Onboarding sets the stage for the rest of the customer experience, regardless of industry — one recent report found nearly two-thirds of consumers think about the onboarding process before making a purchase, for example. The study also found 74% of individuals surveyed are likely to abandon purchases if this process is too complicated.
One-third of consumers would switch to another company instantly in the face of lackluster service, according to another report, indicating that starting the customer experience off right is crucial to retaining their business. This means companies must understand consumers’ needs and preferences instantly, which is where solutions such as behavioral analytics could have a significant impact.
This month’s Monetizing Digital Intent Tracker®: Using Behavior-As-A-Service To Drive Top-Line Growth examines the potential benefits of behavioral analytics for boosting customer satisfaction and retention.
Around the Behavioral Analytics Space
Customer satisfaction is a critical component for improving sales. Consumers encountering friction during any aspect of the shopping or payment process are likely to abandon the transaction in favor of smoother experiences. One recent study found merchants with clunky payment channels could lose a collective $700 million in holiday sales due to such inefficiencies, for example. Dependence on legacy systems, failing to put customer service or communication channels in place to address problems or the inability to differentiate between fraudsters and legitimate customers are all pain points that could add friction to the payments experience. Addressing these challenges and figuring out how to offer personalized, swift payments is therefore crucial for today’s merchants.
Speed is key to consumer satisfaction, but so is security. Protecting consumers’ personal information is essential to retaining their trust and engagement. Still, rising fraud rates and continued reliance on increasingly outdated online identification measures such as static passwords can make doing so difficult. One recent study found stolen passwords accounted for 81% of data breaches, either from hackers stealing the information from databases themselves or purchasing such credentials via the dark web. Successfully warding against credential stuffing or phishing attacks in such an environment requires companies to look toward alternative security measures, such as behavioral analytics. Examining the potential benefits of such tools should therefore be a top goal for today’s businesses.
To learn more, visit the Tracker’s News & Trends.
How Remitly Uses Behavioral Analytics to Foster Consumer Satisfaction
Remittances represent a vital piece of the global economy, with transactions of this type sent between low- and middle-income countries totaling $540 billion by the end of 2020. These funds are critical to meet living expenses such as groceries or housing costs for recipients, making any potential delay crippling. Knowing that consumers use these funds in this way makes it essential for digital remittance platforms to provide a seamless customer experience that keeps users satisfied. Behavioral analytics can help to foster such satisfaction and keep the experience smooth and secure, explained Matt Oppenheimer, co-founder and CEO of remittance and payment service Remitly. To learn more about how behavioral analytics can help bolster customer satisfaction, visit the Tracker’s Feature Story.
Measuring and Improving Customer Satisfaction Through Behavioral Analytics
Customer retention is critical for companies to expand their business and to reduce the costs associated with acquiring new customers. Doing so can be five times more expensive than keeping existing customers engaged, with one report finding boosting consumer retention by just 5% has the potential to improve business’ profits by as much as 95%. This makes it key for companies to understand how consumers’ needs and preferences are shifting and as they change, where technologies such as behavioral analytics could come into deeper play. To learn more, visit the Tracker’s PYMNTS Intelligence.
About the Tracker
The Monetizing Digital Intent Tracker®, a PYMNTS and Neuro-ID collaboration, is the go-to monthly resource for updates on trends and changes in behavioral analytics.