The New ECG and E-Commerce

Amar Pandit , CFA , CFP

Amar Pandit

A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.

August 17, 2021 | 5 Minute Read

When you hear the word ECG what comes to mind?

I bet you imagined/thought of something like the above image or an experience you had with this machine (Electrocardiogram).

The ECG I am referring to is also a matter of the heart. The words are Empathy, Compassion and Generosity. Author Dennis Moseley Williams writes “The most precious things on earth though and especially NOW it seems are – empathy, compassion and generosity. I simply could not agree more.

These are the foundational elements of a world class client experience.

Let me give you a small yet powerful example of this.

During the pandemic, I used to visit a retail chain “Foodhall” near my home for some unique foodstuff. The store was open for a few hours and people used to queue outside the store to get in. On many occasions, I saw the store team (though they are friendly) turn away many customers because they were not wearing a mask (rather they did not have a mask with them). Some would feel frustrated and walk away. Some would argue with the guards. Mind you, this is a high-end store, but this is the experience they were delivering to some of their regular customers.

I was at the Apple Store today in Boston and they were distributing masks to any customer who walked into the store without a mask. Additionally, masks were also kept on the table as you can see from the image below. You could take a couple of masks with you if you needed them. The masks were basic in nature, but this very simple gesture delivers a wow client experience.

Instead of turning customers away for not bringing their masks, wouldn’t it be easy and simple to provide basic masks to customers? Does this sound complex or costly? Not at all. It’s however a matter of empathy, compassion, and generosity. When we do not think with these 3 precious things, we end up doing stupid things. They are not only stupid but damagingly stupid.

Apple has nailed its Client Experience (and continues to improve on this) in a way that Microsoft (the next $2 trillion company after Apple) never could. In fact, I had written a post on this one about Microsoft versus Apple that you should check out again (even if you had earlier).

On a lighter note, Apple would have done even better making iMasks (with the Apple Logo) that not only would have sold (I am assuming here) like hot cakes (generating revenue) but also displayed their logo even while walking, running, or just sitting somewhere. This could also be their foray in the world of fashion. By the way, I am just running wild with my thoughts here.

Back to how it ties with our work. We all can learn from such experiences even if they come from outside our industry. If you want to become the best, learn from not only the best in your industry but also from others outside of your industry. This DNA of constantly striving to be better is what separates the best from the rest.

The above is nothing but an example of how a little gesture can make for a better client experience. A gesture that does not even cost a lot of money. In fact, most gestures do not cost a lot of money but it’s the thought behind them that matters. It tells a client that you care. It tells a client that your firm is built on the foundational elements of empathy, compassion, and generosity. These elements will drive the future of E-Commerce.

The Future of E-Commerce is Experience Commerce. Experience is the New E of E-Commerce.

It’s time we all understood the power of Experience Commerce.

What do you think?