In 2018, the market size of the global digital experience platform was valued at USD 7.53 billion. By 2025, this size is expected to expand at a CAGR of 10.9%, thanks to the rising efforts of companies in delivering user experience across multiple marketing channels.
Enhancing existing customer base through DXPs
The Marketing Metrics reveals that brands have a 60-70% higher probability of selling products or services to the existing customers as compared with the new prospects (5-20%). There is a need to churn the existing customer base for a much deeper relationship because this is the population that is already aware about your brand. There is a greater need for developing customer loyalty.
In order to achieve this, the brands must focus on a strategy that is beyond the CMS-centered martech stack. Digital experience platforms talk about the overall customer journey. The brands built on the architecture of DXP ecosystem with experience layers, automation and integration data, can enable compelling, strategic and relevant conversations. Most of the successful businesses that you see today are focussed more on orchestrating a compelling customer experience.
Shifting focus of vendors from CMS to DXP
Today, there is a paradigm shift in the focus of vendors who are delivering DXPs at a scale. But why has there been such a shift?
Personalization has become the buzzword- Accenture’s report highlights that 91% of the customers are more likely to shop from brands that remember and recognize them, because this facilitates relevant recommendations and offers. A poorly curated user experience is the killer of customer satisfaction.
Customer data has become the brands’ core requirement- The brands are now looking for DXPs where vendors can stitch together the strings of anonymous and known data for activation of real-time customer profiles across omni-channel. The idea is to bring together website personalization, cross-channel campaign management, and customer data for real-time, bi-directional, API-based integrations.
The magic lies in DXPs
DXPs are providing modular services for practitioners and developers for creating, orchestrating, and optimizing businesses’ digital journeys at scale. In general practice, when businesses and brands focus and align their strategy through DXPs, they get an integrated collection of different technologies which string together capabilities like localization, personalization, e-commerce, and content management. This in turn, delivers consistent digital experience across omni-channel.
Focusing your strategy towards brand experience for customers is the way to thrive in future. The pandemic was a demonic dynamite that perforced brands towards what was evident to happen- digitalization of the world. COVID has simply acted as the molecular juggernaut that pushed the businesses to calibrate towards the highest stage of development.