But these positive results were part of a mixed bag of performance metrics that indicate lingering challenges to overcome in the year ahead.

The travel & hospitality sector faced its fair share of hurdles last year, with frustration levels reaching an all-time high and bounce rates seeing a slight bump from the previous year.

While mobile devices dominated the landscape in terms of visitation, the shorter session durations associated with them are worrisome, particularly as bounce rates climbed across both mobile and desktop platforms.

Additionally, conversion rates on paid and organic social remained disappointingly low, with direct and paid channels emerging as the primary drivers of conversions.

But what does this all mean for you? 

In this blog post, we’ll take a deep dive into these five key metrics, equipping digital leaders with insights to navigate the nuances of 2024 and beat industry benchmarks.

For additional insights and strategies (and to compare the performance of Travel & Hospitality against other industries) make a beeline for Contentsquare’s 2024 Digital Experience Benchmarks.

See how your digital experience stacks up.

Get the 2024 Digital Experience Benchmark Report and Interactive Explorer for the metrics that really matter.

Access the Benchmarks

1. Frustration is at an all-time high

Visitor frustration reached an all-time high in 2023, affecting a whopping 51.4% of all visits, the highest across all 10 industries surveyed in our 2024 Digital Experience Benchmark report.

Frustration is measured by instances of specific moments of friction observed in the on-site experience, including JavaScript errors, slow page loads or rage clicks (when visitors click repeatedly and quickly on a malfunctioning or non-interactive page element).

These (often apparently small) moments of frustration have a major impact on the quality of experiences and can lead to increased bounce rates and reduced engagement, ultimately affecting conversion rates.

In 2023, JavaScript errors (18.1%) and slow page loads (23.4%) dominated frustration in the travel and hospitality sector.

To combat this, travel & hospitality brands must implement rigorous testing to catch such errors early, optimize website infrastructure to ensure faster loading times and prioritize lightweight design elements.

2. Google’s Core Web Vitals (CWVs) aren’t being met

On the topic of frustration, it’s imperative for brands to factor in Google’s Core Web Vitals if they want an objective set of site performance standards.

Share of sites by Core Web Vital performance ranges

As we can see in the chart above, too many sites still fail to meet the mark for the legacy measures of LCP and CLS.

This year, it’s also important to take note of the latest Core Web Vital: Interaction to Next Paint. This measures the time it takes for a user to interact with a webpage (e.g. clicking a button or scrolling) after the initial loading of the page, and is crucial for assessing user interface (UI) responsiveness.

To achieve an optimum INP rating, brands need to prioritize critical rendering, minimize render-blocking resources and reduce server response times.

3. Mobile dominated traffic, but mobile bounce rates rose

Traffic by device 

Mobile dominated in 2023, capturing 67.8% of traffic, an increase of 3.5 percentage points from the previous year.

However, this increase in traffic share is worrisome when factoring in the growth of mobile bounce rates.

Bounce rate by device year-on-year 

Brands should look into optimizing page load speeds by compressing images and reducing unnecessary scripts, prioritize mobile-friendly design and ensure responsive layout, streamline content and make information digestible at a glance and reduce friction in conversion paths by simplifying the checkout or conversion process for mobile users.

4. New vs. returning visitors pose an opportunity

New vs. returning traffic share by device 

The (almost) equal distribution between new and returning visitors highlights the importance for brands to segment and personalize traffic based on visitor types in 2024. These two segments should be treated differently with personalized journeys and content to ensure deeper engagement and reduced bounce rates.

5. Social has minimal impact on traffic share

Traffic share by marketing channel, year-on-year 

Direct (28.3%), organic (27.8%) and paid search (21.4%) drove a majority of traffic share for the travel & hospitality industry in 2023, with only organic search seeing a tiny increase from the previous year. More interestingly, paid social (1.7%) and organic social (0.5%) contributed the least to the marketing mix.

Considering that this industry lends itself particularly well to visual storytelling, with travel influencers and your average traveler posting a wealth of user-generated content, it presents travel & hospitality teams with an excellent opportunity to invest in social media.

Using platforms like Instagram and Pinterest and collaborating with influencers to create aspirational content makes for a powerful tool, allowing brands to expand their reach, engage with their audience and drive bookings and revenue.

Looking for more insights? Access the 2024 Digital Experience Benchmarks for additional insights that will help guide your digital strategy this year.

See how your digital experience stacks up.

Get the 2024 Digital Experience Benchmark Report and Interactive Explorer for the metrics that really matter.

Access the Benchmarks

The customer experience in Travel & Hospitality is going places—with Contentsquare

Wouldn’t it be great to be able to access the kind of valuable insights found in our Benchmark report on a 24/7/365 basis? With Contentsquare Cloud, you can.

• Get rich, contextual insights into how your site and/or app visitors are behaving and feeling with features like Zone-Based Heatmaps, Customer Journey Analysis and Session Replay.
• Leverage our AI Analytics Engine to prioritize actions based on their impact to key business metrics.
• Track down and tackle friction in your journeys with Digital Experience Monitoring, which brings client-side technical errors and UX obstacles to your immediate attention—and monitors your all-important site speed.
• Compare your digital experience metrics to your industry peers in real-time so you can meet and beat the benchmark with our platform’s Benchmarks capability.

Contentsquare lets travel and hospitality companies achieve the holistic understanding of their customers they need to drive conversions, loyalty and growth.

Want to learn more? Let us show you around…

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The post 5 must-know insights to optimize the customer experience in Travel and Hospitality in 2024 appeared first on Contentsquare.

As revealed in The 2024 Digital Experience Benchmark Report and Interactive Explorer, our latest annual survey of the digital customer experience, visits to websites fell -3.6% year-on-year (YoY) in 2023—and a majority (55%) of sites saw lower web traffic.

In this article, we dive into key findings from our Benchmarks around the traffic data trends of 2023.

Plus, we discuss how digital experience analytics (DXA) helps you get your website (or app) out of this traffic jam in 2024.

See how your digital experience stacks up.

Get the 2024 Digital Experience Benchmark Report and Interactive Explorer for the metrics that really matter.

Access the Benchmarks

Why the cost of doing digital business rose last year

Not only was there less website traffic last year, but brands were paying more for it—as paid advertising drove one in three visits (33.8%), a +5.6% YoY gain in traffic share.

At the same time (as highlighted in Tinuiti’s Digital Ads Benchmark Report), ad spend rose across the most critical acquisition channels—+17% on Google and +13% on Meta’s social media platforms.

Given this increased bill, why are websites still so reliant on paid advertising?

One big reason is that the most traffic came from mobile: it accounted for two in three  (69.7%) visits to websites last year (while desktop visits dropped by -11.5% YoY).

Furthermore, 39.5% of mobile traffic came from paid advertising in 2023 (up from 30.5% in 2022), compared to only 19.3% of desktop visits.

Websites’ increasing reliance on increasingly expensive paid sources, combined with the drop in traffic volume, meant cost per visit rose by +9.4% in 2023.

See how your digital experience stacks up.

Get the 2024 Digital Experience Benchmark Report and Interactive Explorer for the metrics that really matter.

Access the Benchmarks

3 ways to increase web traffic with digital experience analytics

Whether it’s a temporary economically determined trend or not, the decline in traffic volume last year has to be reckoned with this year.

And there’s a very real upside to this ultimatum.

The volume drop could be the forcing factor needed to shift the mindsets of digital teams away from simply acquiring new visitors and toward a better, more nuanced understanding of the traffic that does show up—so they can make the most of it.

There are few (if any) more powerful tools for doing that than a digital experience analytics platform like Contentsquare.

Here are just three examples of how DXA helps you capitalize on every visit you get.

1. Understand who your visitors are and how they’re behaving

Our Digital Experience Benchmarks will help you understand the sort of traffic you can expect to see on your website and app this year—and prepare for it.

But to really get a handle on who you’re serving on a daily basis, your business needs specific and up-to-date information on incoming traffic.

See how your digital experience stacks up.

Get the 2024 Digital Experience Benchmark Report and Interactive Explorer for the metrics that really matter.

Access the Benchmarks

A good DXA platform tells you how your visitors got to your site or app (whether that’s via a paid or unpaid source), what device they’re using and whether they’ve visited before.

It tells you how different visitor segments behave once they’re actually on your site or app—so you can compare the behavior of these segments and see where you’re failing to serve one segment while satisfying the other.

Use Contentsquare’s Impact Quantification to do an extensive analysis of user segments, so you can identify trending behavior by segment, compare the impact of issues on different segments, and understand how they affect conversion and ROI. For example, you can see at a glance how many returning user sessions are impacted by errors on desktop.

2. Optimize your user journeys

While there are all sorts of ways to attract organic traffic, such as search engine optimization (SEO), to take advantage of that traffic you need to be able to understand how visitors are using your site—at both a macro and micro level.

On the macro side, you need a high-level view of your customer journey.

Customer journey analysis gives your teams a full overview of every visitor’s on-site journey, including where it started, where it ended and the path they took in between.

Using Contentsquare’s Customer Journey Analysis, you get clear, color-coded visualizations that help your teams identify opportunities and issues within seconds.

Our Customer Journey Analysis also lets you segment data to understand how different customer types—defined either by where they came from or how they behaved—are progressing (or not progressing) through your experience.

And, thanks to our recent acquisition of Heap, a leading product analytics platform, Contentsquare also empowers you to understand and optimize user journeys—not only within your website and app, but across all your branded experiences.

3. Minimize frustration and maximize engagement on every page and screen

The 2024 Digital Experience Benchmarks report states that the average bounce rate for websites in 2023 was 48.7%—and that the bounce rate exceeded 50% in six of the ten industries analyzed.

Furthermore, there was a -5.5% YoY drop in conversion rates. This means that not only were teams paying more for less site traffic in 2023—but they also were wasting more of that spend.

One of the biggest factors behind the poor outcomes we saw last year (if not the biggest) is user frustration, which (in a world where customers increasingly expect frictionless experiences) can do real damage to your metrics.

Frustrated visitors might fail to convert, or leave your site or app, never to return. Often, they’ll also spread the word about their bad experience to other potential customers.

DXA platforms equip you to detect and fight frustration with error analysis—a capability that leverages AI to identify, prioritize and alert your team to frustrating technical issues, such as Javascript errors (the culprit in 17.7% of visits in 2023) and malfunctioning buttons on your web pages.

Contentsquare even features an AI-powered frustration score to help you surface where frustration is being fueled the most on your site.

A great DXA platform also gives your team the analytic tools it needs to investigate and fix these issues—as well as user experience (UX) issues relating to page design and copy.

Use Contentsquare’s Zone-Based Heatmaps (pictured below) and Session Replay to see things from your users’ perspective—and identify exactly what and what isn’t working on every page and screen of their brand’s digital experience.

Not only does this empower your teams to reduce frustration, but it also enables them to optimize your experience to drive engagement by improving your site content.

Discover the biggest global web traffic trends, today

Only by optimizing your experience from end to end, for every type of visitor who arrives on your site or app, can you ensure that the traffic you’re getting and the money you’re spending translate into more business growth.

For a more in-depth examination of the global web traffic analytics and trends discussed in this article (including which channels drove the most visits and how traffic split between new and returning visitors), register now to access the 2024 Digital Experience Benchmarks.

Plus, you’ll also get an assortment of strategies to help you respond to our findings—and elevate your experience in 2024.

See how your digital experience stacks up.

Get the 2024 Digital Experience Benchmark Report and Interactive Explorer for the metrics that really matter.

Access the Benchmarks

The post It’s getting harder to attract and convert web traffic. Here’s what to do about it. appeared first on Contentsquare.

What are your biggest challenges and priorities?

Dirk gives us the top three priorities of TotalEnergies’ digital team:

1. Gain flexibility and agility in an unpredictable market. Dirk emphasizes the challenges posed by the volatile energy market: “Shifts in regulations and the global economy can quickly change prices, which has a major impact on demand, making it hard for us to anticipate market changes.”
2. Bridge the brand awareness gap. Following its strategic rebranding from Lampiris to TotalEnergies, the company is now facing a brand awareness gap. “In terms of brand awareness, we find ourselves with a gap to bridge from our previous Lampiris positioning, which is challenging as we’re striving to get ahead of our competitors at the same time,” explains Dirk. 
3. Optimizing  digital marketing strategies. The digital team at TotalEnergies is focused on investing in both traditional and digital marketing channels to enhance brand visibility. “Optimizing our digital marketing activities is one of our biggest goals, which we’re trying to achieve by hiring the right people and getting the right tools in place to give us the customer insights we need to make data-driven decisions,” says Dirk.
4. Boost digital acquisition. “We’re aiming to drive digital acquisition via our website and subscription flows of gas, electricity, solar panels and charging stations. To uplift our conversions, it’s important for us to understand how users behave on our website, how they progress through the funnel and what issues they encounter,” shares Dirk.  

What stood out to you about Contentsquare?

Before integrating Contentsquare, TotalEnergies relied on Google Analytics and Hotjar to get insights into our user experience. “With Google Analytics in place, we could  track website performance and see where we were encountering problems in the funnel. Combining this data  with Hotjar, gave us deeper insights but  they were scattered across  different tools,” says Dirk.   With Contentsquare, TotalEnergies is able to get fast insights in one place, easily identify areas of frustration and seamlessly improve their digital experience. Dirk also highlights the immediate return on investment with Contentsquare and how quickly his team can get insights into their user behavior.

“The investment of Contentsquare does pay itself back directly because we can easily conduct analyses that not only identify where customer pain points are but also why they arise. These insights are invaluable to optimize our website according to our customers’ needs, improve customer satisfaction and ultimately boost acquisition.”

Dirk Biesmans, Head of Digital at TotalEnergies

How is Contentsquare helping to improve the digital experience for your energy customers?

The digital team has seamlessly integrated Contentsquare with Google Analytics 4 and Optimizely. This integration provides a comprehensive view of their customer experience, enhancing testing, personalization and transforming their energy digital experiences, resulting in an exceptional customer satisfaction.

Contentsquare also plays a big role in optimizing TotalEnergies’ digital conversion processes. “We optimize our conversion funnels by identifying drop-offs in our forms and analyzing where exactly the problem lies. We use Session Replays to deep dive into the friction points to understand why users are struggling and how to fix any issues quickly,” explains Dirk.

“In my opinion the biggest USP of Contentsquare is that you can really deep dive into any problem on your website. You can identify pain points in no time, see what impact they have and how to quickly solve them. You have all the data you need to make informed decisions in one platform.”

Dirk Biesmans, Head of Digital at TotalEnergies

Contentsquare empowers energy customers with intuitive digital experiences

Total Energies’ strategic adoption of Contentsquare showcases its effectiveness in addressing complex challenges, empowering companies to navigate the digital landscape. 

“We’re delighted to partner with TotalEnergies and support them in staying ahead in the dynamic energy market. A great customer experience is a significant success factor in today’s digital world, and we’re happy to collaborate with TotalEnergies in creating frictionless digital journeys for their customers,” says Abdi Essa, VP Sales EMEA North & Central 

Want to learn how to transform your digital strategy and enhance your customer journeys on your energy website and app? We are here to support you with data-driven digital experience optimization for energy providers. Explore our 6-minute product tour or schedule a personalized demo with one of our experts to learn more about our Digital Experience Analytics platform. 

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The post How TotalEnergies is improving the digital experience for energy customers with Contentsquare appeared first on Contentsquare.

By closely monitoring the customer retention rate, businesses can pinpoint areas of improvement, devise strategies to enhance customer satisfaction and loyalty, and ultimately increase profitability. It’s worth noting that enhancing customer retention rate by merely 5% can amplify profits by 25% to 95%, as per research conducted by Bain & Company.

What is customer retention rate?

Customer retention rate is a vital performance indicator that gauges a company’s capacity to retain its customers throughout a specific customer lifecycle. This rate is calculated by dividing the number of customers at the end of a period (minus the number of new customers acquired during that period) by the number of customers at the start of the period. The outcome is then multiplied by 100 to yield the customer retention rate percentage.
A high customer retention rate signifies that a company is successful in fostering customer loyalty. This achievement can be attributed to exceptional customer service, superior products or services, and effective customer relationship management strategies. On the other hand, a low customer retention rate implies that customers are dissatisfied with the company’s offerings or customer service, compelling them to seek alternatives.

Understanding and tracking the customer retention rate is essential for businesses as it provides insights into customer behavior, satisfaction levels, and loyalty. It also enables businesses to identify potential issues, devise strategies to improve customer retention, and measure the effectiveness of these strategies over time.

Intuitive visualizations of your customers journey.

I want this product!

Why is customer retention important?

Customer retention holds paramount importance for business success for several reasons. Firstly, it’s generally more cost-effective to retain existing customers than to acquire new ones. Research suggests that the cost of acquiring a new customer can be five times higher than the cost of retaining an existing one. This is because customer acquisition typically involves marketing and advertising expenses, sales team efforts, and other costs.
Secondly, retained customers are more likely to become loyal customers who make repeat purchases, provide positive word-of-mouth referrals, and become brand advocates. This can lead to increased sales and revenue for the business. In fact, studies show that a 5% increase in customer retention can lead to a 25% to 95% increase in profits.

Lastly, customer retention provides businesses with the opportunity to build strong, long-term relationships with their customers. These relationships can lead to valuable feedback, insights, and ideas that can help the business improve its products, services, and overall customer experience. Therefore, focusing on customer retention should be a key component of any business strategy.

What about the customer retention rate online?

A seamless and user-friendly web experience plays a crucial role in retaining customers, as users are more likely to stay loyal to platforms that offer intuitive navigation, personalized content, and efficient service. Building a sense of community through online interactions, such as social media engagement and customer forums, contributes significantly to customer retention by fostering a connection between the brand and its audience.

Regularly updating and optimizing the online experience based on user feedback is essential for meeting evolving customer preferences and sustaining their interest. Offering exclusive online promotions, personalized recommendations, and timely communication can further enhance customer loyalty in the digital realm.

Ultimately, a high customer retention rate in the online space not only reflects the success of a business’s digital strategy but also establishes a foundation for long-term customer relationships.

Customer retention rate vs churn rate

In the realm of customer relationship management, two metrics stand out: Customer Retention Rate (CRR) and Churn Rate. The former is a testimony to the company’s ability to maintain customer loyalty, while the latter provides insights into customer dissatisfaction.
CRR is a reflection of the company’s success in fostering customer satisfaction, thereby influencing customer lifecycle positively. A high CRR indicates effective business strategies that promote customer loyalty, contributing significantly to the company’s revenue and growth. Notably, a high CRR is often linked with superior customer service and a positive customer experience, elements that are crucial in enhancing customer lifetime value.

On the other hand, Churn Rate or customer churn rate, measures the number of customers a company loses within a specific period. A high churn rate is a red flag, signaling potential issues in the company’s product or service offerings, or its customer relationship management. For subscription-based businesses, a high churn rate could mean a significant loss of recurring revenue, negatively impacting the business’s profitability.

However, when analyzing a company’s customer database, CRR and Churn Rate should not be viewed in isolation. Instead, they should be considered together for a comprehensive understanding of the company’s customer retention strategies. A high CRR coupled with a low Churn Rate indicates a successful business strategy, translating into a loyal customer base and steady revenue stream. Conversely, a low CRR and high Churn Rate could point to issues in customer satisfaction or customer service, necessitating immediate corrective action. By regularly monitoring and comparing these two metrics, businesses can identify trends, predict future customer behavior, and devise strategies to enhance customer loyalty and satisfaction.

Intuitive visualizations of your customers journey.

I want this product!

The post Customer retention rate: how to maxime profitability by understanding & improving appeared first on Contentsquare.

We sat down with Nick Rennie, former Head of Product at DappRadar to understand how the company focuses on optimizing its UX, aligning product design with customer needs and prioritizing feature development through in-depth analysis of user behavior data. 

About DappRadar

DappRadar is  a leading provider of decentralized application (Dapp) analytics. Known for delivering comprehensive insights for  blockchain-based applications, DappRadar offers users and developers real-time data to monitor, discover and optimize their decentralized experiences. 

What are the biggest challenges and priorities of your product team?

Nick highlighted several challenges that the team at DappRadar have encountered while enhancing digital customer experience and driving product development: “Our main hurdles were understanding user behavior, optimizing our user interface (UI), making informed decisions about our product roadmap and assessing the performance of new products,” Nick explains. 

The dynamic landscape of web3 added an extra layer of complexity, which made ensuring user privacy and gathering essential data all the more important. In Nick’s perspective, this comprehensive approach was crucial for navigating the evolving digital environment and improving the overall UX at DappRadar.

How is Contentsquare helping you solve those challenges and optimize digital product development?

Contentsquare plays a significant role in helping the team better understand their  user behavior and   make product roadmap decisions. The team strategically uses Contentsquare’s insights to prioritize features and enhancements, ensuring that what they’re offerings are meeting user needs. 

The platform supports the team optimize their UI and provides valuable data that justifies changes to internal stakeholders. From monitoring the impact of technical changes—including the implementation of bot blocking via Cloudflare—to overall site performance, DappRadar has benefited from the insights provided by Contentsquare in various ways. 

The platform not only provides actionable data for improvements but also plays an important role in guiding product development. An example mentioned by Nick is the introduction of the DappRadar Explorer product: “By understanding key metrics, we were able to make simple yet impactful changes, enhancing usage and engagement of the new Explorer.”

What stands out to you about Contentsquare?

In addition to the unique user behavior insights, and simple visualizations which make it easy for different teams to access insights, Nick highlights  the  seamless collaboration with the Contentsquare team.: 

“The resilience and effort of Contentsquare’s customer success team is amazing. They provide tailored sessions for our product, design, marketing and analytics teams, enhancing the value we get out of the platform. The team’s continuous support, training sessions and use case presentations are integral to our success.”

Moreover, Contentsquare’s privacy policy that’s in line with the  web3 privacy standards—was a big draw for Nick and his team. The ability to collect anonymised data without personal identifiable information is crucial for ensuring the privacy of DappRadar’s user base which is a cornerstone of its digital strategy. 

“Contentsquare not only serves as a powerful analytics platform but also as a partner that supports our organizational growth. The synergy between the platform and our various departments, aided by the exceptional support provided by Contentsquare’s customer success  team has maximized the value we get out of the platform.”  – Nick Rennie, former Head of Product, DappRadar

If you were to recommend Contentsquare to a peer from your industry, what would you say?

“I wholeheartedly recommend Contentsquare as a platform for its robust analytics capabilities, and commend the customer success  team for their unwavering support and dedication to our success. Contentsquare is not just a tool but a comprehensive solution for enhancing user experiences, product development and organizational efficiency,” says Nick.

Find out how Contentsquare can help you optimize your digital product development

If you’re interested to find out how Contentsquare’s Digital Experience Analytics platform can help you understand and optimize your digital product development, then get in touch with us today. We’d be delighted to show you how we’re helping clients just like you deliver experiences their customers can’t help but love.

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The post Digital product development with Contentsquare: DappRadar’s journey to better UX appeared first on Contentsquare.

88% of consumers say a company’s customer experience is as important as its products or services (Salesforce). With businesses competing on experience, it’s those that embrace emerging innovations and digital marketing trends that will stay ahead of their competitors in 2024. We asked leading brands such as Nasdaq, Snowflake and American Express to share their predictions on what digital trends they think will dominate the landscape next year…

From generative AI to community commerce, here are their predictions for next year…

2024 Digital CX Trends

Discover ten trends and what you can do to prepare your business for 2024—and beyond.

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1. Generative AI will be everyone’s best friend

“I don’t think Gen AI is going anywhere. I think we’re going to get smarter about how we’re going to use it, how we adopt it across all levels, what prompts to ask it, and how to think about what the follow-ons from those are. Generative AI is all the rage—it’s going to be everyone’s best friend, but only if we figure out how to use it.”

– Sehr Thadhani, Chief Digital Officer at Nasdaq

2. Brands will focus on hyper-personalization

“Hyper-personalization is going to be the big trend for brands. It’s all about delivering the right content at the right time to the right people, which has always been the challenge in marketing—it’s always about relevance and timing. Before the days of data, personalization wasn’t possible. But now, we have more data than we’ve ever had before. We also have tools like Contentsquare that will help us with personalization.”

– Denise Persson, Chief Marketing Officer at Snowflake

3. It’s all about mapping out the full digital experience

“Long gone are the days where you’re just trying to figure out what happened on a page. It’s now all about user pathways (which can jump from one experience to another across different devices), mapping out the full digital experience and connecting it with your offline experiences. We can talk about AI and many other tools, but you have to get the basics right. Do you have the right data quality to have all the right processes in place? And do you have a culture of experimentation to fuel the innovation on the right experiences for your customers?

– Ayuna Tckachenko, VP of Digital Analytics and Experimentation at American Express

4. Social commerce will move towards community commerce

“The future of CX is social commerce. But I don’t mean seeing something great on Instagram and clicking the link to buy it. It’ll be more about bringing your friends into purchase decisions and planning things in groups. Our customers travel together, so we’re looking at how we can bring them together in a space where they can talk and connect. And also, how we can actually engage with that group from a brand perspective, either through a digital experience or with a live human being.”

– Kellay Buckelew, VP of Digital Experience at Norwegian Cruise Line

5. Prioritizing data protection will be key

“In the realm of digitalization, 2024 will see a shift towards hyper-personalization, with AI-driven algorithms tailoring user experiences at an unprecedented level of granularity, while also prioritizing user consent and data protection in compliance with evolving privacy regulations.”

– Veronika Morozová, CRO Manager at IU International University of Applied Sciences

2024 Digital CX Trends

Discover ten trends and what you can do to prepare your business for 2024—and beyond.

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6. Understanding mobile app behavior

“We’ve been saying mobile-first for quite some time now, but it’s important to understand what your app is actually used for and why your customers are using your app mobile versus desktop, especially in a hybrid world. And then you should build for that in mind because it might not be a one-size-fits-all solution and your customers might be using your app for different aspects.”

– Alexandra London, Head of Digital at Zoom

Get more insights into the latest trends in digital marketing and CX

Download our What’s Next in CX? 2024 Digital Customer Experience Trends Report to dive into ten digital customer experience trends set to dominate the landscape next year, as identified by a survey of 2700+ business professionals in marketing, UX and product roles from retail, B2B, financial services, telco and many more.

Get the report to find out:

• Which digital trends digital professionals think will matter most
• How digital professionals think about these trends (and how to adapt to them)
• What you can do to prepare your business for 2024—and beyond

Plus, find out how our digital experience analytics platform is already putting these future trends into practice to help brands increase customer happiness and drive growth.

Solutions for Digital Marketing Teams

The post 6 trends in digital marketing to look out for in 2024 appeared first on Contentsquare.

Here’s a slightly concerning stat for you: Bounce rates rose to 49% in 2022., compared to 47% in 2021.

This might sound like an insignificant increase, but it actually means there are 4% fewer visitors progressing forward towards a possible conversion.

That’s far from ideal.

With nearly half of all traffic consisting of one-and-done visits, understanding your users’ needs and optimizing their experiences with your brand is pretty important.

But how can you create a truly holistic view of your customer experience and ensure their journey from A to B (via C, D, E and F, etc.) is seamless?

The answer: customer journey mapping.

What is customer journey mapping?

Customer journey mapping is a powerful tool that helps you understand your customers’ needs, pain points and experiences while identifying areas of improvement.

The process involves mapping out all your touchpoints and visualizing the entire customer journey, from awareness to purchase to post-purchase support.

This comprehensive view is key to optimizing your business KPIs—whether conversions or revenue—and making better, more informed decisions when it comes to your products, services and marketing strategy.

“A customer journey map is a very simple idea: a diagram that illustrates the steps your customer(s) go through in engaging with your company, whether it be a product, an online experience, retail experience, or a service, or any combination.” —Adam Richardson, Harvard Business Review

Intuitive visualizations of your customers journey.

I want this product!

4 easy steps to creating a journey map

We’ve outlined four simple steps you can take to start your customer journey mapping process. 

To drive results, follow these four steps:

1. Start by identifying your target customer. Who are you trying to reach with your product or service? Once you know your target customer, you can start to understand their needs and motivations.
2. Define key touchpoints. Where do customers interact with your brand? What steps do customers take to interact with your brand? This could include visiting your website, reading reviews, talking to customer support, and making a purchase on your app.
3. Map out your customer needs. For each touchpoint, identify your customer’s goals, needs, and pain points. What are they trying to achieve? What information do they need? What challenges are they facing?
4. Identify areas for improvement. Once you have a good understanding of the customer journey, you can identify areas for improvement. This could be as simple as making it easier for customers to find the information they need, streamlining the checkout process, or providing better customer support.

Once you’ve finished mapping your journey—depending on what industry you’re in—it could look something like this: 

Image source: Zapier

Things to think about during the process

Don’t forget this process takes time, effort and research—you can’t (and shouldn’t) do it alone. Here are a few key things to keep in mind:

• Use data throughout the process to inform your journey map. It’s important to use customer data and insights from website analytics (like Contentsquare), customer surveys, and social media to make informed decisions.
• Get input from your teams across your organization. Your journey map should be a collaborative effort. Get input from your sales, marketing, customer support and product development teams.
• Review and update your journey map regularly. Your customers are constantly evolving, so your journey map should be too. Ensure it’s accurate and up-to-date by reviewing it on a regular basis. 

In retail banking? Read this blog for our 7 steps to creating a retail banking customer journey map. 

The benefits of creating a journey map

Don’t get us wrong, breaking down your customer journey phase by phase is a laborious task but it’s crucial to ensuring the experience you provide is relevant and—most importantly—frictionless. 

If you’re still on the fence about journey mapping, here are three benefits to convince you to get started now:

You will (almost) instantly improve your customer experience

Journey mapping is an eye-opening process. Once you start digging into your customer journeys, you’re likely to identify areas of frustration pretty quickly. 

For retailers, for example, journey mapping is beneficial for pinpointing areas where they might be losing customers or where cart abandonment is high. 

And knowing where customers struggle will help you prioritize the right optimizations, improve your customers’ experience and even fuel ideas for your experimentation strategy. 

You can optimize your marketing campaigns

Marketers can use the insights from the journey mapping process to create targeted campaigns that promote products to the right audience, at the right time, and in the right way. 

Journey mapping can help you level-up your marketing strategy by helping you:

• Identify different customer segments 
• Coordinate efforts across multiple channels 
• Set specific objectives aligned with customer goals
• Improve campaign measurement

You can use it to develop new products and services

Journey mapping isn’t just for marketing teams. It can play a key role in identifying new product and service opportunities that meet the needs of your customers.

Product owners and dev teams that closely align product development to their customer journeys can reduce the risk of product failure and increase the likelihood of successful adoption. 

It’s also a great way to gather customer feedback, which can be invaluable in shaping new product development and identifying unmet needs or areas for improvement.

Create a journey map that drives results with Contentsquare

Qualitative surveys and interviews are extremely powerful tools for gathering insights for your journey map. 

But combine that with quantitative data and you’ll hit the sweet spot. 

Contentsquare’s Digital Experience Analytics platform provides qualitative and quantitative insights into your customers’ online behavior in real-time—and provides you with a range of tools to help you build a killer customer journey map, including:

• Customer Journey Analysis: See how users progress through your site and app, page by page, from entry to exit.
• Session Replay:  By watching real-time recordings of how your customers interact with your website you can instantly see where your customers struggle the most. 
• Zone-Based Heatmaps: Heatmaps allow you to see exactly where customers are clicking, scrolling and hovering on your website to understand what content is most engaging and where you might need to make improvements.
• Form Analytics: Discover how customers interact with your website’s forms and identify what’s working and where customers get stuck or abandon your forms.

Remember, journey mapping is not a one-time process. With Contentsquare you can create a comprehensive journey map and continuously improve on it—helping you stay agile and responsive to ever-changing customer needs.

Intuitive visualizations of your customers journey.

I want this product!

The post How to create a customer journey map that drives results appeared first on Contentsquare.

Positive interactions on digital platforms enhance customer loyalty, lead to referrals, and increase customer lifetime value. Conversely, negative experiences can result in customer churn, adverse reviews, and damage to brand reputation. Therefore, understanding and optimizing the digital customer experience is a critical aspect of digital marketing.

What is Digital Customer Experience?

Digital customer experience is the sum of all online interactions between a customer and a business. It encompasses everything from the user interface design of a website to the efficiency of customer service.

It’s more than just offering a good product or service; it’s about delivering a seamless, enjoyable, and personalized experience across all digital channels, leading to improved customer satisfaction.

Key components of digital customer experience include website optimization, mobile experience, personalization, customer service, and social media engagement. Each of these components plays a crucial role in shaping the customer’s overall perception of a business. By optimizing these components, businesses can create a digital customer experience that sets them apart from the competition.

How to improve digital customer experience?

To improve digital customer experience, businesses need to focus on understanding their customers’ needs, expectations, and behaviors. This involves collecting and analyzing customer data, mapping the customer journey, and using this information to optimize digital channels. One effective method to improve digital customer experience is to enhance the user interface design of a website, making it easy to navigate. This involves having a clear, intuitive site structure, using simple and straightforward language, and ensuring that the site loads quickly.

Another crucial strategy is personalization. By using AI technology and customer data, businesses can deliver relevant content, offers, and recommendations, enhancing user experience and customer engagement.

Tactic 1 to improve digital customer experience

One of the most effective tactics to improve the digital customer experience is through personalization. Personalization involves using customer data to deliver a customized experience that meets each customer’s unique needs and preferences. This can involve personalizing the content that customers see on your website, sending targeted email campaigns, or offering personalized product recommendations. By delivering a personalized experience, businesses can improve customer satisfaction, boost customer engagement, and increase revenue.

However, it’s crucial to use personalization responsibly. This means respecting customer privacy, being transparent about how customer data is used, and giving customers the option to opt-out of personalization if they choose. This tactic is a key aspect of how to improve the digital customer journey, enhancing the overall digital customer experience.

Fix the errors that hurt the worst.

I need this!

Tactic 2 to improve digital customer experience

The second tactic to improve the digital customer experience involves implementing a comprehensive Customer Relationship Management (CRM) system. This CRM system enhances user experience and customer satisfaction by managing customer interactions throughout the customer journey. It is a strategic tool in digital marketing that collects and analyzes customer data, providing insights into customer behavior, preferences, and needs. These insights are essential for personalization of the digital experience, improving customer engagement and satisfaction.

A CRM system also streamlines operations and boosts efficiency in digital marketing. It automates routine tasks such as email marketing and customer record updates, freeing time for staff to focus on strategic customer engagement activities. Moreover, it provides a centralized platform for customer data, facilitating efficient management and access.

Moreover, the CRM system improves customer service by providing a comprehensive view of each customer’s journey. It includes their purchase history, preferences, and interactions with the business, which can be used to enhance customer engagement and resolve issues effectively. To maximize the benefits of a CRM system and improve the digital customer journey, businesses should select an easy-to-use system that integrates with existing systems. Staff should also be provided with adequate training and support for effective use of the system.

Tactic 3 to improve digital customer experience

The third tactic to improve digital customer experience is website optimization for mobile use. With the rise in smartphone and tablet usage, ensuring a mobile-friendly user interface design is crucial for customer satisfaction. A mobile-optimized website improves the user experience by providing easy navigation on a smaller screen and faster loading times.

In addition to website optimization, businesses should also consider developing a mobile app. A mobile app can offer a more personalized and engaging user experience. It can utilize AI technology features like push notifications and location services to provide tailored content and offers to the users. However, developing a mobile app can be a significant investment. Therefore, businesses should carefully consider their target audience and the potential benefits before proceeding. It is also essential to ensure the app provides a seamless user experience across all devices, contributing to improved customer satisfaction and engagement.

Fix the errors that hurt the worst.

I need this!

The post How to improve digital customer experience: top 3 tactics appeared first on Contentsquare.

The significance of this aspect is instrumental in shaping customer perceptions, influencing purchasing decisions, and fostering customer loyalty. The user experience (UX) and customer experience management (CEM) are key components of the digital customer experience. In this digital era, businesses are not merely competing on the grounds of product or price, but on the customer experience. A superior digital customer experience can set a business apart from its competitors, drive customer engagement, and enhance conversion rate optimization.

Conversely, a poor digital customer experience can result in customer churn, negative reviews, and a diminished brand reputation. The digital customer experience is dynamic and evolves with changes in technology, customer expectations, and market trends. Businesses need to continually monitor and optimize their digital customer experience to remain competitive. They need to leverage advanced technologies, such as artificial intelligence and data analytics, for website optimization and to deliver personalized, seamless, and engaging digital experiences.

Understanding the significance of digital customer experience

Digital customer experience is the experience customers have with a business through digital channels.

It includes all digital touchpoints a customer has with a business, from visiting a website or mobile app to interacting with customer service via social media or live chat. The user interface (UI) and the mobile experience play a significant role in shaping the digital customer experience.

At its core, digital customer experience is about meeting and exceeding customer expectations in the digital realm. It’s about delivering a seamless, convenient, and personalized experience across all digital channels. This includes providing relevant content, easy navigation, fast loading times, secure transactions, and responsive customer service. Customer journey mapping is a critical tool for achieving this.

Digital customer experience is not just about technology. It’s also about understanding customer needs, preferences, and behaviors in the digital context. It’s about creating a customer-centric digital strategy that aligns with business objectives and delivers value to customers. It’s about using digital technologies and data insights to enhance customer experience and drive business growth.

Intuitive visualizations of your customers journey.

I want this product!

Why digital customer experience matters now?

The importance of digital customer experience is more pronounced now than ever. The digital revolution has transformed the way customers interact with businesses. Customers today are more connected, informed, and demanding.

They expect businesses to deliver seamless, personalized, and superior experiences across all digital channels. Omnichannel marketing is a strategy that can help businesses meet these expectations. A positive digital customer experience can drive customer satisfaction, loyalty, and advocacy. It can increase customer lifetime value and reduce customer acquisition costs.

It can also enhance brand image and competitive advantage.

Research shows that companies that excel in customer experience outperform their peers in revenue growth, customer retention, and profitability. On the other hand, a negative digital customer experience can lead to customer dissatisfaction, defection, and damage to brand reputation.

It can also result in lost sales and increased customer service costs. In an era where customers can easily switch to competitors, businesses cannot afford to ignore the importance of digital customer experience. Therefore, investing in digital customer experience strategies, technologies, and skills is a must for businesses that want to thrive in the digital age.

Role and impact of digital CX in your business

The role of Digital Customer Experience (CX) in your business is pivotal. In the digital marketing landscape, user experience (UX) and customer experience management (CEM) have emerged as crucial differentiators.

Digital CX refers to the perception your customers have of your brand resulting from their digital interactions. This includes every digital touchpoint a customer comes across with your business, such as your website, mobile experience, social media platforms, emails, and online customer service. Implementing customer journey mapping is a key aspect of enhancing your digital CX.

It helps in understanding and optimizing the customer’s digital journey, leading to improved UX and website optimization. A seamless, user-friendly, and engaging digital experience can significantly boost customer satisfaction levels, which in turn, can lead to increased customer loyalty and retention. It’s a known fact that businesses that deliver superior customer experience tend to retain more customers.

This is crucial considering the cost of acquiring a new customer can be five times more than retaining an existing one. Digital CX has a profound impact on your business’s bottom line. A positive digital customer experience can lead to increased customer spending. Customers are more likely to spend more with businesses that offer superior digital experience. Personalization plays a key role in this aspect.

Tailoring the digital experience to individual customer preferences can enhance UX, leading to increased spending. Satisfied customers, experiencing a well-crafted user interface (UI), are more likely to become brand advocates, recommending your business to their friends and family, thus driving organic growth. Omnichannel marketing is another significant aspect of Digital CX.

Providing a seamless experience across all channels can enhance the customer’s digital journey, leading to improved UX. Moreover, a positive digital experience can lead to positive online reviews and social media shares, boosting your business’s online presence and reputation. On the other hand, a poor digital experience can result in negative reviews, damaging your brand image.

Therefore, conversion rate optimization is crucial in enhancing your digital CX, leading to improved business performance. In conclusion, the role and impact of Digital CX in your business are significant.

It influences customer satisfaction, drives customer loyalty and retention, impacts your bottom line, and shapes your business’s reputation and brand image. Therefore, investing in a robust Digital CX strategy, encompassing UX, customer journey mapping, website optimization, CEM, personalization, mobile experience, omnichannel marketing, and conversion rate optimization, is a business imperative in today’s digital era.

Intuitive visualizations of your customers journey.

I want this product!

The post Enhancing digital customer experiences – the ultimate guide appeared first on Contentsquare.

In an exponentially growing global app market where customer acquisition costs are spiraling, user retention is what separates the app pack leaders from the rest.¹

To retain users, you’ve got to engage users. But that isn’t easy—particularly when even non-social apps are competing for attention with the likes of Instagram and TikTok.

We’re here to make it easier. Keep reading to find out:

• Why mobile app engagement matters so much
• 5 in-app design tips to increase engagement on your app (with best practice examples from Duolingo, Strava and MoneyCoach)
• How to use app analytics to measure and optimize engagement

Why engaging app users matters

Users who consistently and purposefully interact with your app are considered ‘engaged’.

Engaged users use your app on a regular basis, and tend to interact with it to achieve a particular goal—whether that’s finding some entertaining content, buying a new pair of sneakers or making a bank transfer. And they’re more likely to:

• Spend with you (through in-app purchases, subscriptions and/or exposure to advertising)
• Spread the good word about you
• Leave a glowing review for you on the app store

Unengaged users, by contrast, will either:

• Forget your app exists (only to uninstall it without a second thought when they need to free up some smartphone space)
• Decide your app isn’t worth using and uninstall it immediately
• Uninstall it immediately and leave you a poor review

Engaged users are valuable users, and growing your app engagement rate will grow your user base and grow the loyalty and lifetime value (LTV) of the users who make up that base.

5 tips for maximizing mobile app engagement

1: Optimize your onboarding process

Your app should be engaging users as soon as they open it for the first time.

Here’s a quick three-point checklist on how to make your onboarding experience as engaging as possible:

1. Keep it brief: New users want to start using your app as soon as they can. If your onboarding gets in the way of that, they’ll quickly feel unengaged—or worse.
2. Sell your app’s benefits: Take first-time users on a product tour during onboarding to show them what they’ll get out of your app if they use it correctly. Echoing again on brevity, keep it concise: 3-5 panels should be enough to get the value across.
3. Make it interactive: Get new users to answer questions, set their own goals and try out features during onboarding. This will get them using your app straight away, make them feel invested in the experience, and provide you with data that will help you craft a more engaging app experience.

We go into a lot more detail on how to optimize onboarding in our article ‘App Onboarding: How to take yours from okay to outstanding’.

2: Engage through education

Educating your users shouldn’t stop with onboarding. After all, many users will skip onboarding, while those who didn’t skip it might still forget what you showed them in it. Plus, any new features you add to your app will require highlighting and future explanation.

Remember, educating users doesn’t just make them better users—it makes them more invested in using (and not deleting) your app.

Here’s a few ideas about how to go about that:

• Product tours: As onboarding, 3-5 panels can be deployed to draw attention to new features, especially after users have updated your app
• Tooltips: Hints, tips and descriptions that pop up over key features before they’re used for the first time. (Careful with these: A smartphone screen can get overcrowded, fast.)
• Messaging/notification section: to deliver news to users, or to prompt them to try or learn something new.

3: Gamify wherever possible

As anybody who’s ever stayed up until the early hours playing Call of Duty until their fingers and eyes hurt (just me?) can attest, tech doesn’t get much more engaging than video games.

App gamification seeks to harness that addictive power by borrowing principles and mechanics from game design and applying it to app design.

Fundamentally, this boils down to incentivizing engagement by rewarding app users for taking actions—encouraging them to repeat actions they’ve taken before, and/or take new actions to get different or better rewards.

What gamification will look like differs for different apps:

• Shopping and food ordering apps could give users points for purchases that can eventually be exchanged for a complimentary item. That’s what Starbucks does with its “star” system, in which app users get stars for using the app to spend, and can exchange 150 stars for a drink of their choice.
• Finserv apps are increasingly giving out points/badges that recognize users’ achievements, such as saving a certain sum of money.
• Health and Fitness apps often set targets for users to reach (e.g. reach 10,000 steps in a day)—and reward them with achievement badges that can be shared both within the app and through social media

As you can see, rewards don’t have to be financial. As video games have demonstrated, you can incentivize people with virtual rewards that have no tangible ‘real world’ value. The important thing is they have a personal value for users in representing their own achievements.

Take the language learning app Duolingo, for example. Duolingo is great at making users feel rewarded for completing lessons with virtual rewards like XP points, gems and streaks.

These gems and points may just be pixels on a screen, but they have real value for Duolingo users, who will keep coming back to collect more of them.

This benefits Duolingo, of course, but it also benefits the app’s users, making learning their language of choice a daily habit.

4: Make your app sociable

People want to connect with other people, and if you can design your app to tap into this desire you can drive engagement through the roof. (Just ask Facebook.)

A simple way to get started is to place social buttons on your app, enabling your users to share their in-app activity on other platforms.

But for really engaging results, your app should include social elements of its own.

Here’s why: If you make your users feel part of an app-based community, they’ll be less likely to leave that community (and uninstall your app).

Make your app a point of connection between your users and their real-life friends and you’re on the way to making it an indispensable part of their lives.

The fitness tracking app Strava serves as an exemplary model of the power of adding social elements to an app that isn’t primarily a social app.

You and your Strava-equipped friends can follow each other (and other members), give each other “kudos” for workouts, leave comments and add each other to activities when you’re working out together.

Users can also set up group challenges and create and/or join public and private clubs and compete to head up leaderboards.

Here, social media tactics meet gamification—and the result is next-level engagement.

5: Personalize your app experience

Providing your app users with connections to their friends is one way of driving engagement. Being a friend to your users is another. And that’s where personalization comes in.

While being careful not to come across as intrusive, your team should be drawing on the data users have consented to share with you to tailor their experiences for optimal engagement.

The goal here is not only to give them a better experience—it’s to make them feel like your app ‘knows’ what they need from it, cares that they get it and is giving them it.

And the best time to start this process is…? Immediately.

That’s what budgeting app MoneyCoach does. Early in the app’s onboarding process, users are assured that their experience will be personalized.

They’re then asked to submit information about their financial income and outgoings and to specify what they hope to achieve by using the app.

Henceforth, every piece of advice the app gives each user will be based upon this initial personalization—and crucially, they know it.

They’ll also be reminded how valuable MoneyCoach has been in helping them to save money.

The message is clear: MoneyCoach knows them, and knows how to get them what they want, so long as they keep engaging with the app. This is a valuable relationship—and that’s a hard thing to break up.

Bonus tip: In-app notifications

Hey, we know we said 5 tips. But we couldn’t write a blog about mobile app engagement without at least mentioning in-app notifications.

In-app notifications can be used to remind users of all sorts of things—incomplete tasks, items requiring their attention, new products or promotions they might find interesting, etc.

They’re also proven tools for engagement: Sending in-app messages that are specifically tailored to their profile and/or behavior on your app has been shown to improve user retention rates.

A word of caution, though: There are few things more annoying than an app that goes overboard with notifications, particularly if they’ve got nothing to do with our preferences and in-app behavior.

So be smart with the notifications you send. They should be concise, laser-focused and above all necessary. Remember: just because you’ve got something to say doesn’t mean it needs to be said in a notification.

How to measure mobile app engagement

Many articles on the topic of measuring mobile app engagement will feature something like the following equation:

Monthly (or weekly, or daily) active users / Total users  x 100 = Engagement rate

In fact, your app’s level of engagement can’t be boiled down to a single metric.

To understand how engaging your app experience is, you need to build the most comprehensive and nuanced picture of that experience possible by measuring relevant engagement metrics at every level of the experience.

What constitutes “relevant” here will depend on what your app is and what your goals are. Shopping apps will want to measure cart addition and purchase conversion; news and content apps will monitor daily usage, time on site/page, articles read per session, and so on.

Whatever metrics you’re measuring, though, you’ll want to measure them at three levels:

• App-level: To give you an overall picture of your app’s engagement level and understand how effective your overall strategy is.
  • Examples: Bounce rate, conversions, conversion rate, screen-view average, revenue, session time average and number of sessions.
• Screen-level: To give you an understanding of the engagement level of particular screens, helping you ‘zoom in’ to resolve issues.
  • Examples: Bounce rate, conversion rate, activity rate, screen height, fold height, time spent/interaction time, landing rate, and load time.
• Zone-level: Zone-based analysis shows you exactly how users are interacting with on-screen elements, which elements are and aren’t working—and how this ties into conversion and revenue.
  • Examples: Tap rate, tap recurrence, conversion rate per tap, revenue per tap, swipe rate, and time before first tap

Measure, analyze and optimize mobile app engagement with Contentsquare

CS Apps, our app analytics solution, enables you to track your users’ behavior at every level of the app experience.

And what’s more, it gives you tools such as Journey Analysis and Session Replay, with which you can investigate the ‘why’ behind that behavior.

Let’s say you notice app users aren’t tapping on a particular CTA button (and it’s impacting your app’s conversion rate).

By rewatching an affected session on Session Replay, you may realize that users are tapping on a non-button element instead, suggesting this element is misleadingly designed.

That’s just one of countless examples of how CS Apps can help you understand your users and your mobile app experience so it can be optimized for better outcomes.

And if you’d like to book a demo today, we’d be happy to show you some more of what CS Apps can do.

Elevate your app, giving users a five-star experience and driving growth for your business.

Book a demo

• • 1. Simplicity DX: New Research Shows a 222% Increase in Customer Acquisition Costs Puts Renewed Focus on E-Commerce Profitability, App Developer Magazine: The mobile app market is still growing to hit 571 billion by 2030

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