Story
Series
This Robo
Advisor
that can make you a Fortune
This Robo Advisor that can make you a Fortune
Mutual Funds, ETFs, Closed Ended funds, Separately managed accounts, Money Market funds, Variable Investments, 529 College saving plan, Collective investment trusts, and Alternatives.
Hence, an 82% stake in online robo advisor tool, was a calculated step to boost company’s alternative distribution business with technology-enabled investment advice. However, company’s executives were staring in the face of gruesome underlying challenges.
Imagine if your financial advisor operated in nano seconds, followed an in-built algorithm, helped you visualize your financial goals and nearly got your investment options right. This ain’t a number crunching, fast talking wall street mercenary selling the next big money spinner!
One of the world’s largest asset manager with 752.3 billion in aggregated assets under management (AUM), was exploring new avenues to transform investment advice. The growing trend of robo advisors for influencing investment decisions was running rampant in the financial industry. With global distribution, right investments and smart acquisitions, company had marquee clientele both individual and institutional, with products like
Story
Series
Going Beyond the Shopping Cart
Going Beyond the Shopping Cart
Story
Series
Click
Every online retailer requires a robust customer service team who can cater to this wave of customer transactions on a daily basis. Most customer service teams are able to handle much of these queries easily.
However, there are specific requests that need a touch more than just phone handling skills. E.g. Returns and cancellations, delayed delivery, etc. that require knowledge and emotional intelligence.
When customer
voices go unheard
Our client, a leading online fashion retailer with over 5,00,000 customers had a peculiar problem of calls not getting answered in a timely manner during peak times, leaving behind a long queue of “disgruntled customers” with unresolved queries.
Lack of multilingual skills brought little cheer for our client’s regional operations.
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The
impact?
Processes, Skills, Training & Quality
Team Hexaware stepped in with the promise of “SUSTAINABLE GROWTH” for our client’s customer service operations ensuring high quality delivery. The key contributions from Hexaware:
Re-inventing the shopping cart:
A learning culture settles in
We appointed a special training team to ensure learning quality is on par with the very best in the industry. An in-house “Knowledge Portal” was developed which had scenario-based
learning methods.
We appointed a special training team to ensure learning quality is on par with the very best in the industry. An in-house “Knowledge Portal” was developed which had scenario-based learning methods.
This portal was customized as per our client’s requirement and played the key role of being an “Assistant to an Agent”. With this tool, Agents could now access step-by-step resolution methods while talking to the customer.
This made the customer service experience smooth while enhancing the call/chat quality and reducing the average handling time (AHT). Usage of the tool has helped the client manage high volumes during seasonal sales with the call abandonment rate dropping below 3%.
This tool helped agents manage complaints and escalations during season sales which was a major challenge for the client.
An initial demographic study by our operational analytics team showed that 85% of our client’s shoppers were millennials. We trained our customer service agents, most of whom were millennials themselves, to shop on the beta version of our client’s website/app.
Capitalizing on the millennial mindset
Key metrics at
a glance
In the immediate future, we aim to introduce self-service options wherein cognitive chatbots can resolve 30%-40% of all customer queries. We also plan to automate repetitive manual activities that will further reduce the customer handling time. Considering that our client already has a strong presence in Tier 1 and Tier 2 cities, Hexaware is now a strategic advisor to help them enter Tier 3 and Tier 4 cities. Our strong Hub and Spoke model in these cities will help our client accelerate towards their desired goal. Hexaware’s success is clearly measured by the growth of the client.
Shining up the future
Order Management Process
Recruitment Process
Loyalty Programs
Corrective Actions
Live Reporting tool
85%
90%
calls answered in 20 seconds
8%
increase in throughput
30%
rise in seasonal shoppers
With our agents reporting similar issues as faced by the shoppers, the initial training batch came up with an exhaustive list of recommendations, which were jointly vetted by the client and Hexaware to propose unique ideas for resolving customer disputes.
152, Sector – 3
Millennium Business Park
‘A’ Block, TTC Industrial Area
Mahape, Navi Mumbai – 400 710
Tel : +91-22-67919595
Fax : +91-22-67919500
India Headquarters
Level 19, 40 Bank Street,
Canary Wharf,
London - E14 5NR
Tel: +44-020-77154100
Fax: +44-020-77154101
EU Headquarters
180 Cecil Street,
#11-02, Bangkok Bank Building,
Singapore - 069546
Tel : +65-63253020
Fax : +65-6222728
APAC Headquarters
of our client’s shoppers were millennials
Declining revenue!
Apart from this, a major challenge was managing the high call volume during seasonal sales that happened twice a year which accounted for 75% of the company’s revenue. During this time, the shopper activity rose to 3 times than usual and our client’s call centers were flooded with thousands of calls.
Another roadblock to customer satisfaction was that the orders were delayed, cancelled or returned leading to logistical nightmares. Unhappy customers turned to social media and online consumer forums with negative reviews damaging the brand of India's leading online fashion retailer.
Introducing an order management process for order processing, delivery, order modifications, query resolution, refunds and returns with cancellation and authorization requests, follow-ups and approvals, payment queries, help desk for installation, drop shop, feedback and so on.
Call abandonment rate decreased to less than
3%
85%+
Quality Score
error reduction
10%
A best-in-class recruitment process followed by extensive training programs and stringent background verification including screening at various levels
Successfully running the client’s loyalty program to maximize their customer base through regular feedback, loyalty points, client credits and so on.
Specialized team to analyze trends, common frontline errors and call drivers to enable clients take corrective actions before raising complaints, and handle escalations related to payments, refunds and logistics management - earlier handled in the general call queue.
Develop a live reporting tool to report hourly, daily or monthly SLAs including a simulator that maintains a call repository to measure call quality.
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07
Introduction
When customer voices go unheard
Re-inventing the shopping cart
A learning culture settles in
Capitalizing on the millennial mindset
Key metrics at
a glance
Shining up
the future
This portal was customized as per our client’s requirement and played the key role of being an “Assistant to an Agent”. With this tool, Agents could now access step-by-step resolution methods while talking to the customer. This made the customer service experience smooth while enhancing the call/chat quality and reducing the average handling time (AHT). Usage of the tool has helped the client manage high volumes during seasonal sales with the call abandonment rate dropping below 3%. This tool helped agents manage complaints and escalations during season sales which was a major challenge for the client.
It must That’s what online shopping stands for. With customers making purchase decisions in just a few clicks, online retailers need to regularly add newer products to their shelves at the speed of light. Besides, they need to provide an extensive range of services like replacement guarantees, scheduled on-time deliveries, attractive discounts and above all, a stellar customer experience.
Order Placed
www.hexaware.com | marketing@hexaware.com
TM
Hexaware is the fastest growing next-generation provider of IT, BPO and consulting services. Our focus lies on taking a leadership position in helping our clients attain customer intimacy as their competitive advantage. Our digital offerings have helped our clients achieve operational excellence and customer delight. We are now on a journey of metamorphosing the experiences of our customer’s customers by leveraging our industry-leading delivery and execution model, built around the strategy— ‘Automate Everything, Cloudify Everything, Transform Customer Experiences.’Hexaware services customers in over two dozen languages, from every major time zone and every major regulatory zone. Our goal is to be the first IT services company in the world to have a 50% digital workforce.
Learn more about Hexaware at http://www.hexaware.com
About Hexaware
Metro 101, Suite 600,101 Wood Avenue South, Iselin, New Jersey - 08830
Tel: +001-609-409-6950, Fax: +001-609-409-6910
NA Headquarters
152, Sector – 3, Millennium Business Park, ‘A’ Block, TTC Industrial Area
Mahape, Navi Mumbai – 400 710
Tel : +91-22-67919595, Fax : +91-22-67919500
India Headquarters
Level 19, 40 Bank Street, Canary Wharf, London - E14 5NR
Tel: +44-020-77154100
Fax: +44-020-77154101
EU Headquarters
180 Cecil Street, #11-02, Bangkok Bank Building, Singapore - 069546
Tel : +65-63253020
Fax : +65-6222728
APAC Headquarters
© 2019 Hexaware Technologies limited. All rights reserved.
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Retailers are disrupting the norm and upping their game with the digital twist. Market trends are determined on the basis of demand- supply theory. This explicitly explains why there is a dire need for a paradigm shift in the traditional retail management.
Having witnessed some path-breaking innovations in the past decade like AI and machine learning, the same is being leveraged to enhance customer experiences
01
Know your customer
02
What do customers want? While running any business, it is important to know the need and the mindset of your end-consumer. It is no longer the world of e-commerce only; with m-commerce dominating the millennial mentality.
The focus is not on the product alone. It is more about the journey that matters. Retail shopping is like a virtual mall for consumers where they can compare and shop anytime & from anywhere.
According to BRP, 87% of the consumers want a personalized and consistent experience across all shopping channels.
In order to match these expectations from digital savvy customers, retailers need to establish unified commerce, real-time integration of data, micro services-based apps environment, cloud native development and business-controlled configuration.
legacy to modernization
Our client, a UK value retailer, had their core applications stuck in legacy and were well aware of its implications. They had a vision for omni-channel and digital retail. This is when they approached Hexaware for a IT strategy consulting.
Hexaware proposed that before going for an IT strategy they should do a business capability assessment to understand the process gaps so that based on the business needs we would be able to come up with the right choice of applications.
Paving the way from
How would having an omni-channel presence benefit the retailer?
Capability gap between actual and desired analytics requirement
Siloed approach between business units
Multiple applications with duplicate functions
encountered by the client
Data challenges
Disparate versions of the truth
To overcome the challenges, Hexaware delivered a unified data platform architecture and scaled a roadmap with the POC on Customer 360, Product 360 and Enterprise 360.
The client had a nominal presence in the digital market prior to the launch of the mobile app. They were facing challenges to migrate their existing integrated platform to cloud & scale it up. This is when our team developed MuleSoft API to sync data to the app. The API helped cater to the requests made to the client via the app contributing approximately 4500 orders/day with an estimated revenue of £2,50,000 to £3,00,000/day.
Estimated revenue of
orders/day
£ K
4500
/day
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With the proliferation of retail in accordance to data-driven insights, a lot is expected to change. Having provided a seamless experience to customers by enabling them to view/purchase products anywhere and at any time, retail is here to sustain.
Metro 101, Suite 600,101 Wood
Avenue South, Iselin,
New Jersey - 08830
Tel: +001-609-409-6950
Fax: +001-609-409-6910
NA Headquarters
152, Sector – 3
Millennium Business Park
‘A’ Block, TTC Industrial Area
Mahape, Navi Mumbai – 400 710
Tel : +91-22-67919595
Fax : +91-22-67919500
India Headquarters
Level 19, 40 Bank Street,
Canary Wharf,
London - E14 5NR
Tel: +44-020-77154100
Fax: +44-020-77154101
EU Headquarters
180 Cecil Street,
#11-02, Bangkok Bank Building,
Singapore - 069546
Tel : +65-63253020
Fax : +65-6222728
APAC Headquarters
About Hexaware
Hexaware is the fastest growing next-generation provider of IT, BPO and consulting services. Our focus lies on taking a leadership position in helping our clients attain customer intimacy as their competitive advantage. Our digital offerings have helped our clients achieve operational excellence and customer delight. We are now on a journey of metamorphosing the experiences of our customer’s customers by leveraging our industry-leading delivery and execution model, built around the strategy— ‘Automate Everything , Cloudify Everything , Transform Customer Experiences ’. Hexaware services customers in over two dozen languages, from every major time zone and every major regulatory zone. Our goal is to be the first IT services company in the world to have a 50% digital workforce.
Learn more about Hexaware at http://www.hexaware.com
www.hexaware.com | marketing@hexaware.com
02
Disparate versions of the truth
Siloed approach between business units
Capability gap between actual and desired analytics requirement
Multiple applications with duplicate functions
Read More
How many times have you just seen a product and bought it then and there? We usually do not buy stuff at the first glance. We compare it on multiple channels to check for its features, better offers, reviews, quality, etc. We even visit a nearby store to check the product real-time to consider a potential purchase. So, after delivering their IT strategy, our team began a deep-dive into their data...
Our team did a current state heat map by business unit and based on the same they arrived at an IT strategy understanding the current state application and suggested what should be the future state application architecture.
Our team is currently working to move them away from their legacy Order Management Platform to suit omnichannel OMS need, digitally as we evaluate the Order Management Product in the market and help them identify the right product for their business needs.
Aligning to the revamped application and data needs, Hexaware recommended future state infrastructure architecture with cloud first adoption, detailed inputs on automated operations, network re-architecture and security, data center re-architecture and service desk / end user services.
We are lined-up with initiatives towards implementing Salesforce cloud and experience platform design through newer mobile interfaces.
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M&C
How data can be effectively utilized by the retailers? To begin with, Data is an asset. It forms a solid foundation to extract insights, develop and deliver improved experiences. It can be leveraged to understand customer behavior.
Know your customer
Paving the
way
Omnichannel
Presence
Data
Challenges
Know your customer
Paving the
way
Omnichannel
Presence
Data
Challenges
Know your
customer
TM
TM
TM
Click here
£3,00K
