s trusted by members of the network without the need for any middlemen – once information is on there, it cannot be altered or changed.

Blockchain Applications And Implications For CX:

As such, implementing blockchain technology into a company’s processes means the data it uses is more trustworthy. As well as this, because of its decentralized nature, it can enable customers to take control of their own data rather than remain at the mercy of companies that hold their data. For example, Walmart is using blockchain technology in order to improve food tracking and safety by making use of tamper-proof and transparent ledgers so customers can see where their food has come from. This allows people to choose whether or not they want to purchase certain products based on this information – so if you were worried about pesticide residues in your product, you might be concerned to learn that a product was handled by a supplier that experienced a breach in their food safety management system.

This gives more of an incentive for companies to protect customer data and make it transparent – if the data is already on a decentralized network, extensive security measures cannot be taken to keep the information away from prying eyes as this would render the whole concept useless.

It also allows customers to take control of their data and choose if they want certain information shared – for instance, it may be advantageous for some people to share some health data in order to receive tailored medical advice.

Companies can also use blockchain technology to create new types of loyalty programs that give the power back to the customer. With an increasing number of businesses experimenting with cryptocurrency, consumers could soon have a wide range of ways in which they can be rewarded for their spending habits, such as receiving discounts when shopping at different stores or earning coins by taking part in market research surveys or interacting with companies on social media. A company could even reward customers with coins based on how long they’ve been a member of the brand’s community – this would allow customers to accumulate their coins over time, before using them to pay for a product or service once its value had grown. Customers could even potentially exchange these cryptocurrencies with each other or use them in different ways outside of the brand’s ecosystem, depending on how creative companies are willing to get.

Advantages Of Using Blockchain For CX:

Blockchain offers a number of advantages when it comes to customer experience, such as:

• Full Transparency – companies are able to provide more transparency, as it’s easier for them to make their data trustworthy via blockchain technology.

• Stable Security – because of its decentralized nature, companies are better equipped against cyberattacks and there is no one point of failure with blockchain technology.

• Reduced Costs – using a distributed ledger means that the need for intermediaries is reduced or even eliminated altogether, which can potentially save businesses money in terms of transaction fees. This also has an impact on customer service, as staff may be able to deal with issues more quickly without having to wait on hold.

• Greater Convenience – customers have access to their own data so they can control how much information they want to share with brands, thus increasing the convenience of shopping online.

• New Forms Of Incentives – customers are rewarded for interacting with companies, which encourages them to remain loyal to brands that they trust and believe in. It also gives them more of an incentive to share their personal information.

• More Creativity – because blockchain technology enables greater interoperability within ecosystems, companies are able to create more creative products that can be used by multiple different stakeholders. For example, a customer might be able to use coins earned through one company on another brand’s platform or give these coins as gifts to friends or family members.

• Greater Insights – because blockchain allows for a more detailed audit trail, businesses are able to obtain better data about their customers and how they use their products or services.

• Easier Sharing Of information – it’s easier for companies to share information when there is a decentralized network behind them, as blockchain makes it easier to trust the data being shared by different stakeholders.

• Better Customer Service – having access to decentralized and accurate records means that staff can resolve issues quickly and efficiently and customers can go about their day without having to wait on hold for extended periods of time.

• More Personalization – the interoperability of blockchain makes it easier for brands to create products that are able to interconnect with other platforms, resulting in a better customer experience.

• New Business Models  – businesses have access to cheaper transaction fees due to reduced intermediaries, which can enable new types of business models. Reduced costs allow companies to find ways around the “one size fits all” approach and offer more tailored services as a result.

• More Innovation  – companies have the opportunity to create new business models that can unlock new markets. Because of this, they are able to experiment more with different ways of delivering their products and services which help them stay ahead of the competition.

Disadvantages Of Using Blockchain For CX:

On the other hand, there are some potential disadvantages in regard to the customer experience when companies utilize blockchain technology. For example:

• More Complex – the fact that blockchain is a relatively new and ambitious technology means that it can add complexity to businesses and make it harder for them to truly understand how this tech works. Another downside is that there aren’t many experts in this area when compared with something like artificial intelligence (AI) or robotics. This means that most employees won’t have much knowledge about what they’re selling and may not be able to explain anything beyond simple facts and figures.

• Scalability Issues  – just like cryptocurrencies, there is a huge issue with scalability that needs to be addressed. Blockchain is not currently able to handle the number of transactions that companies like Visa and Mastercard can process on a daily basis, therefore making it difficult for them to use this technology as their main service delivery platform.

• High energy Consumption – by operating on a decentralized network, blockchain technology can cause high levels of electricity consumption which has an impact not only on the environment but also cost due to increased expenses. It will take some time before there are any breakthroughs in terms of increasing efficiency or finding alternative sources of energy for this form of tech.

• Lack of Regulation  – because this is still a relatively new area of technology there are no industry tests or guidelines in place to protect consumers when utilizing blockchain’s capabilities. Even though there are some self-regulatory mechanisms currently in place (e.g. KYC), people should still remain wary when making financial decisions due to the uncertainty surrounding where their coins will end up if something happens to them (e.g. if they lose their password).

Industries Set To Benefit From The Blockchain:

There are numerous industries that could potentially benefit from utilizing blockchain technology such as:

Banking, Healthcare, Education, Retail, Real Estate, Entertainment, Gaming, Transportation, Energy, and Manufacturing.

A few businesses that already utilize blockchain technology:

There are a number of companies, both big and small, who have been leveraging blockchain to improve their business offering. These include Microsoft, Samsung, IBM, Maersk, Alibaba, Overstock.com, Walmart, Red Bull Media House.

How can digital service providers leverage blockchain technology to enhance their customer experience?  

Some companies have even gone as far as using Ethereum’s ERC-20 tokens within their platform which allows them to create their own currency. This makes it possible for people to trade supplies, products, and services on one platform and easily exchange currencies with each other without having to go through an exchange.

There are also decentralized hedge funds that use the Ethereum network which gives investors more options in terms of where they put their money.

As you can see, blockchain is a very versatile form of technology and it has the power to make almost anything more efficient, secure, and streamlined. This is why experts believe that when fully implemented across society, it could be the foundation for a new model of economic and social organization.

It is still an emerging technology and it will take some time before we see the full potential of this incredible innovation. However, regardless of if companies use “private chains” or opt to utilize other decentralized peers to peer (P2P) systems like Ripple, it’s clear that this is the direction that companies are heading when it comes to their digital service offerings.

As A Business Process Outsourcing Company, Why Should We Care?

In short, blockchain is something that any kind of business that interacts with consumers should consider implementing into their service delivery model. This includes outsourcing companies who are looking to enhance their customer service experience by making it efficient, trustworthy, and quick.

Most companies will not be able to afford to develop or maintain their own Customer Support, or Back-Office teams which is why outsourcing their needs to a company like ours makes the most sense. We have extensive knowledge of industry standards as well as business process management methodologies that can help your company quickly integrate new forms of technology into your business model.

What are your thoughts on how blockchain can change the customer experience? Do you think that companies will adopt the technology in the near future or is it something that will take some time to develop? Let us know in the comments below.

This article was written collaboratively by Paul Pokotylo and Burak Turk from the Marketing and Business Development teams on behalf of LimTC.

Our mission is to provide you with the information you need on trending topics that we see will have an impact on Customer Experience with a focus on the technology involved. To stay up to date on subjects that interest you, follow us on social media and check out our blog.

At the end of the day, customer experience is king. What does that mean? It means that a company’s ability to connect with its customers in a meaningful way will determine whether they’re successful or not. In this blog post, we’ll discuss how Customer Support can be an omnichannel service – meaning it spans all channels from web chat to social media and more. 

The best companies know this and invest in customer support by providing multiple ways for people to contact them—from phone call centers to live chat on websites. In order to provide excellent customer support across all channels, companies need a unified view into these interactions so they can proactively resolve issues before they escalate into bigger problems. This blog post discusses why customer support needs a unified view and how Customer Support can be an omnichannel service.

What is omnichannel?

Omnichannel is the idea of using multiple channels to provide customer service and support. Customer service should be available anytime, anywhere through social media, email, chatbots, phone lines – anything you can think of! Customer Support Softwares helped companies adopt omnichannel strategies with their customer service departments by providing them with all the tools needed to offer excellent customer service 24/hours without having to worry about which channel their customers are on when they reach out.

The term “omnichannel” refers to a business model where consumers engage and interact with brands across different platforms (such as mobile phones or tablets) and devices (for example an app vs a website). This means that there needs to be balanced coordination of resources, platforms, and channels to ensure that the customer journey is smooth across all touchpoints.

Omnichannel Customer service is an approach where businesses communicate with consumers on multiple different communication channels simultaneously in order to offer support whenever it’s needed without difficulty switching between them. For example: if someone calls into your business while checking out your website then talking about what they’re looking into buying in real-time.

How does it affect customer service?

Customer service has changed a lot over the years. When we think of customer support, Software companies offer an automated way to manage all your social media accounts and even chatbots! This means that you can now provide excellent support for customers without worrying about which channel they’re on when reaching out.

Omnichannel Customer Service is defined as providing personalized interactions across different channels simultaneously with the goal of improving conversion rates while preserving brand loyalty. Omnichannel Customer Service provides unique opportunities for brands to go beyond traditional CSM strategies by leveraging technological advancements in order to deliver consistent experiences throughout their entire organization. By using multiple communication channels at once, businesses are able to better serve users who may need help immediately (for example customers who are having an issue with their product) while still keeping customers happy and engaged.

Why are some companies hesitant to adopt it?

Some companies are still hesitant to adopt omnichannel Customer Service.  Customer service is already an area where Customer Experience (CX) plays a huge role. However, with the adoption of omnichannel Customer Service, it can become even more difficult to ensure that your company meets all customer needs without losing sight of what’s most important – quality control.

Omnichannel Customer Service requires companies to adopt new strategies and implement new technologies in order for them to achieve their goals properly. Organizations must also be willing to integrate these efforts into existing products or services as well as internal processes which means that you will need buy-in from everyone involved including management, marketing, sales, support, etc.

In fact, there are many challenges that come along with this approach such as technology integration issues; getting everyone on board; integration issues between multiple platforms/channels; not being able to ensure quality control or consistency across all channels; etc.

The most common challenge that comes with omnichannel Customer Service is that you can’t achieve the same level of quality control across all channels. Having a support chat on your website which allows you to look up at someone’s account history, for example, may not be as effective when it only takes one customer service agent per day to respond back in order to maintain consistency and ensure high-quality responses.

As such, some brands are hesitant about adopting this approach because they don’t want their brand positioning or product differentiation strategies being undermined by poor Customer Experience (CX).

On the other hand, however, there are increasing numbers of companies who have started implementing an omnichannel strategy in their Customer Support department in order to improve Customer Experience (CX) while also providing more personalized experiences to their customers.

How to overcome these challenges?

There are several strategies that can be applied in order to overcome the challenges associated with omnichannel Customer Service:

– Customer service training and development on different channels;

– Organizational alignment across all departments;

– Technology integration (for example, Salesforce’s Customer Success Platform which allows companies to manage every customer interaction through a single platform); etc.

If your company wants to implement an Omnichannel Customer Service strategy but doesn’t know where or how they should start,  Customer Success Platforms (CSP) is a great option to consider as they allow organizations to manage Customer Experience (CX) easily and effectively.

Using CSP, companies can collect data from different channels such as social media; email marketing software; etc., in order to provide a better Customer Experience across all of them so that each customer feels heard no matter what communication channel they use.

In addition, omnichannel Customer Service also creates an opportunity for businesses who want to expand their brands or develop new products by providing users with consistent service experiences wherever it might be least expected. 

In the end, Customer Experience (CX) is key to any business’s success and omnichannel Customer Service can help companies create a Better Customer Experience in order for them to maintain customer loyalty while also increasing brand awareness. 

The benefits of adopting an omnichannel approach for customer support:

– Customer Experience (CX) is improved;

– Customer Loyalty and Brand Awareness are increased;

– Customers’ overall satisfaction with your products or services will increase.

Final Thoughts on why more companies should consider implementing an omnichannel strategy for their customer service department It is estimated that up to 40% of the Customer Service inquiries are coming from mobile devices which means that there is a high demand and need for brands to have Customer Support channels available via these platforms. So, if you were hesitant about adopting this approach in order to improve your Customer Experience (CX), now may be a good time as any! If not, don’t worry because it’s never too late either – just take note of what problems or challenges might arise from doing so then go from there.

We’re still early on in our omnichannel Customer Service journey, there’s no doubt that we’ll see a lot of growth with time due to its ability to provide a better Customer Experience (CX), improved business-to-customer relationships, and expand brands into new markets where the company may not have had access before – all by simply providing users with consistent service experiences wherever they might be least expected.

Your company is only as good as the customers it serves. A customer service department that isn’t on its toes can be a significant drag on your bottom line. If you want to deliver a 5-star experience, then you need to know these 10 tips for success. 

Here are some quick pointers on how to make every phone call count:   

1) Listen carefully and determine what your customer needs are. 

Don’t make assumptions about what your customer wants. Always listen carefully and determine what your customer needs are. By getting to the root of the problem, you can solve issues faster without disrupting your normal workflow.  

Don’t put other customers on hold while servicing a current client: If you’re helping one customer, treat that customer like your only customer. If you have multiple people in the queue, get everyone taken care of as quickly and efficiently as possible. (I know it seems obvious – but this is actually one of the most common mistakes.)

2) Let them talk.

Never interrupt the person who called in with questions or concerns. It can be frustrating when you’re talking to someone on the phone and they keep cutting you off or don’t let you fully explain your concerns. If a customer is rambling about an issue, resist the urge to interject with clarifying questions because this will just slow down the process. Give them a chance to fully explain the issue first. 

3) Avoid using jargon 

Even though you may be in the right, it’s important to acknowledge your customer’s experience.

If you lose your composure when speaking with a client and use words or sounds that they don’t understand, then you can create an even bigger problem for yourself. Don’t use jargon or technical terms unless absolutely necessary (and if you do, explain them in layman’s terms). Also, be patient with the customer because they may not understand all the details of your company’s products or services. 

4) Offer solutions if possible, but don’t promise anything beyond your control 

Let the customer know that you’re going to do everything in your power to fix their issue or resolve their problem. If you have a solution, then let them know. If not, then express empathy towards their situation and commit to researching an answer as soon as possible. However, try not to overpromise because it can lead to significant issues later on if you can’t deliver what you’ve promised. If there was a major mistake on your end that caused this current situation, then it’s best to admit that. The customer will appreciate your honesty and may forgive you for any missteps. If the customer makes a request that doesn’t align with your company goals or policies, then clearly explain why it can’t be done.

Let the customer know that you’ve taken steps to prevent similar problems from occurring in the future.

5) Keep track of key points in case there is a follow-up 

A customer’s opinion of your brand is based on the entire experience. Not just the interaction with one employee, but rather the collective interactions throughout a particular problem.  In order to keep improving your service, you should write down key information in case there is a follow-up call. This will make it easier for everyone involved. 

You’ll want to make sure that both of your notes are consistent in order to avoid additional mistakes. If there is a sequence of events or certain details that were mentioned, then speak them back so the person on the other line knows that you fully understand the issue. You’ll also want to be concise when documenting a customer’s issue because it can save them time and headaches in the future if they have to retell their story for your company’s records.

6) Measure And Reward The Right Things

The key to effective customer service is being able to measure what works and what doesn’t.  This includes measuring how long it takes your customers to reach a representative, whether or not they return if there’s another problem, or if you’re able to fix their issue the first time.   Make sure you’re focusing your customer service efforts on the metrics that will improve your business such as a low number of return interactions or faster-than-normal problem resolution.  You also want to look at the positive effects, such as customers who come back even when there are no issues.

Doing this will ensure that you’re rewarding the right things and address performance problems before they become commonplace.

7) Be emphatic, not sympathetic 

Saying “that sounds like it must have been really hard for you” can come across as unsympathetic while saying “I totally understand how frustrating that must have been for you,” conveys empathy.  If the solution was something out of their control, then avoid phrases like “there was nothing we could do,” and instead say something along the lines of “we’re sorry we couldn’t resolve this issue.”

Express empathy towards the problem at hand, not just with words, but also the tone of voice. Let them know that you are genuinely trying to help them.

8) Fix problems as quickly as possible

Speed is key when it comes to customer service.  Problems can quickly escalate into a PR disaster for your company, especially if you have a large audience and even more so when reporters are involved.  It’s good practice to follow up with customers who’ve had problems within 24-48 hours, but try to fix the issue as quickly as possible.  If it was something you could have controlled or done better, then show the customer that you’re taking their experience into consideration and going to make changes where appropriate.

9) Be sincere in your desire to help.

Your tone when speaking with a customer can make or break the entire interaction.  Avoid sounding boring, disinterested, or robotic, and keep it sincere.  In other words, don’t just look at what you’re saying from a logistical standpoint, but rather think about how your words are going to be interpreted by the other party.  If you convey that your goal is to help the customer, then they’re more likely to return if there are future problems or they may even recommend your company to their friends and family.

10) Lead by example

If you want your company to be known for having good customer service, then you’re going to need to lead by example.  There’s no way around it.  The result of outstanding leadership is outstanding performance! Show leadership by example. Possess excellent attitude, self-awareness, and respect. Establish clear communication, instructions, and boundaries for the business. Streamline operational success through consistent training, fair pay, and fair treatment for all staff members.

Great customer service is just one way to improve your company’s brand.  Additionally, it typically grows a company’s revenue and overall profits because it encourages customers to return for more business.  However, putting good customer service into practice can be difficult without the proper training or tools so it might make sense to hire some partner who specializes in this field and already invested in the latest tools that can improve your brand’s online reputation.