03 May The Total Economic Impact™ of the Moxie Suite
Online businesses across the globe face increasing pressure to stay competitive, meet their customers’ needs and drive online sales. While companies continue to spend millions each year driving traffic to their web and mobile sites, only 29% engage visitors once they arrive, giving the impression of an empty storefront. There are many solutions that claim to increase conversion and revenue, but it is often difficult to measure quantifiable benefits.
So, Moxie™ commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment companies may realize by deploying The Moxie Suite, an industry first customer engagement solution. The study provides companies a framework to evaluate the financial impact of The Moxie Suite on their organization and to leverage technology and related best practices to win, serve and retain customers.
To better understand the benefits, costs and risks associated with the Moxie Suite, Forrester interviewed four Moxie customers across key verticals, including high tech, financial services, retail and travel. The interviewed companies adopted the Moxie Suite to provide their customers with digital communication channels through which they could connect with the company.
The interviews with Moxie customers and subsequent financial analysis found that a composite organization based on these interviewed organizations experienced the following risk-adjusted ROI, payback, improvements in agent efficiency and increase in online conversions.
Here are a few benefits highlighted in the study:
- 626% Return On Investment (ROI) – Over three years, the Moxie Suite generated benefits that outweighed the total costs, resulting in risk-adjusted ROI of 626% and pay back in less than 1 month.
- Incremental gross profits due to increased conversions – Companies that use Moxie Live Chat to answer customer questions during their sales journey were able to boost online conversions by 3 – 6.25%. For the composite organization with $525 million in annual online sales, an increase in conversions by 4% translates to incremental gross profits of $3.5 million in the first year, increasing to $3.9 million by the third year.
- Improved agent efficiency – Agents who handle chat and email are up to 2.5x more efficient than phone agents. Efficiency improvements resulted from chat agents being able to handle up to three concurrent sessions, whereas phone agents could only manage one session at a time.
- Labor savings from using Moxie Knowledgebase – Labor savings are gained from using pre-determined responses to address customer inquiries or support requests. For example, the study found that one customer was able to solve a specific type of support question 70% of the time by providing customers with detailed instructions from Moxie Knowledgebase – replacing a lengthy phone call.
- Labor savings from using Moxie Email – Moxie Email provides a number of different functions that automate the handling of incoming emails, including automatically deleting spam and out-of-office emails, routing emails more efficiently, and generating automatic responses to certain kinds of email – ultimately resulting in labor savings.
Other benefits also include improved customer satisfaction ratings, improved customer communication processes and increased staffing flexibility, among others. While these findings are the result of in-depth analysis from current Moxie customers, we strongly encourage interested businesses to contact us in order to conduct an impact analysis to see what specific benefits they may experience using the Moxie Suite.