Want Powerful Results? Personalize E-Commerce Support

Today’s online retail environments deliver a shopping experience the likes of which few could predict at the conception of the Web years ago.

Streamlined, polished user interfaces, intuitive browsing and inventory search processes as well as quick and easy checkout systems allow shoppers to journey through a powerful brand experience from the comfort of their homes or on the go with a mobile device.

Despite these advancements in the quality of online shopping platforms, customers still expect more from e-commerce. Specifically, they want cross-channel shopping and personalized experiences in every brand interaction, including new forms of live help technology that bring the human element to online support. Clearly, the bar has been raised for online retailers, and decision-makers must step up to meet these demands if they want to stay relevant.

Related article: The High Cost of Customer Inconvenience: Gradual (Then Sudden) Failure

What the people want

While many shoppers still make their online purchases at home on desktop computers, merchants must take into account the wide array of personal devices that today’s consumers are using to research and buy merchandise.

According to MarketingLand, facilitating a seamless, personalized experience between these platforms is crucial to success in the online retail market.

This goes for the standard aspects of browsing and purchasing items, as well as offering customer service technology for support needs down the line. Merchants must set themselves apart by delivering consistency across interactions and tracking the histories of individual shoppers to efficiently answer questions and address concerns if they arise.

So, how are customers doing their online shopping today?

In a recent survey of 1,004 U.S. adults, MyBuys revealed that every respondent owned a smartphone, while 61 reported to have a tablet in addition. Although 83 percent of survey participants reportedly saw value in personalization across these devices, only 23 believed that online retailers were doing a good job in this respect.

Merchants must take note that improving their cross-channel personalization efforts can have an impact on their bottom lines, with 52 percent of customers revealing that they bought more when they their shopping experiences were tailored to their preferences, regardless of the platform or channel they used.

Pushing for personalization

Business leaders may acknowledge the importance of cross-channel personalization, but often lack the resources and expertise to capture the momentum of this trend and apply it to their own online retail efforts.

According to IT Web, creating a customized shopping experience that spans across channels begins with having the data necessary to discover how customers best respond to marketing, sales and e-commerce support initiatives. To this end, merchants must embrace analytics tools that make accessing these insights a regular part of their business strategy. MyBuys spoke with Gerald Naidoo, CEO of Logikal Consulting, about the importance of big data in locking down effective approaches to the each component of online retail.

“Today’s consumers are a lot more discerning, and spend some time investigating before they buy,” explained Naidoo in the article. “They look to social media for advice; they want to be treated well and appreciated. Big data lets you better profile your customers, allowing you to engage with them in a far more personal manner. If customers feel hard done by, they will leave you for your competitors in a heartbeat. An example of this would be an airline knowing which customers are frequent fliers, where they travel to, and be able to target them with special offers that seem tailor-made for that customer.”

Merchants in every sector of e-commerce will need to keep a close eye on consumer expectations in order to adjust their strategies accordingly and continue delivering satisfactory online shopping experiences.
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This article originally appeared on the LiveLOOK blog, and is reprinted with permission.

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A Closer Look at MiFID II Recording Requirements

The Markets in Financial Instruments Directive II (MiFID II)—arguably the greatest reform to hit Europe’s financial industry—is finally in effect as of January 3, 2018. This EU legislation serves as a much-needed upgrade from the original MiFID, enacted in 2004, and addresses key issues that resulted from the 2008 global financial crisis.

The directive requires all national governments in the EU to adopt certain laws, which they are free to do in their own way should the resulting effect be the same. Financial services institutions—specifically investment firms, credit institutions and trading venues—are subject to MiFID II, including companies that are headquartered outside of the EU but do business there (for a more thorough overview, see this blog by industry analyst Sheila McGee-Smith).

Recording Regulations: Raising the Bar

Perhaps the greatest impact of MiFID II is the law’s tighter recording regulations. Under the 2004 MiFID directive, there was no mandatory requirement to record communications involving client orders. To ensure fairer, safer and more efficient financial markets, MiFID II now requires firms to record communications (both phone and electronic) for the following investment services:

  • Reception and transmission of orders
  • Execution of orders on behalf of clients
  • Dealing on own account (takes place when a firm puts its own trading books at risk)

The specific customer interactions that are required to be recorded in relation to investment services include:

  • Receipts of client orders
  • Transmissions of orders (both where the investment firm transmits and executes the order)
  • Conclusions of transactions when executing orders on behalf of clients
  • Conclusions of transactions when dealing on own account, regardless of whether a client is involved in the transaction

Important note: MiFID II covers all communications relating to activities intended to result in the conclusion of a transaction or the provision of client order services, even if they do not result in a financial transaction.

Communication of orders placed through channels other than voice—postal mail, faxes, emails, SMS, face-to-face conversations recorded using written minutes—must be stored in a durable medium.

Keep in mind a few rules that apply to this ‘durable medium’:

  • Records must be able to be replayed or copied
  • Records must be retained in a format that does not allow the original to be altered or deleted
  • Firms are required to ensure the quality, accuracy and completeness of all phone records and electronic communications
  • Records must be kept for a minimum of 5 years and, if requested by the National Competent Authority in a specific country, up to 7 years
  • Clients must be notified in advance of recording
  • Records must cover communications made with, sent from or received by equipment provided or permitted by the investment firm (privately-owned equipment used by employees or contractors is not prohibited)

Ensuring Compliancy with MiFID II Recording Regulations

If your business is involved in financial services in any way—even if it’s not your main focus (i.e. credit institutions performing investment activities, branches of third country firms)—you’ll need to investigate to understand whether this new legislation will affect you and, if so, what you need to do to comply.

We recommend a thorough review of compliance across all channels (including back office processes) to determine if they meet the new regulations. If not, you’ll need to deploy a workforce optimization (WFO) solution to demonstrate that policies, procedures and management oversight of the new recording and monitoring rules are in place. Here’s what you’ll need to consider in a WFO solution:

  • Continuous recording: This goes for all inbound and outbound voice and other electronic communications based on business rules. You need a WFO solution that will capture, search and retrieve calls, offer encryption for secure storage, and offer pause and resume capabilities.
  • Desktop screen capture: This is an undetectable back-end process that records desktop screen activity during each customer interaction. Supervisors and managers can use this both in the contact center and back office to view customer interactions from beginning to end via synchronized screen and call recordings.
  • Quality management monitoring: Identify and capture areas of non-compliance, while measuring how well employees are delivering services that align with customer experience expectations.
  • eLearning and coaching tools: Bring employees fully up to speed on regulatory changes and any new requirements, as well as correct any non-compliance behaviors.
  • Voice analytics: Proactively identify, measure and isolate areas of non-compliance by mining intelligence from large volumes of recorded calls.
  • Workforce management: Schedule employee compliance training while ensuring you have enough support personnel with the right skills to serve customers.

The greatest threat to reputability, revenue and customer experience is the thought that your technology is “good enough” to meet current needs. Your ability to innovate and grow are hinged on technology that meets the next-gen needs of today, tomorrow and beyond—something that only 24% of companies say their workforce optimization and recording systems achieve.

To complete a thorough review of your current MiFID II processes, connect with Avaya. For a deeper dive into MiFID II (including a few WFO features not mentioned above) download the white paper MiFID II: What Does it Mean for Your Organization?

MiFID II: What Do You Need to Know?

Sheila McGee Smith Sheila McGee-Smith is a leading communications industry analyst and strategic consultant with a proven track record in new product development, competitive assessment, market research, and sales strategies for customer care solutions and services. Her insight helps enterprises and solution providers develop strategies to meet the escalating demands of today’s consumer and business customers.

If you work in the financial services sector, you’ve likely seen news articles and heard IT, operations and other company managers and executives talking about the impending MiFID II regulation. It’s likely been a topic of conversation for months, if not years. Recently, The Washington Post began an article about MiFID II saying, “The impact of new market rules sweeping across Europe has been likened to motorists suddenly being told they must drive on the other side of the road.”

While the statement may seem like hyperbole to some, for those who work in financial services the statement will have the ring of truth. They have been working for years to create and refine practices and systems to be compliant with a European Union directive that became effective January 3, 2018: the Markets in Financial Instruments Directive II or MiFID II.

An original MiFID was enacted in 2004, prior to the 2008 global financial crisis. Ad hoc changes were made by individual countries to address issues that resulted from the crisis. These issues are being addressed through MiFID II, which harmonizes the rules for all firms with EU clients, across all countries. The main goals of the MiFID II are:

  • Customer protection
  • Increased financial product governance
  • Unbundling of advice from the sale of financial instruments
  • Broader scope of supervision to include equity and non-equity trading
  • Firms must take “all sufficient steps” to ensure that transactions are executed in the best interest of customers
  • A considerable increase in the requirements for transaction data reporting

From an enterprise communications perspective, the aspect of MiFID II which is relevant is that it requires the capture of all communications and orders intended to lead to an execution of a trade, even if the transaction is not actually finalized during the interaction.

Penalties for non-compliance are set by the regulatory agencies in each European Union country. The first fine for non-compliance of the 2004 MiFID directive was given out to Barclays for inaccurate transaction reporting. Barclays’ fines totaled £2.45 million for their inaccuracies between 2006 and 2008. Since then, published reports say that banks have paid over $204 billion in compliance-related fines and infractions.

Every day, millions of transactions are reported by hundreds of trading venues, for thousands of different financial instruments. As a result, the potential for individual company fines of tens of millions of dollars is very real.

If, like so many companies, you are not sure if your current recording procedures will be sufficient to meet the requirements of MiFID II, the time is now to prioritize an assessment. Businesses need a comprehensive review of their compliance across all channels – phone, email, and SMS – to meet the new regulations. In addition, they need to demonstrate that policies, procedures and management oversight of the MiFID II recording and monitoring rules are in place.

If this post has made you wonder whether MiFID II regulations apply to your firm or what types of transactions need to be recorded and which do not, download the white paper MiFID II: What it Means For Your Organization? It gives a more extensive review of the MiFID II regulations and answers questions about what geographies are impacted, what types of firms are affected and how the new transaction recording rules are different from the rules in effect today.

Be Ready! Six Steps to Take Before a Natural Disaster Hits Your Communications

In what’s shaping up to be an unprecedented hurricane season for the U.S., Avaya wants to ensure that we all review our plans to keep communication systems running at peak performance and stabilized when disaster strikes. Keeping communication systems running often includes a great partner with a deep bench of experts who have experience in many complex situations. Particularly invaluable are battle-tested IT experts who can help rebuild and stabilize communications when disaster strikes. Avaya can engage in a proactive support dialogue to help you avoid complexity from the outset.

Before the Storm

Hurricanes like Harvey and Irma can be catastrophic to businesses. In 2012, Superstorm Sandy caused $65 billion in damage in the U.S., making it the second-costliest weather disaster in American history behind only Hurricane Katrina, according to the National Oceanic and Atmospheric Administration (NOAA). During the storm, 8,204,220 Americans and thousands of businesses lost power.

No matter the weather (and because the average cost of downtime is $2,700 per minute), it is best to avoid outages by knowing what is most likely to cause communication system outages. According to the research report The Essential Guide to Avoiding Networking Outages, power outages are the leading cause of communications outages. This white paper features an analysis of the top five causes of outages with the percentage of those outages that could potentially have been prevented had leading practices been followed. The top five causes of outages are:

  • Power outages – 74%
  • Lack of routine maintenance – 73%
  • Software bug – 69%
  • Hardware failure – 39%
  • Network issue – 35%

The analysis shows that outages can be avoided by using industry-leading outage prevention practices. Leveraging resources now and on an ongoing basis to determine if facilities can meet power demands and ward off problems is essential. Also, make sure to:

  • Schedule maintenance of systems to avoid what is the high percentage of remediable outages (73%) attributed to poor maintenance and underutilized upkeep.
  • Watch for telltale signs from equipment that a problem is approaching. Proactive health checks, disciplined system monitoring, and observed maintenance schedules can aid in hearing the signal, helping improve the reliability of communications assets.
  • Upgrade equipment approaching end of manufacturing support (EoMS), avoiding the fallout from the over-sweating of assets.
  • Verify system redundancy, system health checks, and failover strategies for critical systems.
  • Patch whenever possible to eliminate software bugs or software-related outages. Some choose to let others occupy the upgrade frontlines and endure potential rollout hiccups, then follow along at a safe interval. This strategy breaks down disastrously when an organization suffers an outage that would have been avoided with a fix that it voluntarily chose to postpone.
  • Draw a network diagram to isolate an outage, speed resolution by illustrating the relationships among pieces of equipment, and isolate that outage!

As a hurricane or other natural disaster approaches, try not to depend on local team members who could be facing challenges of their own at home. Instead, move team members to locations where they can work with clients. When assembling a team, pull from across the organization and leverage readouts at defined intervals.

Pre-Event Checklist

Follow these six steps to prepare before a hurricane—or other disasters—strike:

  1. Save translations before an emergency event impacts the site. This will help ensure that recent changes are not lost and speed restoration in the advent of damage to the system.
  2. Review safety procedures with all employees prior to the emergency event, if possible, and make certain to have an updated contact list to keep in touch.
  3. Secure back-up media so that translations won’t be lost or damaged, thereby delaying restoration of your service. Take a copy of back-ups and any other information off site.
  4. Print and store a current list configuration of key solutions. If a new system is necessary, this simple precaution will save time in starting the process.
  5. Consider powering your system down before the emergency event impacts the site. Electrical power surges both before and after an emergency event can pose the greatest threat to your system.
  6. Contemplate moving switch/applications if the site is located in an area that may be exposed to damage from the emergency.

Taking the above actions can limit risk and help ensure your communications systems make it through a challenging, tough time. Learn more at our Help Center. And if you do have an outage on your Avaya equipment, report it at Support.Avaya.com. Or call 800-242-2121.