Search Results for: omnichannel

Teardown Of "Direct To Consumer" Business Model

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… Take Economic Times for example: In its article titled D2C Brands on Funding High Since ’20, India’s largest business daily defines D2C thusly:
D2C brands refer to businesses that have the majority of their revenues or customer acquisition from direct to consumer online channels or started with online first distribution before going omnichannel.
This definition is wrong in more ways than one.
Firstly, the “D2C = online D2C channel” framing is wrong: Online channel already has a name: It’s called online. It shouldn’t be conflated with D2C, which can – and does – operate via brick-and-mortar stores. As

Britannia "Morning Jackpot" CEM – Making Digital Easier Than Paper

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… a measly gift of INR 10.
I also felt that brute force digitalization attempts like Britannia Morning Jackpot reinforce the notion in some people’s minds that digital is more difficult than paper.

When it comes to Aadhaar-linkage, PayTM requires physical visit, banks don’t. Many people find PayTM’s customer journey more frictionless than banks’. Further proof that a well thought-out omnichannel approach can deliver better CX than brute-force digitalization of everything.
— Ketharaman Swaminathan (@s_ketharaman) March 31, 2018

On a side note, here’s one suggestion for PayTM to increase the conversion rate of its

Communications - Low Hanging Fruit For Enhancing CX

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… Part 1, instore use of credit cards in India – as in Europe and other parts of the world – require a PIN, so setting a PIN for the new credit card is an integral part of the new card activation process.)
Going by past experience, it might take a while for a bank to build out such a card activation wizard.

In the interim, the bank should at least stress test its communications and minimize scope for confusion between its welcome letter, email and website. QR codes can be used to make the omnichannel journey across these channels seamless. Click here

Why Have Payments Banks Flopped?

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… embrace – digital solutions for many their everyday needs e.g. ridesharing, food delivery, grocery, etc.
However, when it comes to their finances, people want physical presence. It appears that Branch And Digital Channels Will Coexist Forever. This is all the more true with people new to banking.

Copybook example of omnichannel banking:”A customer can begin the search online, decide to buy on mobile – clear up some questions by phone – and finalize the purchase back on mobile.”https://t.co/I46a312aKM via @McKinsey
— GTM360 (@GTM360) March 7, 2019

Lacking physical branches, payments banks were unable to provide the comfort required …

Demystifying The Ubiquitous Sample Size Of 2000

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… the terrain of 2000 square miles of Kansas, a state in USA that has only plains)
95% banks have innovation labs (Survey of 100% of banks who have innovation labs)

Contradictory results

Cash is dead v. Cash in circulation is growing
Branch is dead v. Banks are opening new branches
Omnichannel shopping is BS v. Book Online & Collect At Store is the future of retail.

Such disingenuous surveys provide the underpinning for Shevlin’s Law.

Shevlin’s Law: “For every data point that proves one point of view, there are two that refute it.” ~ https://t.co/VysoVR1vEp via @rshevlin …

Discount Is Not The Only Reason For Shopping Online

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… Apparently he’d gone to the backoffice to figure out how to bill a certain item in the shopping basket of the customer ahead of me.
The queue was standstill for more than a minute. I decided to give “showrooming” a try.

For the uninitiated, showrooming is a type of omnichannel shopping where you visit a store but place the order online. You can find more on this increasingly popular shopping trend in my blog posts entitled How Can Organized Retailers Respond To Showrooming? and Stores Have Themselves To Blame For ‘Showrooming’.
I fired up go-to showrooming app RedLaser …

How To Make Your Product 10X Better

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… during the feature phone era in the mid 2000s. I forget this product’s name and I haven’t heard about it in over a decade. Another was Vodafone M-PESA, which I gave up on because of a disastrous onboarding experience that I highlighted in my blog post entitled Omnichannel Fiasco #2: M-PESA at the time.
Like M-PESA, MobiKwik, et al, PayTM is a Prepaid Wallet. Like all prepaid wallets, it expects you to load money into it first before letting you make payments with it. Now, for a lot of people – including me – the need to

Aspirational Selling Is Not Overselling

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… “system” to automate the business processes supported by these products. The basic nature of many of these business processes hasn’t changed radically. A new software cannot drastically change what is being done. A prospect buys a new enterprise software product because they aspire to improve how things are done. Therefore, aspirational selling is du jour in enterprise software.

Let’s take invoicing as an example. Whether a company sells goods or services, uses offline, online or omnichannel, deploys ATL or BTL tactics to drive sales, it always raises an invoice against a sale. The basic business process has …

I'm The Proud Author Of A Book!

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I’m happy to announce that I’ve published a book!
Entitled FROM DISLOYALTY TO OMNICHANNEL CUSTOMER ENGAGEMENT, my book is available in Kindle and EPUB formats.
In this eBook, I trace the arc of loyalty programs run by brands during the last 5-7 years and predict the trajectory of their customer engagement management strategies over the remaining 3-4 years of the current decade. Contrary to popular opinion, loyalty is still a thing and many brands are making sizeable investments to go beyond discounts and promotions to build cult loyalty à la 3M, Amazon et al.
Brands covered …

Can Chatbots Replace Humans?

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… paygrade. At that stage, the chatbot handed me over to the company’s live chat channel handled by a human agent.
Normally, whenever I switch channels – from, say, email to telephone or vice versa – I’d have to start all over again. That didn’t happen this time. The chatbot seamlessly passed on the transcript of the Twitter DM conversation to the human agent so I could continue from where I left the Twitter DM conversation.
Agreed that such examples of seamless omnichannel customer service are few and far between today but I expect the technology to go mainstream …