Unlocking Digital Customer Engagement Opportunities in Singapore
- By CDOTrends editors
- April 25, 2022
Digital customer engagement has been rising in recent years, and businesses are starting to take notice. In The State of Customer Engagement Report 2022 conducted by Twilio, it was found that 97% of B2C companies in Singapore have seen an increase in revenue as a direct result of investing in digital customer engagement.
In fact, companies have seen their revenue increase by an average of 70%. And this trend is only set to continue, with businesses expecting almost double their investment by 2025.
However, the fast pace of change also means that businesses will need to adapt to keep up quickly. Personalization has become essential for customer retention, and data protection has taken on greater importance amongst consumers.
Consumers in Singapore have high expectations regarding personalization, and if a brand doesn’t meet those expectations, they will quickly move on to another that does. 81% of consumers in Singapore say they’ll stop using a brand if it doesn’t personalize their experience, compared to the global average of 61%.
Furthermore, more than half (53%) of consumers in Singapore disagree that the brands they interact with provide good or excellent personalized experiences, compared to 75% of B2C companies who think they do.
This discrepancy highlights a clear trust gap that needs to be addressed. If businesses want to keep their customers happy, they need to start by closing the trust gap and ensuring their customer experience is up to par.
Twilio recommends that businesses take a customer-centric approach to personalization to meet consumers' high expectations. Cookies, for example, have become a thing of the past, and brands need to find new ways to collect data that will allow them to personalize their engagement.
Additionally, businesses need to understand the phenomenon of digital fatigue and how it’s affecting their customers. Gen Zs and millennials are more than twice as likely as baby boomers to have experienced digital fatigue in the past 30 days. As such, Twilio recommends that businesses focus on creating better (not more) interactions to avoid losing them to the competition.
Image credit: iStockphoto/iMrSquid