How Locobuzz enables brands to enhance their customer experience journey?
In today’s hyper-connected age, when the market is highly competitive, customer engagement, loyalty and advocacy are no longer driven solely by the products or services offered by a brand. Customers have become more discerning and will not accept anything less than company’s core values reflected in every interaction they have with that company. To ensure success, businesses of all types—from small to large corporations—must understand how to attract customers and retain them through digital channels while delivering exceptional customer experiences by following omnichannel CX strategies.
As digital has come to dominate business operations, relationships have become more value-driven and purpose-oriented—consumers expect personalization, sustainability and transparency from brands. Trust has also become a fundamental expectation of customer experience, boosting a brand’s reputation, loyalty and bottom line. In response to this trend, companies are not only trying to live up to the responsibilities of delivering real-time, relevant and engaging experiences but also increasing efforts to honour customer preference and privacy. Vishal Agarwal, Co-Founder and CEO of Locobuzz Solutions Pvt. Ltd. shares more insights on the customer experience industry, current market trends, and how Locobuzz empowers brands to elevate their customer experience.
- What solutions do you offer and how are you enabling companies to transform their digital customer experience?
We are a global enterprise software company specialising in end-to-end digital customer experience management. We enable brands to transform their digital customer experience as we provide an intuitive unified CX platform that empowers them to delight their customers.
Our solutions range from Reputation Management, Social Media Management, Online Response Management, Social Listening & Brand Monitoring, Digital Customer Care/command centers, data intelligence hubs, conversational commerce and AI-enabled Chatbots, which enables brands for smarter and responsible customer care with a multifaceted platform to support needs in today’s digital age.
With an unlimited range of digital channels integration and limitless analytical possibilities, brands get a competitive edge by using Locobuzz to listen to voice of the customers and gain useful insights. They can also uncover competitive marketing strategies and track campaign impact. These insights help businesses manage, understand, and unify the business goals and customer data not just to enable brand growth, but to ensure effective and impressive customer experience management. Furthermore, it helps brands in tracking leading KPIs that depicts customer satisfaction.
2. Can you share some names from the industry who have successfully implemented Locobuzz’s solutions? How have they benefited from it?
Digital customer experience has been widely adopted by consumer-focused businesses across sectors. From the leading telecom operators in the country to the largest healthcare companies, all of them are leveraging Locobuzz’s unified customer experience solutions. They have benefitted immensely as it helped them to automate the workflow – empowering internal teams, seamless customer sentiment tracking, competition benchmarking and reduction in turnaround time.
For example, India’s leading telecom service provider leveraged our CX solutions, and interestingly, it helped them reduce the turnaround time by 89%. The retention rate jumped to over 63%, which is greater than the industry average. Another example is from the retail sector: a lifestyle giant uses Locobuzz’s powerful mechanism to meticulously track customer sentiment and convert negative mentions into positive ones. The platform has helped brand to bring down customer wait time for first level of responses by 90%.
3. What is Locobuzz’s product focus and how are you deploying new-age technologies to your products and solutions?
Locobuzz is a one stop CX platform for the future-ready brands. Our product focus is to provide the best and latest omnichannel customer experience solutions to brands.
Locobuzz has been at the forefront of productizing the latest developments in AI and ML to streamline CX operations. We help brands extract meaning from the largest sets of unstructured data. From the use of sentiment analysis (across languages) to data enrichment using Transformers series NLP models or object detection in images to data modeling for deeper insights and workspaces using graph-based decision networks, each function of our robust platform is powered by deep learning.
4. Why is omnichannel customer experience the need of the hour for consumer-centric Brands?
Customers now have many ways to interact with brands, from traditional channels to an ever-growing array of digital modes. They expect a consistent, fluid, and high-quality experience as they interact with the brands across these touchpoints. Many organizations have responded by investing in multichannel modes of customer engagement but the processes, the systems, the data and the people are not all synchronised to provide a Consistent experience. Each channel has a siloed process and customers will likely have to repeat themselves each time they are passed onto a different touchpoint or customer service agent. This disconnected multichannel experience can cause frustration and annoyance for the consumer which can be a make-or-break factor for business success.
To remain competitive, brands must focus on implementing an omnichannel customer experience strategy that incorporates all touchpoints into a unified goal. This will allow them to provide consistent, contextual experiences in real time. The omnichannel customer experience platform comes with automation capabilities that enable brands to integrate all customer channels/touchpoints into a unified platform seamlessly, making experience smoother as it allows brands to pick up where customers left off on one channel and continue the experience on another. A fast and fluid omnichannel experience coupled with positive automation aided and human-first interactions makes the whole process enjoyable rather than frustrating. Collecting and harnessing key information gained from every interaction and touchpoint across all channels is key to providing an omnichannel experience that can create stronger relationships and increase brand loyalty, enhance their customer’s lifetime value, drive revenue growth and create a better overall customer experience.
5. What challenges do you see working with these consumer-focused brands?
While working with consumer-focused brands, data isolation is one of the primary challenges in dealing with third-party platforms. Data privacy and security is another concern for brands that we at Locobuzz take seriously, and we tackle these through regular security audits and regulatory compliance certifications.
6. How has the industry evolved compared to last year?
The COVID-19 outbreak had severely impacted the growth of the global market. However, businesses quickly adopted to new models to survive, recover faster, and grow in the post-pandemic economy. These flexible brands leveraged new technology like ours in order to obtain a competitive advantage – which remains unchanged even now when everything is reopening and lifestyles are slowly getting back to normal.
The past two years saw a huge acceleration in digital adoption in the likes of new channels used by customers to communicate and brand’s need to manage then in one place has advanced the growth of Customer Experience Management (CEM) companies. Locobuzz and other major players in the Customer Experience Software Market are constantly innovating and developing ingenious solutions for brands to cater to the dynamic consumer demands, due to which the market is slated to experience tremendous growth opportunities.
7. Which industries are undergoing rapid digital CX transformation?
Customer experience has become a competitive differentiator in many industries, with companies realizing that putting the customer at the center of their business is not just good for their bottom line but also good for employees, who can focus on doing what they love instead of being stuck in a rut. Businesses across Banking, Finance, Crypto, Telecom, Consumer Products & Goods, E-commerce and Retail, Travel and Hospitality, Logistics, Mobility, Healthcare, Gaming and Education sectors are all undergoing rapid digital transformation and significantly adopting customer experience management solutions.
8. Talk about the latest developments that companies need to pay attention to right now.
New-age technologies are playing a key role in the digital customer experience market. Companies operating in this sector are focused on providing more advanced platforms and related solutions to strengthen their market position. However, there are very few companies like us implementing next-generation technologies into their services, such as big data analytics, artificial intelligence, machine learning, workflow analytics, omnichannel suites, and others, to allow companies to design and deliver digital experiences more quickly and consistently.
With digital advancement, customer experience trends are going to be shaped continuously. By encouraging future-ready omnichannel experiences, AI-enabled chatbots automation, centralizing customer insights, predictive analytics, voice commerce, and personalized and consistent communication, brands can find new avenues to not only engage and retain but keep their customers delighted.
9. What is the market size and opportunity?
The global customer experience management market is evolving and growing leaps and bounds. In 2021, the market was valued at $10.11 billion, as per Fortune Business Insights, one of the leading research firms. Furthermore, it is projected to grow from $11.34 billion in 2022 to $32.53 billion by 2029. The growth rate will be at a CAGR of 16.2% during 2022-29 period.
In terms of market opportunity, with majority of brands now being customer-sensitive, there is a huge potential for the digital CX enablers like us. Not just in India, the future of the customer experience market globally also looks promising to say the least. Several factors such as rapid digitization and changing purchase patterns of consumers globally are jointly boosting this sector. Businesses across sectors have adopted omnichannel strategies for their customer experience management. Now they are focusing on advanced CX management solutions that improve customer loyalty and reduce customer churn rates. This dynamic consumer needs, coupled with an increasing focus on improving customer experience by enterprises worldwide, is anticipated to fuel the growth of the customer experience management market.
10. What are your future plans for Locobuzz in the coming years?
We are a growing organization and currently operating in the seven countries including India, Sri Lanka and SEA region. In the coming year, we are looking to reinforce our roots in these regions and emerge as leaders in the digital customer experience industry. We would also like to extend our footprint into the US market and expand in the North America region.
As we evolve with our capabilities, we are adding more functionalities to ensure comprehensive coverage, efficient workflow, smart UX, efficient algorithms and seamless processing of billions of conversations while enriching data in real time. We are also focused on investing more in predictive analytics and AI, which will help our brand partners delve deeper into data to target the right customers and provide personalized service and recommendations.