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      • Coins to Buy on the Dip
      • Fastest Growing Crypto
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      • Long Term Investments
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      • How to Spend Bitcoin
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      • Bitcoin Blackjack Sites
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        • Aqru Review
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        • What is APY in Crypto?
        • Yield Farming Platforms
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        • Best DEX Coins
        • DAO Crypto Projects
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    • Bitcoin Price Prediction
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      • Axie Infinity Prediction
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      • CateCoin Price Prediction
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      • DogeBonk Price Prediction
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      • Dogelon Mars Prediction
      • Ethereum Price Prediction
      • Floki Inu Price Prediction
      • Hoge Coin Price Prediction
      • Kishu Inu Price Prediction
      • LBLOCK V1 Prediction
      • LBLOCK V2 Prediction
      • LUNA Price Prediction
      • Pi Coin Price Prediction
      • Polygon Price Prediction
      • SafeMoon Price Prediction
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      • Stepn GMT Price Prediction
      • SXP Coin Price Prediction
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      • XRP Price Prediction
    • Best Altcoins
      • Buy Battle Infinity
      • Buy Bitcoin Cash
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      • Buy Celo
      • Buy Cardano
      • Buy Cartesi
      • Buy Chiliz
      • Buy Cronos
      • Buy Dash
      • Buy EOS
      • Buy ENS
      • Buy Ethereum
      • Buy Ethereum Classic
      • Buy FTX Token
      • Buy HBAR
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      • Buy IOTA
      • Buy Litecoin
      • Buy Livepeer
      • Buy Loopring
      • Buy Lucky Block
      • Buy LUNA 2.0
      • Buy LUNC
      • Buy Neo
      • Buy Pitbull Coin
      • Buy Polkadot
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      • Buy Solana
      • Buy Spark
      • Buy VeChain
      • Buy XRP
      • Buy ZCash
    • Best Crypto Exchanges
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      • Margin Trading Exchanges
      • Social Trading Platforms
    • Best Meme Coins
      • Best Dog Cryptos
      • Buy Baby Doge
      • Buy Dogecoin
      • Buy Floki Inu
      • Buy Kiba Inu
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      • Buy Tamadoge
    • Best DeFi Coins
      • Buy 1inch
      • Buy Aave
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      • Buy Avalanche
      • Buy Balancer
      • Buy Bancor
      • Buy Chainlink
      • Buy Compound
      • Buy Cosmos
      • Buy Curve
      • Buy DeFi Coin
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      • Buy Maker
      • Buy Polygon
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      • Buy Sushiswap
      • Buy Tezos
      • Buy Uniswap
    • Best Web 3.0 Coins
      • Buy Basic Attention Token
      • Buy Biconomy
      • Buy Filecoin
      • Buy Theta
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      • Buy NFTs on Binance
      • How to Flip NFTs
      • Make Money With NFTs
    • Best Metaverse Coins
      • Buy ApeCoin
      • Buy Axie Infinity
      • Buy Decentraland
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      • Buy Enjin
      • Buy Gala
      • Buy GMT
      • Buy Immutable X
      • Buy The Sandbox
    • NFT News
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      • New NFT Projects
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      • Sport NFT Drops
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      • Azuki NFTs
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      • Buy Ford Stock
      • Buy Gamestop Stock
      • Buy Hertz Stock
      • Buy Lockheed Martin Stock
      • Buy Matterport Stock
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      • Buy Nikola Stock
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    • Best Trading Platforms
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      • How to Day Trade Stocks
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      • Low Spread Forex Brokers
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      • Bitcode AI Review
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      • Bitindex Prime Review
      • BitIQ Review
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      • Immediate Edge Review
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      • Prime Advantage Review
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      • Teslacoin Review
      • Today Profit Review
      • 7Tesler Review
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      • Bitcoin Smarter Review
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  • Investing
      • Best Cryptos
      • Best Beginner Cryptos
      • Best Crypto Under $1
      • Best Crypto Winter Tokens
      • Best Emerging Cryptos
      • Best ERC20 Tokens
      • Best Future Cryptocurrency
      • Best Move to Earn Crypto
      • Best Utility Tokens
      • Best Video Game Crypto
      • Coins to Buy on the Dip
      • Fastest Growing Crypto
      • Hottest Cryptos Right Now
      • Most Promising Cryptos
      • Next Crypto to Explode
      • Invest in Crypto
      • How to Invest in Bitcoin
      • How to Invest in DeFi
      • Long Term Investments
      • Low Market Cap Cryptos
      • Most Undervalued Cryptos
      • Penny Cryptocurrencies
      • New Cryptos
      • Best Crypto ICOs
      • Best Crypto IDOs
      • Best Crypto IEOs
      • Best Crypto STOs
      • Best Crypto Crowdsales
      • Best Crypto Presales
      • Best Crypto Private Sales
      • Buying Coins Pre Launch
      • Crypto Games
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      • Best GameFi Cryptos
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      • Best Play to Earn Games
      • Crypto News
      • Best Crypto Reddit
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      • Crypto Tiktok Trends
      • Crypto Youtube Channels
      • Twitter Crypto Trends
      • Crypto Wallets
      • Best Cardano Wallets
      • Best DeFi Wallets
      • Best Ethereum Wallets
      • Best XRP Wallets
      • Crypto Bank Accounts
      • How to Spend Bitcoin
      • How to Spend Ethereum
      • Bitcoin Casinos
      • Best Bitcoin Gambling Sites
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      • Bitcoin Blackjack Sites
      • Bitcoin Roulette Sites
      • Bitcoin Slots Sites
      • Ethereum Casinos
      • Earn Free Crypto
      • Best Crypto Airdrops
      • Best Crypto Faucets
      • Best Crypto Giveaways
      • Earn Free Bitcoin
      • Make Money With Crypto
      • Earn Interest on Crypto
      • Aqru Review
      • Best Staking Coins
      • Crypto Interest Accounts
      • Crypto Lending Platforms
      • Crypto Loan Sites
      • Crypto Savings Accounts
      • Crypto Staking
      • Earn Interest on Bitcoin
      • Earn interest on Ethereum
      • Earn Interest on Stables
      • What is APY in Crypto?
      • Yield Farming Platforms
      • Yield Farming vs Staking
      • DeFi Crypto Guides
      • Best DeFi Apps
      • Best DeFi Interest Rates
      • Best DEX Coins
      • DAO Crypto Projects
      • DeFi Lending Platforms
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      • DeFi Swap Exchange
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      • Worldwide Crypto Guides
      • Best Africa Crypto Projects
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      • Buy Bitcoin AU
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      • Buy Bitcoin UAE
      • Buy Bitcoin UK
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      • Crypto Exchanges AU
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  • Cryptocurrency
      • Buy Crypto
      • Buy Bitcoin
      • Buy BTC with Apple Pay
      • Buy BTC with Credit Card
      • Buy BTC with Bank Wire
      • Buy BTC with eToro
      • Buy BTC with Paypal
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      • Bitcoin Price Prediction
      • ALICE Price Prediction
      • ApeCoin Price Prediction
      • Axie Infinity Prediction
      • Battle Infinity Prediction
      • CateCoin Price Prediction
      • Cardano Price Prediction
      • Chia Coin Price Prediction
      • DeFi Coin Price Prediction
      • DogeBonk Price Prediction
      • Dogecoin Price Prediction
      • Dogelon Mars Prediction
      • Ethereum Price Prediction
      • Floki Inu Price Prediction
      • Hoge Coin Price Prediction
      • Kishu Inu Price Prediction
      • LBLOCK V1 Prediction
      • LBLOCK V2 Prediction
      • LUNA Price Prediction
      • Pi Coin Price Prediction
      • Polygon Price Prediction
      • SafeMoon Price Prediction
      • Samoyed Coin Prediction
      • Shiba Inu Price Prediction
      • Stepn GMT Price Prediction
      • SXP Coin Price Prediction
      • VeChain Price Prediction
      • XRP Price Prediction
      • Best Altcoins
      • Buy Battle Infinity
      • Buy Bitcoin Cash
      • Buy Binance Coin
      • Buy Celo
      • Buy Cardano
      • Buy Cartesi
      • Buy Chiliz
      • Buy Cronos
      • Buy Dash
      • Buy EOS
      • Buy ENS
      • Buy Ethereum
      • Buy Ethereum Classic
      • Buy FTX Token
      • Buy HBAR
      • Buy IOST
      • Buy IOTA
      • Buy Litecoin
      • Buy Livepeer
      • Buy Loopring
      • Buy Lucky Block
      • Buy LUNA 2.0
      • Buy LUNC
      • Buy Neo
      • Buy Pitbull Coin
      • Buy Polkadot
      • Buy RadioCaca
      • Buy Solana
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      • Buy VeChain
      • Buy XRP
      • Buy ZCash
      • Best Crypto Exchanges
      • Best Altcoin Exchange
      • Best Metaverse Platforms
      • Best Crypto Apps
      • Best DeFi Exchange
      • Best P2P Exchange
      • Binance Referral Bonus
      • Binance vs Coinbase
      • Binance Review
      • Best Binance Alternatives
      • Best Coinbase Alternatives
      • Bitstamp Review
      • Bitstamp Sign Up Bonus
      • Coinbase Review
      • Coinbase Sign Up Bonus
      • Crypto.com Review
      • Crypto.com Sign Up Bonus
      • Crypto.com Visa Card
      • Crypto Credit Cards
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      • Margin Trading Exchanges
      • Social Trading Platforms
      • Best Meme Coins
      • Best Dog Cryptos
      • Buy Baby Doge
      • Buy Dogecoin
      • Buy Floki Inu
      • Buy Kiba Inu
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      • Buy Tamadoge
      • Best DeFi Coins
      • Buy 1inch
      • Buy Aave
      • Buy Algorand
      • Buy Ankr
      • Buy Avalanche
      • Buy Balancer
      • Buy Bancor
      • Buy Chainlink
      • Buy Compound
      • Buy Cosmos
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      • Buy DYDX
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      • Buy Kyber Network
      • Buy Maker
      • Buy Polygon
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      • Buy Tezos
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      • Best Web 3.0 Coins
      • Buy Basic Attention Token
      • Buy Biconomy
      • Buy Filecoin
      • Buy Theta
  • NFTs
      • How To Buy NFTs
      • Best NFT Apps
      • Best NFT Games
      • Best NFT Giveaways
      • Best NFT Lawyers
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      • Best NFT Presales
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      • Make Money With NFTs
      • Best Metaverse Coins
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      • Buy Axie Infinity
      • Buy Decentraland
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      • NFT News
      • Celebrity Backed NFTs
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      • New NFT Projects
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      • Invest in the Metaverse
      • Best Metaverse Apps
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      • Real Estate Investment Club Review
      • Identity 20XY Review
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      • Binance
      • Crypto.com
      • DraftKings
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      • Magic Eden
      • NFT Launchpad
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      • OpenSea
      • Rarible
  • Stocks
      • Types of Stocks
      • Best Biotech Stocks
      • Best Bitcoin ETFs
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      • Best Cannabis Stocks
      • Best Cheap Stocks
      • Best DeFi Stocks
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      • Buy Stocks on eToro
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      • Buy Stocks with PayPal
      • Invest in Stocks
      • Invest in NFT Stocks
    • Trading
        • Best Trading Platforms
        • Best Investment Apps
        • Capital.com Review
        • Copy Trading Platforms
        • Demo Accounts for Stocks
        • Day Trading Platforms UK
        • eToro Review
        • eToro Review UK
        • eToro Review ZA
        • How to Day Trade Stocks
        • How to Trade Commodities
        • How to Trade Crypto
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    Digital & Social⟩Ecommerce

    Why Omnichannel Customer Lifecycle Will Take Lead For ECommerce In 2016

    author imageAlan Draper Last updated: 11 February 2016
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    Customer experience is all about omnichannel today.

    And omnichannel is all about having well-connected, integrated, and consistent service channels, such that when customers call your company, they don’t view your support channels separately.

    In the customer’s view everything is managed as a whole rather than a bunch of different departments.

    Why is Omnichannel important for Customer Lifecycle

    The traditional customer lifecycle that followed a sales funnel pattern is now replaced by a shopping journey that is stretched over different touch-points.

    To communicate across all channels, ecommerce businesses need to connect those touch-points with an omnichannel technology to fulfill customers’ increasing demand of instant information on any subject matter.

    The image below illustrates the communication between various channels involved in completing the digital customer lifecycle today.

    TCS-Traditional-customer-lifecycle

    A study by the Aberdeen Group formed around omnichannel customer care reported that today consumers aren’t restricted to only one channel or device to operate businesses. The study further elaborates that the customer lifecycle might currently start in one channel and proceed through numerous other ones.

    Consumers are fluent on the range of ecommerce services available from retailers. That is why omnichannel customer care strategies have 91% better y/y customer retention rates than others.

    Omnichannel customer experience management approach does not only result in higher retention rates. There is also improvement in the percentage of essential customer and business value metrics like the average profit margin per customer and the customer lifecycle value.

    How to Use Omnichannel Approach

    Consumers have varied ways of shopping, and retailers are on their toes to keep up with them and their needs. Hence, retailers are gaining a competitive advantage by adopting an approach that integrates various toolsets, such as mobility and business intelligence across different communication channels.

    This creates a clear, single view of the consumer enabling retailers to interact between all business channels. Taking advantage of better customer information, delivering consistent quality of service, and personalizing the customer experience, leading multi-channel retailers can evolve their customer-centric business plan-of-action and extend their horizon to enable all their channels.

    Traditionally, marketers were more focused on the front-end of the customer relationship, like brand awareness and lead generation. But now, as retail becomes digitized, marketers cannot simply hand over management of this relationship to the sales department.

    Today, in an increasingly omnichannel business environment, customer lifecycle management has become incredibly complex but, also customer-centric. It assists in connecting disparate people, data, and processes that are normally stored within your company.

    About 91% of customers want to continue their shopping experience where they had left off whenever they switch between channels.

    For instance, on way home, a customer looking to buy new shoes goes online to browse through the catalog. He like some styles and saves them in his cart. The customer, then leaves the website and heads to the brand’s brick-and-mortar store, but sees no way to use his the webcart in the offline shoe store. And so, either he will pick one pair from those available at the store, or leave the shopping then and there. Thus, loss of an almost converted customer.

    Marketers must understand that being in an omnichannel experience does not just sum up to having multiple channels. It is more about ensuring the fact that all those channels work well together. Just as in the example above, the customer was unable to access her website details with the store, due to lack of connectivity between different channels.

    According to a joint survey by Gleanster Research and Act-On, companies that are able to deliver profitable interactions at various stops of the customer lifecycle claim their victory in the digital world.

    The image below represents the process of an omnichannel journey management.

    contact-center-omnichannel-journey-management-diagram

    Image courtesy: Genesys

    Final Take

    Superior customer lifecycle management can dramatically transform your organization. By meeting and exceeding expectations in every phase of customer management, you can turn prospects into satisfied customers and customers into enthusiastic advocates for your brand.

    To be successful, this direct-to-customer capability must be proportionalized by the total cost of ownership throughout the retail environment.

    Today, many futuristic retailers are engaged in the attempt to provide omnichannel marketing and operations support services. These services will help in decreasing costs, improving customer service, as well as focusing on core competencies, such as sourcing, merchandising and marketing.

    So, go on ahead and ask yourself, “Do I have the variety of support channels, used and wanted by customers?”

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      This article originally appeared on TargetingMantra and has been republished with permission.
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    author image

    Author: Alan Draper

    Based in the United Kingdom, Business 2 Community editor Alan is part of the team that’s responsible for ensuring all the content on our site is accurate, relevant and up-to-date. In addition to editing, he is also a writer and an expert on the stock market.
    Alan has previously written

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      Discuss This Article

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    • Devika Girish says:
      February 17, 2016 at 8:26 pm

      Great read Rahul. And yes, you said it right – going omnichannel is the need of the hour for retailers. In fact, today’s hyper-connected consumers increasingly expect their favourite brands to cater to their ever changing needs, preferences and in-store behaviour, across all channels of interaction. One of the technologies that are increasingly leveraged by retailers for this purpose is iBeacon technology. Yet, many businesses still continue to have some misconceptions around beacons. Primarily because, most of them aren’t very clear about how beacon hardware and software work together.

      Reply

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