| |August 20198Here's the scenario: Chris is a young professional who wants to impress his new girlfriend with a really nice birthday gift. However, time is not on his side, and his budget is quite strict as well. It's Wednesday and her birthday is on Friday. He first uses his mobile device to do some online browsing of a high-end retailer where he holds a credit card. After a short search, he finds the perfect gift­a bracelet. Not wanting to spend the extra money to have the product priority shipped, he searches the site to see if the product is in stock at the physical re-tail location­a mall about 20 minutes away. Going there would be the decision. When he gets to the retailer, he doesn't find the exact bracelet that he found online. Instead, he finds one that he thinks she will like even better. It's more expensive, but she's worth it he tells himself. Though the final sales price of the bracelet would take him over his credit card limit, the sales clerk tells him that he may qualify for an By Hrishi Talwar, Vice President, Digital Identity and Mobile Products, Equifax increase on his credit card limit to complete the purchase. She gives him a toll free number and asks him politely to step out of line to make the call. Chris obliges, considering he would rather not use his personal funds for the purchase. Chris de-cides to browse a few other stores in the mall while he's on hold and then come back for the bracelet later after being on hold for several minutes. You can speculate about what happens next on Chris' jour-ney for the perfect gift for his new girlfriend. What we do know is the retailer in question did not make this an easy cus-tomer experience for him, and likely missed out on complet-ing a transaction. What's the likelihood of Chris returning to purchase the bracelet? And if he does return, how many more transactions like this can Chris withstand before he realizes he can go elsewhere for a better experience? Not creating a seam-less experience appears to be a big mistake that retailers and other businesses continue to make. Take this same scenario and make it relevant for any business that needs to simplify and streamline the digital experience for consumers as they:· shop for products, · apply for a line of credit, · open a new account, pay for services, · accept a product or credit offer, · register for government services, · request a ride share, find a rental property and the list goes on and on­and it applies. IN MY OPINIONTHE YEAR AHEAD: DIGITAL SHALL BECOME A TABLE STAKE IN CXH
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