Opportunity Issue 108

More documents

Recommendations

Info

TELECOMS Lessons in customer centricity Teachings from the use of mobile apps in the insurance industry have given Yaron Assabi, the founder of the Digital Solutions Group (DSG), unique insights into how a frictionless commerce experience can improve customer retention. In the past, online shopping was primarily about convenience. According to Wired, the online trend accelerated by 77% just months into the pandemic, progressing innovation and adoption of digital commerce by half a decade. Shopping, working and socialising online became mainstream worldwide because it was the only way to connect with others while staying safe, advancing digital commerce from a nice-to-have to a necessity. Those habits have stuck. Many people now routinely order groceries on Checkers Sixty60 or hail a cab through Uber or Bolt. We order movie, travel and sports tickets online or use a selfservice kiosk that is effectively the e-commerce experience in a booth. “Teams” is becoming the common term for online meetings, a modern example of the phenomenon called genericisation. We are now truly becoming a connected society and in that context, there is one fundamental requirement for success in the services sector, according to Yaron Assabi, founder of the Digital Solutions Group (DSG). Says Assabi: “A frictionless experience for your customers, employees and suppliers is non-negotiable when looking to succeed in competitive markets. The reason for this is simple: when you remove friction from a process or a system, you give back the one resource no-one is able to generate more of, time. In the future, the most powerful brands will be customercentric. Successful companies will know their customer and will be the customer's advocates.” Lessons in customer centricity The digital era should make services and companies more customer-centric, meaning a move away from focusing on products as the primary catalyst for innovation and improvement. It should be easier to reduce friction for customers, looking holistically at how data, supply chain and commerce technology – coupled with digital solutions – can create a frictionless experience for customers. This is easier said than done, especially for solutions that involve apps, says Assabi: “The biggest challenge for mobile apps is retention. Getting users to download an app is one thing but bringing them back to the app is another ballgame and continues 44 | www.opportunityonline.co.za
TELECOMS Hone it and they will stay, is the author’s slogan for the connected age. Credit: Rob Hampson on Unsplash Traditional auto insurance underwriting heavily weighs credit and driving history, so young drivers with lean credit are often unfairly penalised. Consumers, especially those under 30, often pay more even if they are less risky. We leverage trust and frequency of communications to create multiple positive touch points during the time that we observe the consumer driving behaviour and consumers can save between 10 and 40%.” Using data as a two-way link with customers, these insurers use innovative features such as IoT-monitored “digital test drives” to help customers get personalised quotes. For insurers, it provides a non-comparative and differentiated value proposition that is personalised and helps convert more leads. The insurer also only quotes for their preferred risk, making it more profitable in the long term. In terms of apps, successful insurers also use “digital nudges” to provide contextual relevance and help drive higher conversions at every touchpoint. Nudges can introduce segment-specific features, highlight personalised content and facilitate low-code A/B testing. Yaron Assabi, founder of the Digital Solutions Group to be a major hurdle in almost every app's growth journey; 66% of users do not return to the app after a week of installing the application. In addition, one in two apps are uninstalled within one month of download.” According to research by Netcore Cloud, several reasons combine to produce such poor results: • Poor first-time experiences that lead to higher time-to-value • Complicated navigation that makes it difficult for users to find the relevant features (low feature discovery) • Lack of guidance on how to use features (absence of in-app guides leading to low feature adoption) • Intrusive app experience (flashy pop-ups and alerts) • Too many steps to reach the final conversion point • The rapid change in the way users interact with apps Becoming customer-centric These problems reflect the broader challenges around using customer-centricity. Many organisations might think they are focused on customer-related metrics, but their use is still superficial. Forward-thinking insurers provide a great example of this principle in reverse. Assabi notes: “We partner with companies in the short-term insurance industry, making use of IoT data from the sensors of the mobile device to observe how people drive and therefore offer them better insurance quotes, tailored to their specific driving behaviour. “Your customers want to trust they can find, buy and get the products they want every time they shop, as well as trust that businesses will keep their financial and personal data safe and secure,” says Assabi. “We combine mobility data with other financial data to segment and target more effectively and we use data and risk scores to create a frictionless commerce experience. Our design team focuses on the customer journey to ensure customers have all the information they need to find the right product for them.” Customer-centricity fuelled by intelligent use of data leads to the kind of innovation and frictionless experiences that build trust between customers and brands. This is not a fad aimed at driving traffic. Rather, this is a sincere way to align business goals with customer sentiment and support. It's not “Build it and they will come.” The slogan of the connected era is, “Hone it and they will stay.” The road to that result is customer-centricity. What are you doing to ensure your customers stay? About Digital Solutions Group With a track record spanning 24 years, DSG has become one of Africa’s leading providers of On-Demand Customer Experience and Digital Solutions, serving some of Africa’s premier consumer-facing and corporate brands. For more visit: dsg.co.za www.opportunityonline.co.za | 45
Page 1 and 2: www.opportunityonline.co.za FEBRUAR
Page 3 and 4: which a pilot compressed natural ga
Page 5 and 6: Sociedade Industrial e Comercial, L
Page 7 and 8: RMB VENTURES RE-ENGINEERING FOR GRO
Page 10 and 11: Let a thousand SMMEs bloom Many peo
Page 12 and 13: FOREWORD Championing the interests
Page 14 and 15: SACCI MEMBER PROFILE Wesvaal Chambe
Page 16 and 17: News & snippets Industry insights f
Page 18 and 19: MINERALS COUNCIL SOUTH AFRICA A cat
Page 20 and 21: MINERALS COUNCIL SOUTH AFRICA play
Page 22 and 23: BORDER SECURITY Protection through
Page 24 and 25: SOUTH AFRICAN FUTURE TRUST The inau
Page 26 and 27: SOUTH AFRICAN FUTURE TRUST operatin
Page 28 and 29: ESG IN MINING Changing ESG trends p
Page 30 and 31: MAPS FOR GROWTH Accelerating onshor
Page 32 and 33: PROFILE Ithuba Valves and Industria
Page 34 and 35: MINING TECHNOLOGY Technology can tr
Page 36 and 37: SMARTOPS SOLUTIONS Improving effici
Page 38 and 39: ENERGY EFFICIENCY Retail distributi
Page 40 and 41: INDUSTRIAL AUTOMATION Solving produ
Page 42: ENERGY An Energy One Stop Shop has
Page 45: FLUIDS MEDIA ENGINEERING Vuyo Nongo
Page 49 and 50: POWER SOLUTIONS Vodacom is aiming f
Page 51 and 52: CONSERVATION WWF-Mondi Water Stewar
Page 54 and 55: HIGHER EDUCATION Closing the gap Un
Page 58 and 59: MARITIME TOURISM Traditional fish k
Page 60: MARITIME TOURISM Walkers in the Mka
Page 63 and 64: GAP COVER Planning ahead In additio
Page 66 and 67: THAPANTHA FINANCIAL SERVICES Demyst

Opportunity Issue 108

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?