One year, five trends: 2024 means retention in CX

As we’re beginning this new year, businesses find themselves standing at the crossroads of unprecedented challenges, from technological disruptions to global health crises. Each tumultuous wave has tested organizational resilience and left an enduring mark on consumer behavior. In Customer Experience (CX), understanding and adapting to these shifts is essential for survival. I want to approach the five main trends identified by Foundever for this year and help you understand why a client retention-centric approach is the key to the success of your business. 

Retain: The cornerstone of excellency 

In the face of uncertainty, the pivotal trend for 2024 is retention. This goes beyond mere customer attraction; it's about keeping customers loyal and engaged. CX, often the differentiator in a saturated market, should not be a reactive strategy but a continuous journey of improvement. The statistics speak volumes: 78% of consumers would abandon a brand after a single negative experience. To thrive in 2024, we must understand the root causes of clients’ attrition and retention, ensuring constant optimization. 

In times of economic downturn, identifying efficiencies and enhancing customer lifetime value becomes a shield. Closer proximity to customers not only provides a competitive edge but also lays the foundation for future success of any endeavor: from launching a new product to managing a crisis. 

Reflect: Navigating generative AI  

Generative AI is the buzzword of the moment, but the rush to adopt it must be made with caution. Racing into implementation without understanding the real-world applications – and, especially, the applications to our specific business - can lead to expensive missteps. The potential benefits of generative AI in CX are vast, from efficient chatbots to personalized offers. However, its integration should align with the overall business strategy. Human oversight is still the most important to prevent biases, and a solid data protection strategy is non-negotiable. 

Rethink: Metaverse and beyond 

While generative AI demands attention, organizations must not lose sight of the evolving technological landscape, especially the metaverse. As the third iteration of the web takes shape, forward-thinking companies have the chance to shape its definition. With younger generations embracing interactive and immersive digital experiences, identifying new technologies gaining traction is vital. Mixed reality offers potential avenues for enhancing customer experience, allowing brands to redefine their parameters in Web 3.0. 

Retraining: Bridging the skills gap 

Technological advances widen the skills gap, making it urgent to focus on reskilling rather than recruitment. With generative AI, the metaverse, and the evolving web landscape, upskilling the existing workforce becomes imperative. Retraining not only aligns employees with technological advancements but also strengthens company culture, reduces attrition, and increases overall productivity. 

Refresh: Transformation as an annual trend 

Transformation should be an annual trend, with 2024 marking a year of motivation for businesses to embrace change. A digitally transformed organization is equipped to handle challenges and seize opportunities. It empowers people, making data accessible across the business for innovation and insights, ultimately bringing the organization closer to its customers. 

Beyond the trends, as we navigate 2024, the constant on the demand side of CX is clear: consumers expect omnichannel engagement, personalization, efficiency, and immediate access to helpful staff. In 2024, the retention mindset is key in CX - an unwavering commitment to retaining revenues, relevance, resources, and resilience. As businesses prepare to pass the tests of the year ahead, the mantra is clear: retain, reflect, rethink, retrain, and refresh for a customer-centric future.

Vitor Silva, VP of Operations from Foundever