Simplify and improve the customer journey through partnerships and data
In the age of the customer, companies are still missing the mark on contextual and seamless commerce experiences with customers at the core. As an example, a vegan customer who decides to forego their weekly food delivery may visit the grocery store only to receive a loyalty and offers push notification for meat and poultry at check out. Alternatively, a loyal hotel customer arrives at a sister property expecting their room, dining and payment preferences will be honored, yet may be met with inconsistencies between the properties. With over 2.5 quintillion bytes 1 (2.5EB) of data collected every day there is an abundance of information available to perfect the customer journey and provide richer experiences; however, too often companies are still falling victim to missed opportunities.
At the end of last year, Visa commissioned Forrester Consulting to create a study on how to “Deliver the Commerce Experiences Of Tomorrow 2 ” which uncovers current issues around antiquated means of collecting customer insights, fragmented digital to physical experiences, and provides recommendations on key means to simplify and improve the customer journey through data and collaboration.
To offer contextual and individualized experiences, companies need to apply data insights. When surveyed, however, Forrester found that:
Less than 50 percent of participating companies felt their current processes were very effective
50 percent of respondents don’t have sophisticated analytics and 52 percent say internal data is fragmented and disparate
Nearly half of respondents are collecting external data, but not using it
While companies have the right ambitions to deliver these individualized experiences, they do not have the right tools and partners to execute and gain insights from their data.
The study also discusses how partners can transform and augment a company’s ability to deliver richer customer experiences and how it is no longer necessary for companies to own the entire value chain. Instead, companies can partner with 3 rd parties to drive data insights and co-create new customer experiences with APIs (application programming interface). The study highlights:
72% of participating companies are looking for outside help with transforming customer insights into CX improvements, with the majority of them interested in doing so via APIs and other solutions.
Over half of respondents want to co-create new experiences via APIs and partnerships
APIs can enable companies to go to market faster, leverage data in new ways, and access 3 rd party data. Through our Visa Developer Platform, we are able to work through challenges and help provide solutions that can change the commerce journey. For instance, in the Asia Pacific region, Pulse iD integrates with Visa APIs to offer geo-fenced targeting campaigns to issuing banks. These campaigns enable issuers to send push offer notifications to cardholders, through the bank app, when the cardholder enters participating stores—creating a personalized journey. Several issuers around the world are also using travel data and Visa APIs to prevent false declines, and providing data to cardholders such as foreign exchange rates to ease travel commerce experiences. See how CIBC did this here:
Join us to learn how the right partners can transform your customer experience to deliver the commerce experiences of tomorrow.
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1 IBM. “2013 IBM Annual Report”
2 ”Deliver the Commerce Experiences Of Tomorrow,” a January 2018 commissioned study conducted by Forrester Consulting on behalf of Visa
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Last week, I was down in Sao Paulo, Brazil to deliver the second day opening keynote at the Case Conference which is the largest startup event in Latin America. I was excited to discover that the Brazilian eco-system is a hive of innovation with huge passion to co-create the future of commerce.
What we know is that today's consumers are increasingly comfortable transacting with new payment options, from Person-to-Person payments to new technologies including mobile and Internet of Things (IoT) devices. In the growing network of IoT, where embedded sensors create an ecosystem of connected devices, the customer has the ability to pay on their own terms. However, consumers today still face a myriad of commerce challenges, in many cases leading to dissatisfaction with their overall experience.
From shopping, to booking hotel reservations, to ordering ride share services, there is still unnecessary friction in the customer journey. Over time, frustration and fatigue might affect brand loyalty, which could ultimately lead to a loss of revenue. To combat this, an exceptional customer experience could be critical to the success of online brand engagement with digital transformation at the core.
At Visa, our goal is to help remove unwanted friction from commerce. The Visa Developer Platform and our API offering can help enable businesses with a digital presence to establish themselves as and become a catalyst of digital innovation across multiple industries and market segments.
Visa's capabilities, delivered via APIs on the Visa Developer Platform, enable our clients to implement, extend and customize their commerce experiences using our productized APIs in part (a-la-carte) or in full (end-to-end).
For example, in Australia, the National Australia Bank (NAB) was able to empower its Visa cardholders by building an interface within their mobile app that lets consumers set card controls and indicate when they are traveling to avoid fraud and frustration over unnecessary declines. These card controls are tied to the Australian market -- where consumers will be able to instantly use (and set controls on) new digital credit cards as soon as they are approved. This new and improved NAB app is fast and more seamless, gives customers more control over their everyday banking, and was designed to make banking as convenient and as easy as possible. To deliver these changes, NAB leveraged its innovation partnership with Visa to incorporate Visa Consumer Transaction Controls and Travel Notification Service APIs, and estimates that by working with Visa Developer Platform, it removed six months of development time.
Visa understands that our clients need to become the best provider to their customers. We believe that the core ingredients, both now and in the future, are personalization and context through APIs. As one of the world's leaders in digital payments, Visa is in a position to enable our clients to provide enhanced customer experiences through deep customer intelligence.
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