| | AUGUST 20208CIOReviewIN MY OPINIONTO STAY COMPETITIVE YOU MUST IMPROVE YOUR DIGITAL EXPERIENCEBy Parag Vaish, Head of Digital Product Management, Content and Design, Tesla [NASDAQ: TSLA]Empower Your Digital Experience to Do the Heavy LiftingThe real foundation for success is an organization that can execute well in three key areas: people, processes and technology. There are more than enough articles about hiring the right people, operating processes of high performing teams and the technology they use to execute their tasks on a daily basis. Assuming you have the right people, processes and technology, you can then focus on customer experience philosophies to improve your business. Your technology can be broken down into five distinct areas required for a successful digital transformation with the support of knowledgeable employees and a solid standard operating procedure. These areas are1. Simplification2. Real time information 3. Predictive modeling4. Automation, and5. Personalization To be clear, there are probably others areas. But, it will be hard enough to nail these five so this is a good place to start. Super Easy, One-Tap Mobile Experiences Every business needs to embrace mobile in order to compete, but I'll assume you already have a mobile experience by now. The easiest way to outsmart your competitors is to simplify the customer mobile experience to a single tap. Some would argue that voice is even easier than taps on a mobile screen but if you have a multiple tap mobile experience, you are a little bit away from voice transactions. When I joined the StubHub team in 2013, buying a concert ticket simply wasn't as easy as it could be. The experience was a whopping nine taps to checkout success and that was if you knew exactly what you wanted to buy. Our team of skilled product managers, UX designers, engineers and quality assurance folks decreased the experience to four taps which increased StubHub ticket conversion by 4x. There were other improvements made but the reduction in taps certainly was the primary driver of improved conversion. Save Time for Customers by Automating Routine ActionsArguably, one of the biggest benefits customers report in using tech is the ability to set it and forget it. When a business enables automation controls for the customer, the user behavior is changed in that the customer no longer has to think and this is often beneficial to a business. The app, Acorns, is an excellent example of automation making a real difference. Acorn empowers their customers to automatically round up every credit card and bank account transaction which tucks that extra couple of cents away. While it may seem trivial to save 18 cents from your lunch, those pennies add up. Customers can customize their settings to determine how and when to round up and create their own accounts for saving and investing. Simple automation has the power to completely change the life of your customers.Real Time Information is PricelessAny business with a retail store knows just how competitive the market has become over the last few years. Real time inventory tracking has become essential.A premium retailer, Nordstrom, refused to let online shopping ruin the in-store experience. Instead, they implemented the right technology to create a productive connection between their storefronts, website and mobile shopping app. Now, any Nordstrom salesperson can access global, real-time inventory and have it shipped directly to the customer at any given moment. Having visibility into real-time inventory makes it Parag Vaish
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