In the competitive broadband and telecom markets, it can feel like your competitors are just one step behind you. As you look to the new year ahead, you might be wondering how your company can stand out in an increasingly crowded market.
One way to do this is by noting the latest industry trends and the ones that lie ahead in 2023. These trends aren’t a temporary fad; they’re reshaping the telecom and broadband industry for the better.
The latest 2022 and 2023 trends give you better insights into your competitors and customers and can help you scale your business quickly in a fast-moving market. Below, you’ll learn more about why keeping up with trends is important, the most notable trends of this past year and what you can expect in 2023.
Looking to get ahead of the tech trends in 2023?
Why keeping an eye on what’s trending is critical for businesses
The world of telecom and broadband moves fast. Keeping up with industry trends is critical for retaining customers and staying competitive. By taking the time to study the latest trends, your business can better anticipate customer needs and wants, which can reduce churn.
In addition, noting important trends can also help your employees. With knowledge of the latest market shifts and demands, your contact center agents can more readily resolve customer inquiries and exceed their expectations. In addition, you can ensure your agents have the right tools to provide exceptional customer service.
To better prepare for the year ahead, below are a few trends from the past year that your company can anticipate to continue into the new year.
Review of this year’s trends
Before diving into the 2023 tech trends, it’s essential to reflect on the rapid transformation of the telecom and broadband industries from this last year and how these trends will continue to reverberate in the new year.
Trends in telecom
With the rise of remote work, the telecom industry is racing to keep up with increasing demands. Here are some of the most notable telecom trends from 2022.
You may be familiar with SIM (subscriber identity module) cards. These physical cards make the phone calls, text messages and internet queries you conduct every day possible.
eSIMs are phasing out the need for physical SIM cards. They provide the same functionality but are embedded into the phone, so there’s nothing to remove. Not only are eSIMs cheaper, but they also help mobile carriers acquire customers faster. In fact, with eSIMs, signing customers up for your services could be as simple as sending them a QR code.
The shift to remote and hybrid work
97% of employees want a hybrid or fully remote work arrangement. In 2022, the days of customer service teams working in an office five days per week are gone. Companies are pivoting to more flexible work arrangements to retain employees amidst the Great Resignation.
Thankfully, technology has made it easier than ever to empower contact center agents with the tools they need to succeed. Solutions such as virtualization help companies save money and help agents provide tailored customer service to resolve technical inquiries quickly. In turn, companies can reduce customer churn while boosting profits and customer loyalty.
Adapting customer service for younger generations
To retain Gen Z customers, companies need to tailor their customer service to meet the expectations of these digital natives. For example, many Gen Zers prefer to resolve technical issues independently through self-serve options.
In fact, nearly a third of Gen Zers say the inability to find the information they need online is one of their top markers for poor customer service. Therefore, your company should ensure that you provide accurate, on-demand resources to empower customers with the tools they need to resolve their own technical issues.
Trends in broadband
Internet use increased by 66% in year two of the pandemic. This is primarily due to increased online shopping, e-learning and remote work. Below are some of the most critical broadband trends from the past year.
Competitive customer support
With the growing broadband industry and demand for services, companies need to continue to prioritize first-rate tech support to stay competitive. 96% of customers will leave a company due to poor customer service, so improving customer support is paramount for the health of your business.
One of the most effective ways to do this is with omnichannel support. Providing comprehensive support through every digital channel allows customers access to the answers they need to resolve their device or app issues 24 hours a day, 365 days a year.
Traditionally contact centers relied on hand-held devices to assist customers with technical inquiries. Virtualization eliminates the need for physical devices by providing digital representations of various products such as tablets, iPhones or software. Companies can enjoy significant cost savings by implementing the use of virtual devices in call centers. In fact, virtualization has helped Verizon save tens of millions per year.
Virtualization also allows contact center agents to provide more tailored service. Even if a customer has the same smartphone, they may have different versions due to software updates. With virtualization, agents can pivot between these versions to provide more personalized support. In addition, virtualization can also increase first-call resolution and net promoter score (NPS).
More and more customers are looking to resolve their technical inquiries on their own. Self-serve options empower customers with the knowledge they need to succeed. However, ensuring you’re choosing a solution that updates dynamically through all channels is critical so your customers always have accurate information.
Self-serve solutions not only help empower your customers, but they can have a tremendous impact on the profitability of your business. The right self-serve options can help your company increase customer satisfaction, cut contact center wait times and increase NPS.
Tech trends in 2023
What can we expect to see in the year ahead? Here are some of the most notable emerging trends for telecom and broadband in 2023.
The rise of superapps
Did you know that by 2027, half of the global population will use multiple superapps? These ecosystems provide mobile experiences that include workflow, collaboration and messaging platforms. These apps replace the need for customers to have multiple apps with one consolidated platform.
Offering superapps is advantageous to companies for several reasons. This technology helps attract and meet the demands of the growing number of Gen Z customers, who don’t recall a time before smartphones. Superapps also offer improved UX, which helps with customer retention.
Although 5G technology isn’t new, it’s never been used in its “true” form. Most communication service providers (CSPs) primarily provide 4G infrastructure with some 5G elements mixed in. Therefore, current customers aren’t reaping the benefits of pure 5G.
Pure 5G is more secure than the current 4G and 5G hybrid most businesses offer. Not only will it be faster, but 5G will also transform the types of digital services your company can provide to customers.
Everyone will be heading to the cloud
As businesses need to scale to meet customer demands quickly, the cloud will become an integral part of the telecom and broadband industries. Cloud-supported software allows companies to respond rapidly to growth or supply chain disruptions. The cloud will accelerate the process of bringing new products to market.
In addition, the adoption of cloud software will help companies save money. Traditionally, when customers are slow to adopt new products a company has brought to market, the business can incur huge losses from infrastructure expenses. Cloud software eliminates the need for these expenses, allowing companies to test new products more quickly without the risk of hemorrhaging money.
The future of telecom and broadband is here
The future technology that will power the broadband and telecom industries are here, and they’re happening now. To keep an edge over the competition, your company needs to take note of the latest trends.
Tech trends in 2023 like competitive customer support and 5G are rapidly transforming these industries and customer expectations. By studying trends, your company can better equip its contact centers and agents for the year ahead.
Is your company looking to provide top-notch support in 2023? Ozmo is the leader in providing telecom and broadband companies with scalable, omnichannel support. Learn more today!