What Does DXP Stand For? Why Does It Matter?
DXP stands for Digital Experience Platform. The market is currently worth over $12 billion but experts predict it will be worth up to $30.4 billion by 2030. Multiple industries, including retail, healthcare, manufacturing, and banking, are turning to DXP companies to create an awareness of their business' offerings, increase sales, and boost brand loyalty.
What Is a Digital Experience?
A digital experience is any experience a consumer has with your company via a digital platform.
What are examples of a digital experience? Following are some of the most common ways people interact with your company digitally:
Viewing your business website
Looking over products you may have listed for sale on third-party e-commerce platforms such as Amazon and eBay.
Viewing ads for your business online
Interacting with your social media platforms
Downloading and using your company app
Signing up for and viewing your emails
Listening to your podcasts
Watching your videos
Clicking on the QR code on one of your printed products
A digital experience can be positive, neutral, or negative. People who have a positive digital experience with your business will likely make a purchase. However, even if they don't, they'll remember your brand in a positive light. If they decide that they need the product in question at a later date, the odds are that they'll come back to your site. What's more, the positive feelings about your site won't end even after they buy one of your products. If they're happy with your products, they'll likely tell others about your business. They'll also likely make future purchases, becoming loyal customers who continue to invest in your business.
People who have a natural experience won't be impressed with your brand. They may buy something from you if they can't find it anywhere else but they most likely won't make a purchase. They may or may not remember your brand a few months from now. They won't recommend your company to others.
A negative digital experience costs your company revenue in the long run. For example, if a person buys a product from your site and isn't happy with the products or your customer service, he or she may leave negative reviews online and actively dissuade others from doing business with you. Other negative digital experiences occur even before someone has a chance to buy something from you. Perhaps someone clicked on your site using a mobile device, but the mobile version of the site didn't load quickly or display properly. Maybe someone saw one of your PPC ads and clicked on it, but the ad led to your home page and the person couldn't find the product you advertised online. In any case, a negative digital experience with your brand costs your brand customers, many of whom are unlikely to give your business a second chance.
Naturally, you can't please every single person who comes to your site. Your product won't meet every single buyer's needs. Some may balk at the price. Others may not like a particular color. Still, others may need an item in a size you don't have. However, you do want as many people as possible to have a positive experience with your brand, and you want these positive experiences to lead to sales. Thankfully, a Digital Experience Platform can help you reach your goals.
What Is a Digital Experience Platform?
Companies have been creating digital experiences for consumers since the internet came into being. However, DXP technologies have advanced so that a business doesn't have to use multiple programs to create digital experiences for different customer groups. A Digital Experience Platform (DXP) is a software solution that can create a range of experiences on a single platform. You can use it to design websites, create custom landing pages, build microsites, create digital product guides, create apps, update information on digital sales platforms, and more.
There are many digital experience platform companies and the services each platform offers vary depending on the company you work with. Some companies only offer Content Management System (CMS) functionality. Others, such as Lumavate, have Digital Asset Management (DAM) tools that can handle more than just text content.
What Is the Purpose of a DXP?
What does a DXP do? Its main purpose is to enable a business to create and build on many kinds of digital experiences without using code. Consider the following Digital Experience Platform examples:
Business 1 sells jewelry with young buyers as the target audience. The company uses its DXP to build a custom app that interacts with consumers and helps them find the right jewelry to match any occasion or accessory. The DXP also enables the company to create microsites for individual jewelry collections. The marketing team then links different PPC ads to the microsites. This increases the marketing campaign's return on ad spend (ROAS).
Business 2 sells furniture in a brick-and-mortar store and online. The firm uses a DXP platform to print attractive flyers with up-to-date information, plenty of images, and a QR code that buyers can scan to see the company's online furniture collection. It also uses the digital experience platform to offer online shoppers custom recommendations when they click on a furniture item. This boosts sales as consumers who buy one item can see other items in the same collection with ease.
Business 3 is a local restaurant. It uses a DXP to create a website for consumers to place their orders. The DXP keeps the restaurant's menu updated at all times. If the restaurant decides to offer a special dish for a particular holiday, the DXP will add this dish to the menu when it's available and take it down when it's no longer being served. The Digital Experience Platform also offers custom recommendations to people who order certain dishes. This makes it easy for the restaurant's patrons to find side dishes to go with a main course.
DXP Meaning and Functionality: What to Expect From a DXP Platform
As the DXP examples listed above show, a digital experience platform can attract customers at all stages of the customer journey. Following is an overview of some tools you can expect from top DXP companies:
A Content Management System (CMS) for logging product data. Keeping all product data up to date in a single location improves your customer service by ensuring that each consumer receives accurate information.
A Digital Asset Management (DAM) functionality that enables you to store product videos, images, and file attachments along with text information about a product. Having all the information related to a product in the same place helps streamline the production of marketing materials. It also helps you add helpful information to each of your product pages.
Analytics capabilities so you can monitor each consumer's digital experience with your site in order to improve their future interactions with your brand. Understanding a consumer's path to making a purchase will give you valuable insight that can improve a customer's overall experience with your brand.
A customer data platform (CDP) to collect and manage customer data.
Text messaging capabilities mean you can engage with customers in a more personalized and immediate way.
Form builders enable you to build custom forms to capture important customer data, or allow customers to register for events.
Tools to offer consumers a personalized experience every single time they come to your site. If someone visits your site for the first time, you want to make a case for your brand and why they should buy something from you. If someone is at the "middle of the funnel" and is showing interest in particular products without making a purchase, you can use a Digital Experience Platform's tools to provide the consumer with the information or incentive needed to make a decision. If a consumer who has already bought something from you comes back to your site, a DXP platform can help you create a custom welcome screen thanking the customer for his or her past purchase and make personalized product recommendations based on the previous purchase.
Built-in e-commerce functionality to automatically send product updates to e-commerce websites. This functionality keeps your product information up to date as the DXP will immediately update information if you create new products, discontinue old products, or add new features/amenities to existing items for sale.
Product Information Management (PIM) tools. A PIM platform enables you to store information on all your products and keep all information related to any given product in the same location.
Integrations with commonly used apps and programs such as Microsoft and Adobe. These integrations help you save time and reduce human error. Some DXP programs also allow you to export data in various file formats, which makes it easy for you to use your data on more than one platform.
DXP vs CMS: What Is the Difference?
Many Digital Experience Platforms have a Content Management System (CMS). However, the two should not be conflated. A Content Management System is a useful program that enables you to create and modify digital content. You can use it as a single "source of truth" to keep all your product information in the same place. It can also update information on your site and other e-commerce sites.
A Digital Experience Platform, on the other hand, has the tools you need to create an ideal consumer experience. It can personalize content, create tools to help you interact with your customer base, and provide the features and amenities you need to create engaging online and offline marketing materials. You need both a DXP and a CMS in order to keep your business running smoothly, manage your brand, improve sales, and build brand loyalty.
Who Are the Leaders in the DXP Market?
What is an example of a DXP? What are the best DXP companies in USA? Industry leaders include Adobe DXP, Acquia DXP, Sitecore DXP, Sitecore, Optimizely, and Lumavate.
One factor to consider when choosing a DXP is how easy it is to start using the platform. For example, the average small business would have difficulty setting up the Adobe DXP without professional help. You'll need technical resources and tools to get the program running for your business. During this time, you'll be losing sales as you won't have the tools you need to create positive digital experiences for your potential clients.
Sitecore and Acquia, along with other top DXP companies in USA, don't offer price plans on their website. Rather, you have to communicate with the platform to get a custom quote, after which you'll need tech help to get the platform operational.
Lumavate stands out from the rest because the onboarding process takes only a day and doesn't interrupt your regular business operations. You simply have to pick a price plan, pay for it, and start using the platform. You can upgrade or downgrade your price plan at any time to meet the needs of your business at any point in time.
You'll also want to consider which features and amenities you need for your business. However, it's wise to consider both your current and future business needs. A good platform will grow with your business, so you don't have to upend your business by switching to a new DXP software program.
Lumavate offers far more functionality than the average DXP because it includes a built-in content management system with Digital Asset Management functionality. It also has a form builder, text messaging functionality, and more than three dozen out-of-the-box integrations. Furthermore, the company is continually updating its platform with bi-weekly product releases to provide improved services for business owners. It's also worth noting that Lumavate is up to 75 percent cheaper than other DXP platforms, making it an ideal choice for small business owners with a limited budget.
Why Every Company Needs a Good DXP
Nearly three-quarters of consumers say that customer experience influences their buying decisions. What's more, 86 percent of consumers are willing to pay extra for an improved customer experience, while 80 percent of companies that focus on improving customer experience see an increase in revenue.
A growing number of consumers now shop online instead of in person. This means that a growing percentage of your interactions with potential consumers will be digital in nature. Improving digital experiences for people who come to your site and view your products is a must if you want your business to thrive long-term.
A DXP can improve your digital product experiences in a matter of minutes. The platform can help you rapidly adapt to changing trends in order to promote your brand name and increase sales. It can improve consumer experiences by offering personalized assistance and recommendations. Consumers now expect these features when they interact with a business, and meeting their needs will increase your chances of making sales and cultivating loyal customers.
Using a DXP reduces the possibility of human error, which saves you time and hassle while improving your standard of customer service. Granted, you'll still need to invest time and effort into crafting good digital experiences even if you use a digital experience platform; however, the platform does most of the heavy lifting for you, so you can focus on what only you can do and automate tasks that don't require human supervision.
The Lumavate Digital Experience Platform has all the tools and features you need to manage and grow your business. It comes with Product Information Management features and digital asset management functionality. It integrates with commonly used programs to make it easy for you to access information and create marketing materials. There are three plans to pick from, making it easy for you to upgrade or downgrade your plan to access needed features without breaking your budget. You don't need to know how to code in order to use Lumavate's tools, the onboarding process is quick and easy, and the platform's go-to-market rate is over eight times faster than that of other, similar platforms.
Schedule a free demo at your convenience to find out more about what we offer and discover for yourself why companies of all sizes and in all industries use Lumavate to improve digital experiences for customers and power long-term business growth.
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