August's CX News Roundup

Welcome to this month’s CX news roundup, brought to you by the CX Exchange ! This month’s newsletter is packed full of cross-sector insights, helping you to up your CX game and stay ahead in an ever-evolving customer landscape. From leveraging brand identity to earn customer loyalty, to recognising the strategic connection between employee and customer experiences, we’ve curated the top stories and expert tips you need to elevate your organisation’s customer experience to the next level.

Making your Mark: Why a Strong Brand Identity Matters in Travel and Hospitality

In an era where customers have a multitude of choice at their fingertips, establishing a compelling and recognisable brand identity that creates genuine value for customers and distinguishes businesses from their competitors is more crucial now than it’s ever been.

Franck KERMARREC is Chief Growth Advisor at Global Hotel Alliance, the world's largest association of, mostly luxury, hotel brands. In this exclusive interview with CX Travel & Hospitality Exchange, Franck shares his valuable insights on how travel and hospitality businesses can build and leverage a unique brand identity to gain a competitive advantage by creating exceptional customer experiences and earning customers’ trust and loyalty. His advice can be summarised by:

• Consistency is key: aim for consistency in brand visuals and experiences so customers know what to expect when interacting with your brand.
• Leave room for personalisation: Surprise and delight customers with memorable experiences that go beyond the transactional.
• Be led by your company values: Knowing exactly who you are and what you stand for and incorporating this into your brand identity will ensure that your brand resonates with your target market.
• Co-design your brand identity with customers: Make sure to gather frequent first-hand feedback from customers and use this to inform your brand identity strategy.
• Know your customer: Customer preferences in travel and hospitality are shifting dramatically. Make sure you understand exactly who your customer is and what they are looking for so you can cater to their needs and reflect this in your brand identity.

Read the full interview with Franck Kermarrec here .

Unlocking Retail Success: Shaz Kahng on the Power of Customer Experience

While new technologies are creating a world of opportunity for retailers to innovate, the basic principle of providing exceptional experiences for customers remains timeless. Shaz Kahng is a visionary leader, strategist, innovator, and game-changing senior executive who has catalysed consumer-focused businesses and brands, achieving breakthrough results. She is adept at turning around, growing, and expanding businesses globally and has extensive expertise in omni-channel, apparel/footwear, consumer goods, luxury, and consumer tech.

Featuring on the speaker faculty at this year’s CX Retail USA Exchange, Shaz is set to deliver a presentation on ‘The Stunning Secrets to Transform Customer Experience.’ We were fortunate enough to sit down with Shaz ahead of the event to discuss the strategic importance of prioritising customer experience in 2024. Watch a snippet of the conversation below, and read the full interview with Shaz Kahng here .

Two Sides of the Same Coin: Aligning EX and CX for Success in BFSI

Happy and engaged employees are far more likely to provide clients with top-level service, reducing churn and leading to a more satisfied and loyal customer base. What’s more, with companies in the financial sector struggling to hire and retain top talent , it is now more important than ever for banks and financial services institutions to invest in their employee experience (EX). Doing so will help organizations avoid the operational inefficiencies and lost revenue associated with high levels of staff turnover.

Ray Harris is Senior Vice President and Senior Director of Client Success at First Citizens Bank, a Fortune 500 company recently ranked among America’s top 20 banks by Forbes. Ray recently spoke to CX BFSI East Exchange about the importance of focusing on the employee experience in 2024. Some key takeaways from the conversation with Ray include:

• EX is starting to gain more recognition – Ray stated that: “In the past, there has been a greater emphasis on the customer experience rather than the employee experience. Both are crucial for the success of any organization. Companies need to strike the right balance between the two to ensure employees’ needs are met. While some organizations are making progress in enhancing the employee experience, there is still much to be done.”
• EX can bring commercial benefits to BFSI organisations - “Focusing on improving the employee experience offers several benefits. One key advantage is an increase in overall employee satisfaction, which is crucial for delivering top-notch customer service. Exceptional customer service fosters strong relationships, leading to significant revenue growth.”
• Technology can help improve the employee experience, but change needs to be managed effectively – “Organizations can achieve balance [between technology and employees] by setting up regular feedback channels for employees, involving them early on in the selection and implementation of a new technology, fostering a collaborative environment, and monitoring the technology’s impact once it is live.”

Ray Harris is a speaker at this year’s CX BFSI East Exchange on 15-16 October in Miami, Florida. Read the full interview with Ray here .

CX News in Brief

Growth in consumer goods slows as customers become more price conscious

Companies in many sectors including travel, food and beverage, and retail are facing growth concerns as the post-pandemic growth in consumerism due to high levels of savings accumulated during lockdowns begins to dry up, Reuters reports. These more careful spending habits have notably affected the luxury sector, with Saint Laurent reducing the prices of some of its handbags and Burberry shares reaching their lowest point in over a decade . These signs of a consumer slowdown have some investors concerned, with unprecedented selloffs and turbulence on the stock market reported this month .

E-commerce retailers aim to boost revenue and loyalty with summer sales, Amazon comes out on top

Following in the footsteps of physical retailers’ traditional summer sales, many e-commerce platforms this year hosted summer promotional events to drive business and customer loyalty. In a comparative study of five online retailers , Earnest Analytics found that Amazon’s annual Prime Day promotion was most successful in boosting sales. Notably, the report found that :

• Amazon’s share of online sales across major e-commerce platforms grew from 82% to 84% in July 2024 when its Prime Day sale took place
• Amazon has the most loyal customer base among major e-commerce retailers, with 84% of customers participating exclusively in Amazon’s July promotions, and not those of other e-commerce retailers
• Those who spent on Prime Day tended to be Amazon’s more loyal customers, spending $3,611 at Amazon in the 12 months before Prime Day, compared with $1,242 for customers not participating in the Prime Day sale

These figures highlight how Amazon has successfully established an annual flagship event that not only drives significant sales but also deepens customer loyalty, setting a benchmark that other e-commerce platforms continue to chase.

77% of customers want banks to use AI to detect fraud

With consumers demanding faster, more efficient and more convenient services in all aspects of their lives, more and more banking and financial services are being offered remotely. Notably, technological development has allowed for real-time payments and digital, automated onboarding. While technology can simplify processes for customers and improve the customer experience, consumers are conscious of the increased risk of fraud, with 77% expecting financial institutions to leverage AI for fraud prevention . Meeting these expectations will be crucial for maintaining trust and ensuring the seamless adoption of digital banking services in an increasingly tech-savvy world.

Want to know more about balancing increased automation of customer journeys with effective fraud prevention in banking and financial services? Read the Anti-Financial Crime Exchange’s interview with the Bank of Valletta’s Anti-Money Laundering Expert Silvio Chetcuti here .

Don’t forget to subscribe to receive monthly CX updates straight to your inbox!

View upcoming CX Exchanges

CX Travel & Hospitality (09-10 September | Hilton Syon Park, London, UK)

CX Retail USA (24-25 September 2024 | Marriott Dallas Uptown, Texas)

CX BFSI USA (15-16 October 2024 | InterContinental Miami, Florida)

CX Healthcare East (29-30 October 2024 | Le Méridien Fort Lauderdale, Florida)

CX Retail EU (5-6 November | Lisbon Marriott, Portugal)

CX UK Exchange (2-3 December | Hilton Syon Park, London, UK)

The CX Exchange Awards UK (2 December | Hilton Syon Park, London, UK)

#CX #CustomerExperience #CustomerExcellence #Retail #Travel #Hospitality #BFSI #AI #Automation