The forthcoming UK election is likely to introduce economic uncertainties that could affect consumer spending and confidence. CX has never been more important as brands must focus on maintaining high-quality customer service to adapt to consumer needs.
Companies must invest in understanding consumer behaviours through analytics and adjust their CX strategies accordingly to sustain growth. They must ensure that their operational models and customer engagement strategies are flexible and scalable to quickly adapt to sudden changes in the business environment.
Our members, who are today’s leading CX outsourcers, tell us they are having ongoing conversations around job creation and economic stability, and are expecting to see heightened security around employment practices, specifically dedicated policy changes around the ‘right to request a human’ with the increased technological advancements in AI. This also serves as a message to both consumers and policymakers that you are committed to employment opportunities.
In an election year fraught with uncertainties, they confirm that consumers are seeking out more reassurance and empathy, especially within the financial and public sectors.
While automation and self-service technologies are revolutionising customer service, the human touch remains invaluable, especially during this time
Striking the right balance of both automation and human interaction not only enhances the customer experience but frees up agents to focus on adding value and providing this extra reassurance.
As well as this, the likely increase in election stories around fake news and AI interference will only heighten this sense amongst consumers, meaning that maintaining a human touch will become even more important.
There will be more regulations and policies coming out at the end of the year around AI, so keeping up to date with how this evolves and being adaptable will be key to keeping ahead of the game.
Our members also report that the digital skills gap is widening
Below are some extracts from our BPO members representing some of today’s leading brands who outsource their CX:
- As politicians seek re-election based on their ability to generate new skills and new jobs for those skills, becoming a digital-first company may be harder than companies think. Workers worldwide aren’t well equipped with the resources to learn the digital skills they need to succeed. And workers aren’t the only ones feeling left out of the digital economy. According to analysts the skills gap could result in $8.5 trillion being left on the table by companies globally.
- The ever-expanding sea of digital tools presents both an opportunity and a challenge. 2024 should be earmarked as the year for rationalisation, with a focus on reducing the variety of tech solutions that you use as a business, eliminating peripheral ones, and maximising the use of existing, more strategic platforms.
- Hyper-change is here to stay — not just in geo-politics but also in business. As technological innovation and market shifts occur at an ever-faster pace, 40% of global CEOs are under pressure, wondering if their businesses will survive the next decade. The pressure is on, and this could be the year many executives face a wake-up call in their industry.
- The goalposts are moving, and the CX industry can’t afford to sit on the sidelines waiting for things to return to where they were in 2023. Whether it’s leveraging generative AI for the value of customers, or rapid investment in driving up core, digital CX capability, 2024 is the year to actively seek the next big thing to drive CX differentiation.
- To be relevant in the next decade, being a fast follower won’t cut it anymore — brave leadership to break new ground will be key. Not just at the ballot box, but in the boardrooms and offices of CX executives worldwide.
Whilst the election presents a unique bed of challenges, there are opportunities for companies to look at their customer experience strategies. By focusing on technical integration, regulatory compliance and adaptive customer engagement strategies, companies can not only survive but thrive.
The ability to swiftly adapt to the outcome of the election will be a definitive factor in their success in the coming years.
In the latest free report, CXFO and their members explore what the Election means for the Contact Centre and CX sector. What new strategies for growth and success are being seen in 2024? How can organisations drive these? And what new strategies are needed for success in uncertain times? To download please visit CXFO.
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