Why should companies consider DXP?
Learn why you should care about Digital Experience Platforms
For several decades organisations have attempted to distinguish themselves by creating amazing products, using unique marketing strategies, and providing creative offers. However, it is expected that in our modern, digital world, customer experience will overtake price and product as the key brand differentiator. Companies have to provide customers with instant access to information in a personalised manner. Improving the digital experience is one way that can allow organisations to interact with customers, partners, and influencers prior to and during the buying process.
What Is a Digital Experience Platform?
Digital Experience Platform or DXP is basically an emerging category of enterprise software seeking to meet the needs of companies undergoing a digital transformation. The ultimate goal of companies with DXP is to provide a better customer experience. DXP is mostly a suite of products that work together. It provides an architecture for organisations to digitalise their business operations.
Core Components of DXP
DXP is a whole ecosystem and not just a single application or software. The core components of DXP are:
Omnichannel marketing (e.g. CaaS)
In addition to these core components, there are a number of technologies needed for a comprehensive digital experience like e-commerce, digital asset management, social media, analytics, marketing automation, customer relationship management, etc.
Benefits of Personalisation
Brand experiences need to be personalised to build an emotional connection with the customers. Companies need to focus on the needs of their customers instead of selling products just for the sake of it. Customers need to feel that they are being recognised by the brand.
This is exactly what brands like Amazon and Netlix do. Amazon recommends products based on the ones you've bought before while Netflix recommends movies or TV content based on previously consumed content.
Some of the economic benefits and stats of personalisation are:
Personalised recommendation made 49% of customers buy products they didn't intend to buy in the first place.
It increased revenue for brands as 40% of the customers purchased more expensive products than they had planned because of personalised services.
It builds customer loyalty. After a satisfactory shopping experience, 44% of the customers said they'll shop again.
The Importance Of DXP
Many factors have led organisations to reengineer their business practices to suit the modern digital world. Their business practices are now extremely customer oriented.
Digital channels like social media (Facebook, Instagram, and Twitter etc.), web, and mobile have become the dominant ways in which customers like to interact with companies. Also, modern smartphones provide locations and immediacy, giving companies more options to keep in touch with their customers.
In the age of getting data insights easily, it has now become possible for companies to target an audience segment of their choice according to the needs. Hence, social media strategy of DXP allows companies to interact with their customers in unstructured ways while also influencing public sentiments for themselves.
DXP takes advantage of new technologies to meet customer expectations. It allows optimal content usage across multiple environments. It also decouples the presentation layer from content and its meta data.
Reward For Deploying A Digital Experience Platform
As mentioned earlier, deploying a compelling DXP allows companies to be distinct from their competition and generate more revenue. It helps you gain the trust of your customers and generate credibility. DXPs will lead to higher conversions for the brand by offering personalised services and building customer loyalty.
As a Sitecore Platinum Partner, Pennywise Solutions helps brands connect with their customers in the best way. We provide the best marketing strategies for digital experience programs as we leverage an in-depth understanding of social, mobile, analytics, and cloud data to deliver integrated digital solutions.