ROX || Return on Experience
Traditional curriculum emphasizes on ROI – Return on Investment. Simply: are we making profits? Or is it worth the return we get on a particular investment? The concept has been shifted to new theory of Return on Experience | ROX.
There is the Seismic shift of customers value and decision after the pandemic, we need to make an effort how customers put more weight on price and value. Merchants need to use this opportunity to
re-evaluate their relationship between themselves with the customers. Modern merchants need to consider on new pricing strategic and royalty programs in digital ecosystem to drive and impact on customers and maintain existing customers. There are billions of opportunities for word of mouth — through social reviews and sentiment — to make an impact.
Consumers have more power over company’s success or failure than ever before, and it’s time for a new metric that captures the return on your investment in them.
Trudeau said at last year’s World Economic Forum: “The pace of change has never been this fast, yet it will never be this slow.” To keep up with accelerating changes in consumer habits and to acknowledge customer importance, companies need to focus on — and measure — people’s experiences with their products and brands.
Organizations need to map consumers’ purchase journey, isolate the touch points and factors that drive experience, and then invest more in the parts of the company that will move the needle on those interactions and yield measurable results — or return on experience
Return on Experience | ROX also needs to address whether the company is driving the behaviors in the organization that are key to designing and delivering better online and physical experiences. ROX leads to brand trusted and create more engagement and long run ecosystem for merchants and company.