Welcome to the New Service Economy [INFOGRAPHIC]


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Products are dead. Services are the new product.

Online Services is the next trillion dollar market being accelerated by the explosion of cloud computing and mobility coupled with increased consumer demand to purchase whenever, wherever and however they want.

A new consumer survey commissioned by Avangate spotlights the current state of the New Services Economy, how consumers buy Online Services, as well as some of the key drivers and detractors to consumer adoption.

The New Services Economy

Statistics to Rule the New Service Economy

This proliferation of new service offerings is cutting across all industries – from finding a limo driver, to accessing business software, to receiving legal advice. In this new world where buyers are in control, the expectations for online service providers to personalize and seamlessly sell, deliver and support have been permanently raised. This is the new service economy.

63% of US adults already use at least one Online Service daily with over 50 percent of those adults paying for those same services.

Over half of US adults would consider paying for Online Services if they were offered as a trial (60%) or could be purchased with the ability to self-service modify their service options at any time (50%).

90% of consumers do not update their credit cards on file, directly dropping retention and revenue.

Some of the top customer frustrations with Online Services include: difficult-to-reach live support (49%), inflexible purchasing options (41%), and slow customer service/resolution (35%).

Differentiating Delivery In the New Service Economy

Organizations don’t have to succumb to the whims of change in the new service economy. There’s a real opportunity to jump on board and take advantage of current conditions and future trends and really differentiated service offerings to take advantage of new technologies and opportunities to enhance customer relationships.

Accelerate time to market with the flexibility to easily price, package and then commerce-enable every customer touch point to be able to order, activate, and service customers. Enhance online self-service offerings for customers and improve service experiences by adding up-to-date call center tools to better connect with customers.

Simplify and enable the easy scaling of services businesses without having to add more “back office” teams of IT, finance, risk, and chargeback manpower. Add automated commerce triggers for rules-based decision making to enhance customer experience and catch service problems before they even happen.

Maximize conversion and profitable customer retention processes with more actionable information and smarter indicators to leverage the best from service providers around the world. Add new management dashboard views and make them transparent and accessible throughout the entire organizations.

Doing Business in the New Service Economy

The new services economy demands more from online service providers to service consumers. As we move from selling products to selling more services, we move from one-time transactions to opportunities to transact and interact every touch point for long-term customer relationships.

Republished with author's permission from original post.

Flavio Martins
Flavio Martins is the VP of Operations and Customer Support at DigiCert, Inc., a leading provider of enterprise authentication services and high-assurance SSL certificates trusted by thousands of government, education, and Fortune 500 organizations. Flavio is an award-winning customer service blogger, customer service fanatic, and on a mission to show that organizations can use customer experience as a competitive advantage win customer loyalty. Blog: Win the Customer!


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