A leading online shopping website in the US. Client has eventually ventured into new business verticals such as having his own B2B marketplace company and three more online shopping websites catering to specialized product categories.
Industry: Online Retail, B2B Marketplace
Services Provided by Coefficients:
• Customer Service (phone, email, and chat support)
• Billing and Accounting
• Order Processing
• Vendor Management
• SEO and Social Media Marketing
• Graphic Designs and Video Editing
• Website Development
The Challenge
The client barely had processes in place when he met Coefficients way back 2011. He was challenged in handling freelancers from India and the Philippines whose commitment and skills were not at par with his requirements. These challenges in manpower management prevented the client from establishing formal processes, procedures, identifying measurable standards, tracking KPIs and accountability. The unmanageable operating costs and overall business inefficiencies prevented the client from innovating which resulted to the inability to focus on his core business.
The client decided to transition its customer service, order process, accounting and billing, and vendor management operations from freelancers to a single BPO company provider with the aim of driving down costs, improving customer experience via a smooth end-to-end customer lifecycle management, develop wider strategic perspectives, and drive more businesses.
The Coefficients Transformation
Using Coefficients’ smart business model transformation, together with the client, Coefficients has developed process mapping to have a more comprehensible understanding of the various processes the client company has in place. Coefficients designed more efficient customer contact flows and enhanced the other under-developed processes in the customer service department. Coefficients added chat and phone support (as the client only had email support back then) and introduced clients to the idea of cross-skilling the agents for better coverage and higher percentage of first-time contact resolution. Coefficients helped the client build and maintain a knowledgebase which is being used by agents as a guide to ensure that they adhere to the company’s procedures and to shorten the response times. A regular analysis of the causes of customer dissatisfaction has significantly helped in driving more sales for the client company. Coefficients initiated process governance and stringent performance management wherein customer service agents were given regular coaching along with monthly incentives as a form of positive reinforcement.
As the processes in the customer service department improved, the client gained confidence in having Coefficients handle all of its other departments such as order processing, billing and accounting, vendor management, and even the other ad hoc tasks like graphic designs, video editing, and web development. Coefficients is now also managing majority of the internet marketing tasks of the client company.
Process and domain distinction and Coefficients’ strong data analytics prowess have driven measurable improvement in the end-to-end customer lifecycle management which resulted to improved sales conversions and significant reduction in costs. Coefficients likewise upgraded the client’s business continuity measures and has offered the ability to scale and deliver on its new business ventures such as his other online shopping websites and his most recent venture, the B2B marketplace company.
The Results
Labor Cost Savings: more than 60%
First Contact Resolution: (before Coefficients: 30%, after Coefficients: 85%)
Saved on Annual Basis: 67%
Sales Conversion: Improved by 70% since 2011
New Business Ventures: 3 additional online shopping websites, 1 B2B marketplace company