The Software as a Service (SaaS) Customer Engagement market is projected to grow significantly through 2026. Customer engagement software helps to manage customer communications and interactions throughout a variety of channels and touchpoints. Customer service is the main reason that empowers customers to exhibit brand loyalty, thus bringing continuous revenues to organizations across industries. As per a report from Aspects Software, 66% of consumers did more business with at least one company because of good customer service. Moreover, in 2018, 56% of consumers used AI for their customer service interactions at least once a week. With the increasing smartphone and internet usage, customers can easily access information about different products and services across multiple channels, like the web, social media, and other applications. With an average time spent on mobile phones reaching around 5 hours per day and the availability of multiple customer touchpoints, like websites, social media, live chats, phone calls, apart from the in-person assistance, brands find ample opportunity to engage customers with their brand and generate more revenues. A report from Mordor Intelligence said that the customer engagement solutions market was valued at USD 15.52 billion in 2020, and it is expected to reach USD 30.92 billion by 2026, with a CAGR of 12.65%, during the forecast period (2021 – 2026). Active Companies in the markets today include Infobird Co., Ltd (NASDAQ: IFBD), Zeta (NYSE: ZETA), Zendesk, Inc. (NYSE: ZEN), HubSpot, Inc. (NYSE: HUBS), Sprinklr, Inc. (NYSE: CXM).
Mordor Intelligence added: “In addition to the cloud-based solutions, the integration of AI is another trend that is becoming a standard offering by the vendors in the market. According to Pegasystems, a prominent vendor in the market, in 2018, 67% of customer experience leaders that embraced AI believed that it is not only a tool to make the customer experience more efficient, but also to create more meaningful relationships with consumers. However, Data security and privacy issues can hinder the growth of the customer engagement solutions market. According to the study by Aspect Software, retail is among the top industries to have high customer churn rate, with the main reason for brand switching being poor customer experience. In such a competitive retail market, the need for new customer acquisition and retention of the existing customers become crucial for the retailers.”
Infobird Co., Ltd (NASDAQ: IFBD) BREAKING NEWS: Infobird Launches WeChat Call Center, an Intelligent SaaS Product to Capture New Demand and Market Share in the Field of Private Domain Traffic – Infobird Co., Ltd (“Infobird” or the “Company”), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced today the launch of a new intelligent SaaS product – WeChat Call Center – marking the Company’s entry into the field of private domain traffic. An integral part of the Company’s standardized SaaS strategy, Infobird’s WeChat Call Center is designed to help companies further develop the value of existing customers through automated and personalized solutions for private domain traffic. For companies, private domain traffic is considered to be part of the brand’s private assets that can be used to stay relevant in the mind of the customer which increases the chances of a returning customer. By expanding Infobird’s product application boundaries and business scope, the Company expects to generate significant value by creating new demand and capturing uncontested market space in a cost-effective manner, otherwise known as a “blue market strategy”.
Infobird WeChat Call Center: automated/personalized interactions to gain value from existing customers
Infobird combines the advantages of Enterprise WeChat and Call Center to create a new generation of customer interaction platform – WeChat Call Center. This product integrates AI, RPA, also known as Robotic Process Automation, and other technologies to provide enterprises with automated and personalized private domain traffic solutions that help companies retain customers and continue to stimulate their consumption potential.
Different from the common private domain traffic tools in the market, Infobird’s WeChat Call Center is based on AI, RPA, customer portraits and other technological capabilities, which is capable of 1v1 personalized and automated services and marketing for enterprise clients, while ensuring the continuity and consistency of customer interaction. For enterprises with a relatively large customer base, Infobird’s WeChat Call Center has significant advantages in batch, automation, and personalization of services that can help clients comprehensively improve efficiency and reduce operating costs. Infobird’s WeChat Call Center builds private domain traffic for clients, that not only aggregates multi-channel customer resources into Enterprise WeChat, but also connect public domains to private domains, achieving unified operation of all channels including Enterprise WeChat, phone calls, SMS, webpages and APPs. It maximizes the convenience of daily operations of the client and improves the efficiency of customer interaction. CONTINUED… Read this full release for Infobird at: http://www.infobird.com/en/news/index?type=3
Other recent developments in the markets include:
Zeta (NYSE: ZETA), a cloud-based marketing technology company that empowers enterprises to acquire, grow, and retain customers, recently announced financial results for the quarter ended June 30, 2021.
“Zeta’s results show its growth rate accelerating during the second quarter, adding over 30 new customers, a 39% increase in revenues, and 106% growth in adjusted EBITDA year over year,” said David A. Steinberg, Co-founder, Chairman & CEO of Zeta. “We are well positioned to benefit from the disruptive pace of digital transformation, with brands seeking solutions that combine scale with precision to extract more value from their first party data. Our software, encompassing patented AI, proprietary data assets, and real-time omnichannel capabilities, was purpose built to empower brands to acquire, grow and retain customer relationships at a higher ROI. A recent study we commissioned from Forrester Consulting showed that brands using the ZMP achieve 50% higher effectiveness on their marketing investments over a period of 3 years.”
Zendesk, Inc. (NYSE: ZEN) recently reported financial results for the second quarter ended June 30, 2021, and released a Shareholder Letter on its investor relations website.
Revenue was $318.2 million for the quarter ended June 30, 2021, an increase of 29% over the prior year period. GAAP net loss for the quarter ended June 30, 2021 was $58.4 million, and GAAP net loss per share (basic and diluted) was $0.49. Non-GAAP net income was $17.1 million, and non-GAAP net income per share was $0.14 (basic) and $0.13 (diluted). Non-GAAP net income excludes approximately $61.0 million in share-based compensation and related expenses (including $3.9 million of employer tax related to employee stock transactions and $0.4 million of amortization of share-based compensation capitalized in internal-use software), $12.7 million of amortization of debt discount and issuance costs, $1.8 million of amortization of purchased intangibles, $1.2 million of real estate impairments, $1.1 million of acquisition-related expenses, and non-GAAP income tax effects and adjustments of $2.2 million. GAAP net loss per share for the quarter ended June 30, 2021 was based on 119.1 million weighted average shares outstanding (basic and diluted), and non-GAAP net income per share for the quarter ended June 30, 2021 was based on 119.1 million weighted average shares outstanding (basic) and 127.5 million weighted average shares outstanding (diluted).
HubSpot, Inc. (NYSE: HUBS), the customer relationship management (CRM) platform for scaling companies, and Envato, the world-leading online community for creative assets, tools and talent, recently announced the launch of more than 250 high quality and diverse website themes on Evato Market, all made specifically for the HubSpot CMS Hub.
Built for marketers and developers, CMS Hub is designed to help customers create seamless digital experiences with drag and drop page editing, mobile optimization, premium hosting, and more. Because CMS Hub is built as part of HubSpot’s CRM platform, customers have direct access to all of their audience data which they can use to inform their content strategies and build better digital experiences.
Envato’s Chief Content Officer, Cameron Gough, said the partnership was a natural connection between two businesses committed to making it easy to build an engaging web presence faster. “The Envato Market ecosystem and ThemeForest, in particular, is a well-respected website design marketplace, with millions of customers supported by a hugely talented group of largely exclusive theme authors.”
Sprinklr, Inc. (NYSE: CXM), the unified customer experience management platform for modern enterprises, recently announced that it was named a leader in The Forrester Wave: Social Suites, Q3 2021 report.
According to the evaluation, Sprinklr competes by offering a formidable and intensely customizable unified platform. This heavyweight vendor, based in New York, presented one of the first broader visions beyond social media: to become a “customer experience management” platform and solve the chaos of using multiple point solutions across digital channels. The vendor’s execution roadmap focuses on solidifying core areas of its platform by adding to its extensive list of channels, use cases, and third-party integrations (though not with other social technology). Armed with new FedRAMP-ready status, Sprinklr is expanding its target market to include public sector organizations.
While other vendors go deep in only a few social media modules, Sprinklr delivers across all social media needs at equal depth — listening, customer service, organic publishing, and advertising — plus some secondary social products like influencer management and employee advocacy. AI “smart” features persist across the platform, from autodetecting themes to ensuring compliance against guidelines to recommending customer service responses.
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