The past few years have seen a growth in the adoption of digital customer engagement channels by organisations, as digital engagement provides them with valuable data on customer behaviour, which enables them to optimise their marketing strategies and product development. The outbreak of COVID-19 saw the internet rapidly becoming the shopping channel of choice for an increasing number of consumers, and this trend is likely to persist.
This can be successfully achieved by adopting a digital transformation strategy and delivering a personalised customer experience, while drawing on customer-related metrics, of which Client Lifetime Value is a core steering metric. CLV offers both established and new players in the e-commerce space the opportunity to better understand, target and serve their customers in an effective and efficient manner to create more value for them, thereby creating a competitive advantage in the marketplace.
Once a business understands the importance of CLV and its links to business profitability, it should focus on the key priorities that are integral to enabling and sustaining profitable customer interactions over time. Lastly, organisations should focus on revenue growth, which specifically refers to customer data and the analysis of this data, obtained from all customer interactions. Leveraging this data allows enterprises to employ smart solutions, such as Artificial Intelligence-driven chatbots to analyse and upsell and cross sell, which drives revenue growth.
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