Customer Support Costs in a Growing Internet Age
There are three billion workers in the world, and the vast majority have never had access to technology to help them better perform their jobs.
That is about to change — drastically. Smartphones keep getting cheaper (even Apple, practically an exclusive country club, came out with a cheaper model); Google plans to bring the Internet to one billion people in Africa; 500 Startups recently helped secure $10 million in mobile health in India, China, and Africa.
As Amazon CEO Jeff Bezos likes to say, “It’s Day 1 of the Internet.” While Bezos is alluding to inventions that will make drones and self-driving cars look prehistoric, that statement can also be applied to the billions of people without proper mobile Internet access. Thanks to audacious ventures like the ones Google and 500 Startups are helping implement, mobile Internet access will become more commonplace across third world countries very, very soon.
Schoolteachers, construction workers, even businessmen across the globe will have easier access to smart phones and the Internet as a whole. These workers will leverage companies like Shyp and Expensify, Box and Salesforce with more regularity, and in turn those companies will rake in the dough. They’ll also receive exponentially more customer support inquiries, the costs of which are similarly steep.
The exceptional technological advances of the past decade have somehow left customer support behind minus a few. How long has the process for resetting your password been dependent on a new one sent to one of your email addresses or generic secret questions? I think I was talking to my friends via chat rooms when those system were first invented.
A surprising statistic by Gartner shows that 30 percent of customer support costs for enterprise are actually password related. A simple, easy fix, like the one GRVTY is working to create and implement could evaporate a rising cost for companies with one simple stroke.
According to the Economist, Western multinationals expect to find 70 percent of their future growth in emerging economies. Not only do advances in customer support help reduce the costs of these new markets, but it also helps ensure that customers both new and old have excellent product experiences.