Payment experience falls short for customized products
Customized products are becoming more popular but pose a challenge when it comes to building an optimal payment experience.
Demand for custom products is on the rise. More than a quarter (26%) of consumers buy customized products, up from 17% in 2015. And with today’s high expectations for an optimal buying experience, customers won’t be satisfied unless they can customize and purchase products in a seamless way.
Unfortunately, CPG brands have some work to do when it comes to meeting those expectations. Digital tools must play a role in offering a stellar CX, and CPQ (configure, price, quote) and next-generation visualization solutions can help. But full implementation — both externally to customers and internally to team members — requires strong buy-in from multiple groups.
So, how does CPQ work with visualization tools to provide the ideal customer experience? Buyers want the ability to build their vision of a product in a user-friendly way, and then purchase it on the spot. This requires significant digital transformation for most brands, and many consumer goods providers are still figuring out how to nail the experience.
Consumer goods providers often encounter multiple, audience-based barriers when executing CPQ initiatives. To successfully implement, you’ll have to work with the following parties:
Company leaders. For a digital transformation initiative to succeed long term, leadership must rally behind it and promote its success from the top down. As the originator of a CPQ customer experience upgrade, it’s essential you secure leadership buy-in first — or else your initiative will fall flat. When the C-suite communicates the importance of a digital transformation project, there’s a greater chance that all employees will fall in line and change their behavior.
Technology partners. When building a streamlined customization experience, chances are your organization will need to rely on an external partner to achieve your goals. No matter who you engage with — from tech vendors to consultants to contract-based software developers — make sure your providers offer a tool or process that allows you to make updates. Too often, partners leave organizations with a fancy new tool that can’t advance with the business. Given the speed at which the customer experience continues to evolve, you can’t afford to reinvent the wheel each time you need an upgrade.
Company-wide teammates. Even though defining a CPQ tool and process is primarily done for the end user, it doesn’t mean it can’t directly benefit your internal teams across the organization. Any tool that lets buyers build their ideal products and purchase them immediately can provide a wealth of data that helps internal teams do their jobs better. Product marketing gains insight into the most popular product features, while the pricing department can view cart abandonment statistics to understand how end users feel about the price of custom products. Additionally, new insights allow developers to identify site bugs by monitoring the tool and taking note if shoppers routinely drop off at a specific points in the purchase process.
Demand for a user-friendly way to customize products requires action from organizations that want to stay ahead of the digital curve. When internal teams tackle the implementation and adoption of CPQ tools, they’ll meet buyers’ growing standards for a seamless CX.