Digital transformation has disrupted the industry of wholesale distribution beyond measure. With intelligent technologies such as machine learning, artificial intelligence, and the Internet of Things at your disposal, customers and employees expect new and improved experiences.
Some distributors may view this digitalization as a passing phase. However, they are missing out on the benefits that technology brings, from increased revenue to lower customer churn. And if your company fails to snatch such opportunities, your competitors will gladly take your place. In this blog, you will learn – in numbers from a recent SAP white paper – exactly what becoming an intelligent enterprise can do to help you continue excelling in wholesale distribution.
Exceed existing customers’ expectations
Place new and emerging technologies into the customer service space. You’ll quickly find that they’re connecting distributors like you with customers like never before while providing insights into customer behavior and proactive access to customer data. Organizations record 13% higher customer satisfaction levels when they leverage multichannel communications to optimize their conversations with customers.
Multichannel communication helps optimize customer contact so you know when customers are pleased – and can quickly resolve their issues when they aren’t. Further, extending real-time technology across the enterprise enables your customer service agents to view purchasing history, prior conversations with support, and other vital information with the customer still on the line. That leads to quicker, better decision-making for 15% shorter call handling times.
The efficiency gains for customer support don’t stop there. Artificial intelligence chatbots integrated into an online support channel can handle simple requests such as password resets and order status updates. That way, your employees can focus instead on more-complex tasks that demand human attention, sensitivity, and critical thinking.
With shorter call times, quicker problem resolution, and communication channels of their choice, your customers are less likely to turn to your competitors for help. Organizations that implement such solutions experience 17% less customer churn.
Boost business outcomes with new customers
Delighting existing customers is only part of the power of digitalization. Distributors who have integrated intelligent technologies realize 18% higher revenue growth thanks to new customers, too. This begins by empowering marketing and sales.
Machine learning technologies with self-learning algorithms can help your marketing department realize insightful information about customer behavior, which is useful in determining what audiences to target. And as the technology gets to know your customers better, the more valuable those insights become and the more accurate its predictions get. From there, marketing can personalize and adapt campaign offers in real time based on similar prospect responses to offer profitability. If you see a campaign is going well, you can get greater insight into what’s bringing customers onboard and double-down on those efforts.
At the same time, analytics tools can help produce contextual data that supports fast and confident decision-making. This helps support your sales leads. Organizations have reported as much as a 20% higher rate of achieving quotas with such intelligent technologies.
The only thing separating your company from those embracing and excelling with these outcomes – explored at length in a recent SAP white paper, “Riding the Waves of Disruption in Wholesale Distribution” – is intelligent technology. With such technologies, you will gain the tools and skills you need to create engaging and empowering experiences for your customers and employees.