3 Industries Where CXPs Can Be Valuable
by Amy Townsend
On Tuesday, February 23, 2021, Aragon Research introduced a new market category, content experience platforms (CXP), in our research note, The Rise of Content Experience Platforms—And Why Your Website And Digital Experiences Will Never Be the Same.
Aragon forecasts this market will grow from $11 billion in 2019 to $28.8 Billion by 2025, with a Cumulative Average Growth Rate (CAGR) of 17.4%.
What Are Content Experience Platforms?
Content experience platforms (CXPs) focus on the unique journey for a buyer through web, mobile, and other forms of customer experience. CXPs replace older approaches such as web content management (WCM). Not to be confused with digital experience where it tends to be more portal and eCommerce focused, CXPs are focused on device neutral content experiences.
The aim of a CXP is to drive customer loyalty and retention with a solution that supports speed and flexibility and is personalized to buyer demands and behaviors. Content experience platforms leverage artificial intelligence, rich, content-like video, and integrations across channels. The next generation of content management technology will deliver immersive, omnichannel content experiences, moving us beyond the static web pages of the past.
Key benefits of CXPs include:
1. Deliver Content to Multiple Devices at the Same Time
2. Personalization: Dynamically Render Content Based on User Profiles
3. Speed of Deployments and Updates
4. Robust Third-Party Integrations
Three Industries Where CXPs Can Be Valuable
The shift to more online transactions is driving the shift to customer experience management (CXM). Nearly every B2C vendor needs to offer an immersive and dynamic customer experience. Offering an engaging website that can be tuned to buyer preferences is one place to start, but the list does not end there.
Let’s dive into some examples of markets to target with a CXP.
Largely due to the COVID-19 pandemic, retail is now heavily tied to eCommerce which focuses on the delivery of physical or digital goods. Online retail vendors are challenged with fierce competition and need an automated approach that offers seamless commerce, but that also has protections built-in when it comes to returns, in order to remain successful. Aragon predicts that CXPs will become a new way of developing experiences faster to enable more effective activations and better conversions of shoppers.
Banking, Insurance, and Financial Services
In the financial services industry, customers expect more products and services to be offered in a digital manner. There’s also a demand for vendors to offer a core set of offerings across multiple countries. CXPs offer the ability to save time and money by being able to produce new sites in multiple languages much faster than traditional approaches.
The speed that CXPs offer to deploy new experiences or microsites is extremely relevant to the financial services industry. In many cases today, the value of customer experience far outweighs the product or service itself. The experience reflects the brand, and an old, legacy experience can drive customers away to a new more modern type of experience. CXPs can also be used to help with streamlining agent/staff enablement in financial services.
Gaming is all about the end-user experience, and digital marketers need to convey the realism and immersion of the game, which means they need to deliver a robust and rich content experience. Gamers come from almost any age group and demographic, so creating a tailored experience is extremely important. Positive game sales are heavily influenced by online reviews. CXPs offer an elegant path to bridging the gap between marketing sites and the in-game experience.
As B2C markets become increasingly more digital, the demand for a differentiated customer experience becomes a key factor for success. CXPs don’t just solve the same problems as yesterday’s content management systems, instead, they do so in a way that is designed to drive return on investment by prioritizing user experience.