Customer Experience Management Market Predicted to Hit $8.4 Billion by 2019

According to analysts at RnR Market Research, the customer experience management is poised to climb at a compound annual growth rate of 17.3 percent to reach $8.4 billion in the next five years, thanks to factors such as social customer relationship management.  SCRM is a new concept in CRM that consolidates the power of online customer communities, social media analytics, and traditional CRM systems to foster the customer experience in various stages of customer life cycle.

SCEM is a business strategy that companies will adopt to interact with customers through social media to get their continuous feedback about products and services. It helps to deliver an experience which builds brand loyalty among customers which will provoke them to promote products and services on social media channels.

Additionally, the use of mobile and social media touch points is increasing rapidly for sharing views and ideas. In order to get globally connected, companies must frequently monitor these touch points and follow up with their customers by understanding their needs and wants for improving customer loyalty and experience.

In the competitive world, leading companies will be focusing on customer-centric approach rather than company-centric approach. Toward this, enterprises will be adapting newer ways to connect customers with organizations for regular feedback.

Under types of CEM, the year-over-year growth rates of text analytics are expected to be the highest throughout the forecast period. Most organizations prefer to have this software as it identifies the general market trend of customer needs, discloses the early warnings, product problems, and customer suggestions for improvement in product lifecycle period that helps to improve customer experience. Thus, this software is extremely crucial for organizations to maintain a competitive edge over others.