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Retail Industry Growth Opportunity and Industry Pressures
The retail industry is projected to grow to $50.86 trillion by 2030 in the US according to Mordor Intelligence, and businesses have prioritized customer experience management (CXM) to stay competitive. However, with this growth comes increasing pressure to meet customer expectations, manage large volumes of interactions, and provide consistent experiences across both physical and digital touchpoints. Retailers are finding it harder to keep up with the growing demands of an increasingly vocal customer base.
Customers are dissatisfied that their concerns are not addressed on a timely basis. It takes hours to resolve the query due to sheer volume and limited agent availability. Employing the capabilities of AI can be a great way to take customer experience management efforts to the next level. With the ever-increasing competition especially in the global retail scene, the ability to exceed customer expectations can make all the difference in terms of business success.
