Connect with us

Business

If you want more paying subscribers, invest in identity

Published

on

If you want more paying subscribers, invest in identity

By Steven Rees-Pullman, GM EMEA, Auth0 & Tomi Ruotimo, CEO, Houston Inc.

Almost every industry has been touched by digitisation but perhaps none so much as media and entertainment. Thanks to technology (and a lot of human effort and planning), it has transformed from a network of products to a network of services. Media and entertainment customers now enjoy media and entertainment wherever they are. CDs, DVDs and newspapers are all out and replaced by mobile apps, streaming subscriptions, and connected devices. News, music, games and video are at users’ fingertips, wherever they are, whenever they want them.

Steven Rees-Pullman

Steven Rees-Pullman

But that same convenience has also created the dreaded login box.

Now, media companies must provide a frictionless login experience in addition to creating content and delivering increasingly personalised experiences. Growing an audience means not only winning new customers but hanging onto them for the long-term. It requires meeting (and exceeding) customer expectations — often by marketing to them on a one-to-one basis. And all of this has to take place while minimising data breach risks that might compromise sensitive user information.

Look to the Nordics for inspiration

One key feature of the new media models is a large user base with a lot of free users versus paying subscribers. Some markets, however, are doing better than others. The Nordics, in particular, stand out: the European Commission ranks Denmark, Sweden, and Finland as the EU’s most advanced digital economies, with the highest levels of digitisation.

Auth0 and Houston have worked with several companies in the region, including Finnish media giant Alma Media, who they helped achieved 30 percent total savings by providing seamless access across their brands. The key for Nordic companies is understanding the need for a clear roadmap toward turning their free users into paying subscribers. How do they do it? The answer is always: with a good user experience

The UX Gateway

The login box is a user’s gateway to a brand. It’s where they start directly interacting and sets the baseline for all further interactions. Making it as easy as possible for people to sign in is the first step toward conversion to a paying subscriber: Get this wrong and you can lose them at the first hurdle. In the case of multi-brand media companies, users should also be able to securely switch between brands or services without having to sign in a second time.

From a technical point of view, merging customer information from different brands and login types into one customer profile is typically the biggest challenge and will require verified emails. Then, on the front-end, the focus should be reducing friction for the user. Implementing Single Sign-On (SSO) across brands and features like social login can simplify registrations and logins for end users.

Learning through login

Identity is a great tool for learning about your users, while also complying with data privacy regulation. The key is first-party data, collected directly from the user, with their consent. This doesn’t mean asking for a user’s life story right away. Customers are turned off by a long sign up form: 86 percent of users will quit at registration if the form is too long while reducing form fields from 11 to four increases conversion rates by 120 percent.

Tomi Ruotimo

Tomi Ruotimo

A more user-friendly and effective approach is “Progressive Profiling” which allows media companies to collect information over multiple interactions. The first time a user signs in, you might just ask for their name and email but you could ask for their location the second to improve the experience, and so on. Ultimately, a more complete user profile is created, allowing for a more personalised experience without pushing users away.

Make the data work for you

To make the most of this data, identity solutions should be integrated with marketing or analytics platforms, so they can deliver personalised experiences.

Media companies can also use identity data to identify frequent users, and offer them a premium experience or simply message them in a different way. In a similar way, media companies that appeal to a wide demographic can tailor their experiences for different audiences, and make sure they’re collecting the appropriate data for each age group. People will want to use your service more if you provide the right content. Netflix and Amazon do this well.

Look at your business needs, and ask: should I build my own identity platform, or invest in a ready-made product? There is always an opportunity cost to committing your own resources to identity management. If you choose to buy, find a partner who understands your business and processes, and can validate the right approach to the service, both at the technical level and in the user experience.

The bottom line: if turning free users into subscribers, and monetising interactions with those subscribers is the goal, then identity is step one.

Business

Retailers need to deliver better rewards to ensure customer loyalty

Published

on

Retailers need to deliver better rewards to ensure customer loyalty 1
  • 62% feel retailers need to improve the ways they reward consumers for shopping with them
  • 55% believe that loyalty programmes rarely offer them the things they actually want or would use
  • 48% want retailers to focus on making the shopping experience better for them, rather than a loyalty programme

Rewards programmes are not delivering on their promise to drive customer loyalty for retailers, according to the latest research from Adyen, the payments platform of choice for many of the world’s leading companies. The majority of customers (55%) say that rewards programmes do not offer things they actually want and that customer experience holds almost equal influence when it comes to loyalty (48%). 

 

The findings come from a report conducted by Adyen exploring how agility will be key for the retail sector as it emerges from the Coronavirus pandemic. The research polled more than 2,000 consumers in the UK in 2020.

 

The results showed that, while rewards and loyalty schemes are still welcomed by many customers, the majority (62%) feel that retailers need to improve how they reward their shoppers.

 

“Every customer counts – especially in the context of the pandemic. Anything retailers can do to keep customers coming back for more is worth exploring. But it goes beyond a loyalty or rewards scheme. The customer experience, both online and in store really matters. Making it as easy as possible to shop is equally as important as other incentives. And, if you do go down the rewards route, a one-size-fits-all approach rarely delivers. You must make the effort to understand your customers and offer something they really want,” said Myles Dawson, UK Managing Director, Adyen.

 

Nearly half of the respondents (48%) want retailers to focus on making the shopping experience better for them, rather than delivering a loyalty programme.  When it comes to an experience that will drive loyalty, customers want a seamless link between online and physical stores. 60% of consumers said they would be more loyal to retailers that let them buy out of stock items in store and have them shipped directly to their home. And 53% said they would be more loyal to retailers that let people buy online and return in store.

 

“The high street is under increasing competition from online retailers who put convenience and usability at the centre of their customer experience. To succeed now, businesses must harness the best of their physical and digital worlds to create amazing experiences. This will increase conversions and also raise the prospects of customer loyalty.

 

“For those consumers that want loyalty schemes, it must be as seamless and easy as possible. 61% of respondents were more likely to shop with a retailer that linked their loyalty scheme to the payment card. By doing this, businesses can track customer buying behaviour and shopper data which lets them offer a more personalised shopping experience,” Dawson concluded.

Continue Reading

Business

The pandemic has changed consumer behaviour and retailers need to adapt

Published

on

The pandemic has changed consumer behaviour and retailers need to adapt 2

By Mary Keane-Dawson, Group CEO of TAKUMI

It’s no secret that the retail industry has been badly hit by the pandemic, with the recent collapse of Arcadia and Debenhams providing a harsh reality check as to what the future could hold for brick-and-mortar stores. With all non-essential shops being ordered to close last month, with no re-opening date confirmed, it is inevitable that a natural shift to online platforms would occur.

Online giants, ASOS and Boohoo, have established themselves as the new industry leaders. Both e-commerce giants bought failing Arcadia brands and Debenhams and ruthlessly closed all the retailers’ physical premises. The shift to online in the retail sector has never been more apparent.

Retail brands need to establish their digital presence to serve their consumers’ changing behaviour and to remain competitive in the retail industry.

Capitalising on changing consumer behaviour

The pandemic has meant consumer needs have adapted, which in turn has led to a shift in consumer behaviour. Retailers need to capitalise on changing consumer behaviour to remain relevant, but more importantly profitable.

The ‘stay at home’ message from the government, which has been almost constant throughout the past 12 months, has meant many consumers have started to become more reliant on online channels and platforms.

Supermarkets, such as Aldi and Co-Op, responded to this change in consumer behaviour by deciding to serve their customers on delivery apps, such as Deliveroo. As fewer people were ‘popping to the shops’ due to lockdown restrictions, supermarkets reacted by offering an instant delivery service, essentially where the ‘shop pops to you’.

The shift to online platforms and influencer marketing

Retail brands need to follow suit and adapt their ways of working to reflect this shift to e-commerce. Ted Baker, the premium fashion retailer, has admitted its disappointing online sales figures last quarter could be due to its slow response to the shift to ecommerce. The retailer is aiming to “significantly improve” its online shopping platform because of this.

As the shift to online platforms accelerates, retailers need to start investing in digital marketing, for example influencer marketing, to ensure their brand stays at the forefront of their consumers’ minds. Evan Horowitz, CEO of Movers+Shakers, a creative agency, explained in our whitepaper in August how the pandemic has led his company to increase its influencer marketing as “influencers are more influential than ever”.

As such, many traditional retailers have started exploring the benefits of influencer marketing. Wickes, in partnership with TAKUMI, launched the UK’s first ever home improvement industry TikTok campaign to reach a new audience with authentic and creative content and to drive awareness of its range of products. Our whitepaper, Into the Mainstream: Influencer Marketing in Society, which surveyed over 3,500 consumers, marketers, and influencers across the US, UK, and Germany, found that almost three-quarters of marketers (73%) upped spend on influencer marketing in the past 12 months, with spending significantly increasing in the retail (79%) sector.

It seems inevitable that more brands will continue to invest in influencer marketing with social media’s popularity increasing as we start to enter a post-pandemic world.

Using social media as a tool to respond to changing consumer behaviour

With marketers upping their influencer marketing spend, many social media platforms have also responded to the growing popularity of ecommerce.

Instagram redesigned its layout to ensure its Shopping and Reels tabs were given more prominence. The Instagram shopping feature allows brands to attach a virtual shopping tag to their ads on the platform. People can click on a tagged item and then be re-directed to the brands’ product webpage.

Similarly, TikTok’s rising popularity has led it to launch its own ecommerce offering. Last October, TikTok announced a partnership with Shopify. This partnership will enable Shopify merchants to create, run and optimise TikTok marketing campaigns that will attract consumers from TikTok’s growing user base.

Instagram and TikTok are slowly evolving from content platforms to ecommerce hubs. This transformation coincides with the rise in consumers shopping online following the pandemic.

What’s to come for retailers, post-pandemic?

Consumer behaviour is changing and the pandemic has accelerated the shift towards social media and ecommerce. Retail brands need to recognise that the shift to online is here to stay.

To remain relevant, brands need to allocate appropriate budgets to digital marketing channels. Interestingly, our whitepaper found it was marketers from traditional media channels that were increasing their influencer marketing spend the most, demonstrating that the shift to digital marketing has already begun. Retail brands need to start to prepare themselves for the post-pandemic retail environment to avoid ending up like Arcadia and Debenhams.

Continue Reading

Business

5 Trends Driving the Future of Customer Service in 2021 and Beyond

Published

on

5 Trends Driving the Future of Customer Service in 2021 and Beyond 3

By Matt McConnell, CEO of Intradiem

2020 ignited radical shifts for contact centre operations with the move to a remote work environment. Our customers say this trend is more of a permanent transformation – one that uncovers trends that include more flexible operations and greater efficiencies in leveraging contact centre data.

Trend 1: The Remote Agent Model is Here to Stay, Permanently

Historically, many IT teams discouraged remote working for customer service teams, but it was quickly proven virtual contact centres could work and offered a significant upside. The average annual cost to physically house a call centre agent is approximately $8,300 per agent in the United States. If a 200-person contact centre decided to move only half of its agents to home offices, that translates to $830,000 in annual real estate cost savings.

Working remotely also opened the doors to reach talent and hiring beyond a specific geography. For example, call centres based in rural locations who may have exhausted their local talent pool can bring in quality agents from anywhere in the world.

Trend 2: The Role of AI will be to Support Human Agents, Not Replace

Despite many years of buzz, it’s worth acknowledging that AI cannot entirely replace one-on-one human interaction in customer service (yet, or maybe ever). Many interactions with chatbots or other entirely automated CX tools only drive the escalation of customer issues rather than resolving them at the first touchpoint.

Instead, AI is best used to assist and manage agents to help them work more efficiently. For example, AI-powered technology can reduce handle time by auto-populating call notes or automatically log agents into or out of applications to further save time.

AI will provide an added layer of support as a management tool to keep agents on track in remote environments. AI also enables better connectivity for customer service teams and enables agents to receive consistent communications and Information they need to excel in their role in serving customers.

Trend 3: A Swift Migration to the Cloud

Call centres have been notoriously slow to move to the cloud. In the past, this has not been an issue when centres use on-premise technologies. With fully remote call centres, companies must reconsider their approach to the cloud.

Call centres can no longer rely on on-premise data with a decentralised workforce. Often their information is locked up in data centres, while operations remain outside of the office. Moving to the cloud offers more flexible operations, easier access to data and substantial cost saving, but only if call centres tap the right partners to make the most of the shift.

Trend 4: The Emergence of Predictive Analytics

Call centres generate an enormous amount of time-sensitive data that must be gathered and analysed in real-time to effectively manage their operations. Without real-time capabilities, Insights gathered on a Monday may only be contextualised later that day or week. This is not impactful as the time to act has passed and call centre conditions have already changed.

Looking beyond 2021, we will see call centres take their analytics a step further to go beyond real-time analytics, and into predictive analytics.  This will leverage real-time data at scale to offer preventive support to both agents and customers, moving call centres from reactive to proactive. Instead of waiting for a customer to call with an issue, centres can leverage historical data to reach out pre-emptively.

The same approach can be used to identify agents who struggle or may be experiencing burnout earlier in order to reduce attrition rates. A smarter mindset on data will revolutionise how call centres operate and in turn, companies will see higher customer and agent retention.

Trend 5: Real-Time Technologies Will Be Applied to the Back-Office

We will also see companies increasingly apply call centre technologies to their back-office operations. They will start to leverage back-office data in real-time to cut down on wasted hours and better track employee activities.

This part of the business has not been managed with the same technology investment as the call centre, leading to inefficiencies where back-office employees may struggle with certain tasks or spend time in non-work applications. Now, companies will be able to use AI-powered technologies to drive productivity gains in the back-office — leading to significant savings to the bottom line.

2020 served as the inflection point for call centre transformation. The shift to remote work unlocked new uses of technology and opportunities thought impossible before. We are now at the tip of the iceberg, as successful call centres will continue to innovate and think differently on how they can improve their operations in the new year and beyond.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

What banks need to know about observability 4 What banks need to know about observability 5
Banking6 mins ago

What banks need to know about observability

By Abdi Essa, Regional Vice President, UK&I, Dynatrace More aspects of our everyday lives are taking place online – from how we...

What finding Alice has taught us about the pitfalls of no will 6 What finding Alice has taught us about the pitfalls of no will 7
Investing13 mins ago

What finding Alice has taught us about the pitfalls of no will

ITV’s latest television drama Finding Alice has been a necessary diversion during these endless winter weeks of lockdown, but it...

Unlocking the potential of APIs 8 Unlocking the potential of APIs 9
Top Stories19 mins ago

Unlocking the potential of APIs

Corporate expectations for fast, efficient and convenient payment services are now the norm. BNY Mellon Treasury Services’s Sindhu Vadakath, Head...

Tapping into the right minds 10 Tapping into the right minds 11
Top Stories52 mins ago

Tapping into the right minds

By David Holden-White, co-founder and managing director, techspert.io The world is awash with information. Analyst house IDC estimated that more...

VAT domestic reverse charge set to impact over 1.2 million construction workers from 1st March 12 VAT domestic reverse charge set to impact over 1.2 million construction workers from 1st March 13
Finance1 hour ago

VAT domestic reverse charge set to impact over 1.2 million construction workers from 1st March

HMRC’s new VAT domestic reverse charge for building and construction services comes into effect from 1st March 2021 Construction firms...

Report explores the Ceramic Ink Market likely to emerge over a period of 2019– 2029 14 Report explores the Ceramic Ink Market likely to emerge over a period of 2019– 2029 15
Research Reports1 hour ago

Report explores the Ceramic Ink Market likely to emerge over a period of 2019– 2029

Ceramic Ink market players – Torrecid Group, Ferro Corporation, Marabu GmbH & Co. KG, Chromaline, Fenzi Group SpA, Rex-Tone Industries...

Detailed examination of the Micro Robots Market to hold a high potential for growth by 2021 16 Detailed examination of the Micro Robots Market to hold a high potential for growth by 2021 17
Research Reports1 hour ago

Detailed examination of the Micro Robots Market to hold a high potential for growth by 2021

Micro Robots market study depicts an extensive analysis of all the players running in the Micro Robots Market report based on distribution...

Dredging Market Research Report by Type, by Production Technology, by Application, by Function – Global Forecast to 2030 – Cumulative Impact of COVID-19 18 Dredging Market Research Report by Type, by Production Technology, by Application, by Function – Global Forecast to 2030 – Cumulative Impact of COVID-19 19
Research Reports1 hour ago

Dredging Market Research Report by Type, by Production Technology, by Application, by Function – Global Forecast to 2030 – Cumulative Impact of COVID-19

A recent market study published by FMI on the Dredging Market includes global industry analysis for 2015-2019 & opportunity assessment for 2020-2030,...

Synthetic Leather Market 2021 Segmentation and Analysis by Recent Trends, consumption by Regional data, Development, Investigation, Growth by to 2027 20 Synthetic Leather Market 2021 Segmentation and Analysis by Recent Trends, consumption by Regional data, Development, Investigation, Growth by to 2027 21
Research Reports1 hour ago

Synthetic Leather Market 2021 Segmentation and Analysis by Recent Trends, consumption by Regional data, Development, Investigation, Growth by to 2027

Synthetic Leather Market – Global Industry Analysis and Opportunity Assessment 2016–2026 This report by Future Market Insights on the global synthetic...

Automotive Steering System Market In-Depth Analysis on Size, Cost Structure and Prominent Key Players -JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corporation 22 Automotive Steering System Market In-Depth Analysis on Size, Cost Structure and Prominent Key Players -JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corporation 23
Research Reports2 hours ago

Automotive Steering System Market In-Depth Analysis on Size, Cost Structure and Prominent Key Players -JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corporation

FMI offers a 10-year forecast for the Automotive Steering System between 2017 and 2027. In terms of value, the market is expected...

Newsletters with Secrets & Analysis. Subscribe Now