At the beginning of 2022, digital transformation is in full swing, and new digital technologies are coming up globally. Businesses are experiencing a global revolution. They are quickly embracing new digital technologies to reshape the customer’s experience as the pandemic continues to impact the world. Businesses are being carried out with an increase in customer-centricity. Consumers are more equipped to make decisions wisely and in real-time.
Many brands underwent digital transformation in 2021 are to further continue this year. The rapid pace of the digital transformation framework adopted by them includes a more comprehensive and effective range of opportunities. The digital transformation strategies are expected to further revolutionize customer processes by integrating them with innovative technologies like moLotus.
The digital transformation trends and predictions from 2021 have proven correct. The industry is going to deliver better results to the customers. The advanced tools like moLotus would enable the collaboration of various operating models making better strategic business decisions. Experts forecast that by 2025, the digital transformation market will grow at a CAGR of 23% from 2019 to $3.3 trillion.Here are the top digital transformation trends and strategies for 2022.
Faster Adoption of Mobile Customer Sign-up and Onboarding
In 2022, effective customer onboarding need not be a complicated, unstructured and cumbersome process as it used to be. With the advent of breakthrough technologies like moLotus, mobile customer onboarding is automated, flexible, cost-effective and scalable now. Trends reflect more brands going for replacement of traditional onboarding with moLotus. this year. With the continuing high rate of smartphone penetration, the breakthrough technology will drive mobile onboarding.
Several SaaS brands have been trying their hands in mobile customer onboarding via mobile app development. However their efforts ended-up with little or no success. moLotus powered mobile customer sign-up and onboarding in place is enhancing customer engagement with a smooth end-to-end experience. Innovators and early adopters have already embarked on moLotus to digitally transform their entire new customer onboarding process.
Emphasis on Digitalize Renewals – Policies and Contracts
This year the manual, labour-intensive and tedious contract/policy renewal management processes will be things of the past for most businesses. Thanks digital renewals introduced by moLotus! Digital transformation of contract/policy renewal process allows for mobile automation. Now all parties involved can easily track contract renewals. Mobile automation has proven to be a boon for more complex contracts. Experts are of the opinion that placing automated contract renewal at the forefront of digital transformation strategy will enhance reporting and fulfillment of contractual obligations. In 2022, moLotus is going to make the contract renewal processes mobile automated. It will allow more time & cost savings, improving the overall customer experience.
Resorting to Digital Filing and Document Submission
Digital transformation in banking and insurance will take a new turn in 2022. Experts predict that this year the pace of customer conversion in the insurance and banking industry is likely to increase. The reason behind this increase would be the adoption of tools like moLotus which is digitizing a key customer process like filing and document submission. In the past insurance and banking industries have been experiencing conversion rates as low as 30% or below due to the manual filling & document submission processes. Lack of customer engagement and massive dropouts have been attributed to manual file processing and document submission.
In 2022, document filing and submission processes will become more digital with moLotus making them hassle-free, generating higher conversions at less cost & time. Top banking and insurance firms have already embraced moLotus empowered mobile filing and document submission. They are now benefitted by an increase in customer engagement with low costs, high ARPU and high revenues.
Aiming to Digitize Recurring Services and Product Cycles
For businesses, digitizing the process of sending reminders for recurring services & product cycles is one of the top digital transformation priorities in 2022. They no longer want to confront or sound harsh to customers while addressing the service reminders to their customers.
Digital transformation via moLotus is the best and only solution to the challenge posed by manual reminders. moLotus technology helps businesses in designing a bulletproof recurring service and product cycle process for customers. Now it is possible to fully automate the recurring services and product cycles like air-conditioning, car servicing, buying coffee, and more. This year more businesses are using this transformation resulting in high-margin revenues and customer engagement.
Replacing the Plastic Loyalty Cards
Plastic loyalty cards would be a thing of the past with mobile cards quickly occupying the loyalty cards space in 2022. In the past, customer wallets used to bulge with bulky plastic loyalty cards. Businesses hardly had any options other than clinging to plastic loyalty cards. They perceived parasitic cards to be cheap, easy to set up and maintain, therefore more cost-effective than implementing digital transformation. However, this perception is fast changing due to the incoming of moLotus mobile loyalty cards.
Mobile loyalty cards powered by moLotus have successfully solved the challenge associated with plastic cards. They are convenient to consumers, save cost, and increase usage with high revenue. Innovators from different industry verticals like retail, banking, consumer goods, etc. are fast embracing moLotus mobile cards to get the benefits.
Replacing Outbound Calling
Earlier customers contacted customer service via telephone when smartphones were in their infancy. That world is fast vanishing. The concept of low-cost automated customer contact isn’t new. Yet the growing development of AI-based non-voice contact technology is a trend that will continue to transform the industry this year. moLotus happens to be the pioneer of this mobile digital transformation. The COVID-19 pandemic has badly hit the industry over the past two years, forcing many call centers to adapt and move to a moLotus powered non-voice contact model.
This year it is going to replace voice-based contact by offering low cost automated mobile-based interactive communication. No app downloads, no data charges involved. The resultant lower operational costs coupled with greater efficiency would mean more revenues for brands.
Transforming Lead Generation
Digital transformation and rising marketing technology has revolutionized the way that companies generate leads. In 2022, more brands are focusing on reaching out to customers directly using mobile advertising platforms like moLotus. moLotus empowers them in lead generation with its powerful capabilities of delivering highly personalized, customized and targeted rich media ads. Interestingly, the ads directly reach the mobile inbox of the customer, without spamming. The moLotus ads have a longer shelf life and remain in the inbox until manually deleted.
Businesses are capable of generating leads in the form of real-time data of individual customers. The leads can be nurtured by executing personalized promo campaigns along the entire customer journey. Finally, advertisers are able to scale revenue and performance through moLotus via convenient ad campaign creation, response management, detailed reports & analytics, and unique automation API.
Improving Customer Support & Feedback
According to current trends convenience and speed are at the top of customer agenda. Businesses are looking out for a digitally transformed support system that can engage this convenience and speed-driven consumer. A McKinsey Report suggests that modern customers prefer mobile-driven digital service, with 76 per cent of customers satisfied with digital-only journeys, compared with 57 per cent for traditional channels.
The moLotus mobile video customer interaction platform has transformed the way brands can serve their customers on mobile devices. Brands are preparing for more live conversations and using mobile platforms like moLotus for real-time customer interaction. It provides real-time customer ratings and feedback via mobile. Brands are now capable of addressing different service issues via mobile; enabling them to analyze and improve upon.
moLotus offers various customer response options like SMS, Callback, Click URL, etc. enhancing brand-customer interaction. As a result customers feel a greater connection with the brand. They feel free to provide feedback resulting in higher conversion, retention and lifetime value.
This year brands are expected to undergo rapid scaling of digital transformation initiatives. They are privileged to have new technologies like moLotus for this purpose. Via moLotus breakthrough transformation they can engage customers more precisely and effectively. They can better know various customer queries, concerns, and requirements. moLotus is expected to eliminate the limitations associated with age-old technologies and help businesses become more responsive to upcoming market trends and demands with greater speed and agility. 2022 is the right time to start your digital transformation journey!