By Mitch Doust, Cover Genius
It’s no secret that consumer power is on the
rise. With instant access to information, today’s shopper has become smarter,
better prepared for purchases and more informed than ever before. A
hyper-personalized experience is no longer seen as a benefit, but an
expectation. Many have adopted a “quick-to-ditch” mindset, meaning that if they
aren’t immediately satisfied with what’s presented, they’ll quickly lose interest
and move on. It’s become one of the largest challenges facing online retailers
and e-Commerce companies today.
So how can e-Commerce companies create more captivating and impactful
experiences? The key differentiator is CX. Translation: consumer experience.
Within these two little letters lies boundless opportunity.
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Sharpened expectations mean that businesses must elevate their customer
experience if they plan on surviving consumers’ increasingly fleeting attention
spans. There’s an immense amount of pressure on brands to create personalized
experiences that strike the attention of shoppers from the get-go. Firstly,
customers must have peace of mind in their online transactions as e-Commerce continues
to grow across all vertices. Retailers can guarantee this through secure
payments, world-class returns and seamless insurance offerings.
Retailers should keep their eye out for a few trends. For one, we’re seeing
innovation within payments, such as the emergence of “buy now, pay later”
services. Platforms like Afterpay and Affirm will become more mainstream.
Implementing innovative payments will entice new customers, especially
Millennials who expect to pay when, where and how they please.
We’re also seeing personalization on the rise. More brands are serving up
unique experiences tailored to specific customers, whether via insurance
policies made specific to the product being purchased, or by providing
returning shoppers with special experiences that acknowledge repeat purchases.
The key here is making the path to purchase all the more seamless for shoppers.
In terms of cutting-edge tech developments, the emergence of voice commerce
(Alexa, we’re talking to you) will only grow in the coming year. Voice-enabled
technology will garner even greater wallet share as e-Commerce platforms
infiltrate into the everyday essentials line of retail. As voice search
commerce expands, the convenience of ordering staples like monthly toilet paper
to a digital shopping cart will deliver next-level customer experience and
convenience.
In the same vein of personalization and convenience, we should also examine the
insurance sphere. You can kiss comprehensive, one-size-fits-all policies
goodbye. Wins for e-Commerce brands will come in the way of tailored policies
and satisfied, loyal customers. Providing the right product at the right time
puts consumers in the driver’s seat and provides peace of mind. A jet-setter
spending their winter in Aspen would have a much different offering than a
tourist embarking on a summer trip to Santorini. The appeal comes from the
ability to tap into the underwriting framework to offer a bespoke policy to
customers — one that’s in their native tongue, preferred currency and on their
platform of choice — be it iPhone, tablet or laptop.
New technology-powered insurance providers offer a customer-centric approach,
creating happier customers that benefit from world-first features like instant
payment of claims or removal of excess on policies. Moving forward, e-Commerce companies
will need to find insurance partners at the bleeding edge of customer
experience to remain future-proof against the changing tides of customer
demands.
Ultimately, to combat the quick-to-ditch mindset that online retailers are
facing today, it’s going to take e-Commerce companies investing in
best-in-class customer experiences. This may come in the form of innovative
payments, personalization, world-class returns or insurance offerings. Whatever
the case, consumers will no longer accept a generic one-size-fits-all approach.
Shoppers want tailored experiences marketed directly to them as individuals.
Understanding the customer and working at scale to deliver enhanced
personalization is what will eventually set retailers apart.
Mitch Doust is EVP and Head of the Americas for Cover
Genius, where he is responsible for the establishment
and growth of the XCover platform and the broader Cover Genius business across
North America, Canada and Latin America. Doust recently joined Cover Genius
from insurtech company Trov, where he was Global Head of Business Development
and led the establishment of Trov’s global network of insurance partnerships.
Prior to his move into technology, Doust began his career with EY in Australia
before moving to the Suncorp Group, where he held a number of strategic roles
including P&C strategy, venture investing and strategic innovation.
