Various factors have led companies across the globe to move their business practices around and become more customer-oriented. There’s a growing need to make their resources available on channels beyond physical stores and websites.
This shift in orientation directly reflects the adoption of Digital Experience Platforms (DXPs) — a harmonious blend of architecture, user experience, and platform management. Desjardins, a Canadian insurance company, is leveraging a Digital Experience Platform (DXP) to enhance customer and agent engagement.
Desjardins is one of the many companies that believe that a DXP might be the way forward. As a result, the DXP market, which stood at $10.1 billion back in 2020, is expected to more than double by 2031 at a CAGR of 19.6%.
What Is A Digital Experience Platform?
DXP, a primary tool for marketers, is an integrated set of core technologies that helps in delivering context-based, optimized digital experiences. The latest generation content management system (CMS) helps track customer journeys, including their behaviors across touchpoints. On many fronts, a DXP offers an architectural foundation for business developers to orchestrate digital journeys at scale and in a modular fashion.
At large, organizations use DXPs to build, deploy, and optimize their digital experiences on their websites, mobile apps, and other channels. And it is one of the first platforms to offer complete integration of multi-channel marketing experiences, allowing organizations to deliver content to every possible touchpoint.
How A DXP Solves The Problem of Hyper-personalization
According to Cision PR NewsWire, 84% of companies that invest in improving their customer experiences report an uptick in revenue.
There's a torrent of information thrown at your users every day — only personalizing their experiences can get you their attention. With that said, here are some of the tangible benefits a DXP has to offer.
Increased Control Over Business
The core idea driving the development of DXPs has always been integrating a brand's marketing efforts with customer support and commerce. With the flexibility of using APIs at its disposal, a DXP can collect and deploy all the relevant data coming in its direction. Consequently, brands have more say in how they interact with their customers.
Harness The Power of AI
AI is one of the key technologies that give DXPs the much-needed lift for creating a powerful digital experience. Immersive applications using AR/VR or IoT interfaces need content specific to the format and in a manner that's relevant to the user. AI can assess and organize the content's depth and devise how to make the best possible presentation. Again, a DXP leverages natural language processing (NLP) to make searches more intuitive by going beyond keyword searches and determining user intent through semantic vector search.
Brands that deploy a DXP have access to more and better touchpoints with consistent branding. It lets you expand your present business activities into more streamlined channels where your customers live and beyond online ads and websites. It empowers you to distribute content across these touchpoints and increase engagement.
Friendlier And Personalized Experiences for Customers
In today's cut-throat environment, all competitive brands expect to deliver tailored experiences to their customers at scale, and it's something a DXP is designed to deliver. Using it, you can define your audience segments with dependable rules based on cookies, URLs, devices, etc., for personalizing their experiences at the granular level.
Smarter And Agile Architecture
DXPs function effectively, and to a great extent, the credit goes to the usage of microservices. It's a cloud-native architectural approach that's agile and lets businesses scale their application easily since they function independently and are low on maintenance.
Industries Adopting DXPs
Industries across the globe are adopting DXPs to deliver a cleverly integrated and optimized experience to their end-users. Here are some of them:
The healthcare sector is adopting DXPs to extend digital satisfaction to its customers and healthcare professionals. To that end, we are now looking at multiple modules like intranets for employees, provider portals that deliver exemplary care to the patients, and self-service patient portals that manage omnichannel digital experiences.
The Vitality Group is using a DXP for insurance providers, employers, brokers, and consultants to boost healthy changes in their users.
Similarly, Bayer is using a DXP to create a centralized online platform for caregivers, healthcare professionals, and customers alike. The platform also helps consumers to find specialty pharmacies and local care centers.
With DXPs, modern businesses can customize all facets of their users’ e-commerce experiences. It helps in delivering a richer, more unique experience to every customer by enabling better touchpoints. This kind of personalized experience delivered at scale is bound to drive customer loyalty over time.
The Hewlett Packard Enterprise is using a DXP to create a portal that would revolutionize partner experiences across the globe through flexibility and fast data communication.
A DXP for non-profits can refine content authoring, develop site navigation, and hence lead to greater engagement with donors, members, and communities. As a result, the organizations can expect a considerable increase in new donors and improved retention.
Epilepsy Foundation witnessed a 31% increase in organic traffic and 24% increase in new users by delivering personalized content to its users.
Institutes that offer higher education use DXPs to deliver content across numerous digital channels and share data with other systems around campus. On top of this, the platform includes multi-language support, workflow management, an in-built CRM system, marketing automation tools, and analytics to get a holistic view of the students or prospects.
Trinity University leveraged DXP to reimagine its website.
Food & Beverage
All global F&B companies strive to provide an excellent user experience and launch their products and updates as quickly as possible. A DXP helps them keep up with the latest digital trends and improve their presence on several touchpoints.
Burger King is using DXP to dominate website and mobile app engagements.
The banking and financial services industry is using DXP to keep up with the rising consumer demand and to introduce an array of customer-oriented solutions into the norm.
CNP Assurances is using a DXP to overhaul online customer experiences by leveraging page builder capabilities along with the autonomy of creating content quickly.
Does A DXP Fit The Needs of Your Business?
If you are still uncertain whether your business needs a DXP, here are a few questions you need to ask yourself:
- Do you think delivering personalized experiences to your customers can improve your business?
- Do you feel the need to react to your evolving customer demands?
- Are your customers engaging with you through social media?
- Is your legacy tech infrastructure holding you back from evolving?
- Is it necessary for you to update product data regularly? Do you think automating this process can help you become more efficient?
- Do you think selling directly to your customers through a digital channel is the way forward?
If you answered ‘Yes’ to any of the above questions, it’s time to take a step forward and adopt the new norm of DXPs.
Digital experience platforms are being adopted across industries, and the benefits of deploying one are obvious. It delivers personalized, responsive content in real-time by integrating customer interaction data. A DXP can serve the needs of all teams across an organization as it enables them to combine customer data and analytics with omnichannel content management.
As established above, a great customer experience leads to increased revenues. Forrester found that improving CX by a single point in a survey for auto manufacturers can add up to $1bn in extra revenue.
It's important to note that an architecturally strong DXP can integrate with solutions across an organization, allowing businesses to combine customer data with analytics. It’s safe to say that we are on the brink of adopting a new technological solution that is the new generation of delivering omnichannel customer experience.
What Can You Build With A DXP?
A DXP is a one-stop solution for several enterprise pain points. Here's a list of what it can be used to build:
Ecommerce portals are automated sales machines that are live 24x7 and offer boundless possibilities in terms of the customers you can expect. A DXP unifies customer touchpoints and refines the self-service functionality of an e-commerce platform. It fills the gaps in your customer journeys by offering personalized recommendations to your customers using behavioral analysis to harvest accurate data, thus leading to intuitive shopping experiences.
Furthermore, a DXP offers native knowledge base management for self-service portals that reduce dependency on live agents. It also offers publishing workflows and approvals for your knowledge base. Again, a DXP helps unify all your existing customer service touchpoints to create a more connected experience for your consumers.
A DXP ensures brand consistency by offering features such as forms, adaptive media, localization, customized workflows, inline editing, audience targeting, user management, etc., to create highly responsive and dynamic websites. More importantly, DXPs empower marketing teams to launch and manage webpage content without further support from the development team.
DXPs can also help develop comprehensive intranets for workplaces to meet the needs of an evolving workforce. It can be built to offer a tailored experience to every company with features ranging from business-friendly tools, user profiles, web analytics, secure access to the business's intellectual property, and an integrated CMS to drive enterprise-wide consistency through communication.
Most organizations struggle to manage multiple disconnected systems and a unified system that saves them time. A DXP can solve this problem through integration platforms that eliminate silos and connect all databases, thus bridging various disparate processes.
Customer Data Platforms
A customer data platform (CDP) collects customer data, integrates customer profiles, maintains cross-device attribution, and segments customers. While a DXP is used to deliver personalization and manage content, customer relationships, and digital assets, we can build a functional CDP with a DXP.
Organizations depend on analytics to understand the performance of their digital products and to measure their growth over a period. And since DXPs carry the heritage of CMS platforms, they deliver web-based analytics that doesn’t take long to set up or process.
A DXP Cloud serves as a medium to deliver development tools and application metrics to the IT team, among other features, so that it helps them get more real-time insight into the health of their systems.
A company’s distributors, service providers, and other stakeholders have special requirements about their access to your marketing resources and sales information. A DXP is a perfect solution for building tailored partner portals that cater to their individual needs. It does so with features such as multitenancy, user management, social collaboration, user management, and role-based content delivery.
How To Develop Your DXP Strategy
Selecting a DXP is a tough decision, given the limited solutions available in the market. With that in mind, here’s a step-by-step guide to developing your DXP strategy:
- Assess whether your organization is ready to adopt the change and whether you have board-level sponsorship for the revamp.
- Determine your end goal and ensure this goal aligns with your customers' needs.
- Select the technologies based on how your customers interact with your brand across touchpoints to cater to different use cases.
- Develop a roadmap with realistic expectations over the next few years and ensure it coincides with the pre-established user journey.
The Road Ahead
If DXP has piqued your interest, and as an organization, you believe that you can benefit from a digital transformation, you should first work on building an e-commerce website. This website will serve as one of your most active customers’ touchpoints, thus laying the foundation for your DXP and whatever you need it to be.
We live in a world where digital user experiences are as mature as the product itself. It’s high time the mainstream adopts this mindset as it’s one of the most functional strategies. It will help you redefine your internal processes and help you customize your digital solutions to the standards the times are dictating.