Virtual hold technology and queue management systems are designed to streamline contact center workflows. They can adjust resources in response to changing call volumes and better manage traffic spikes to improve the customer experience.
When wait times are long, queue management systems let callers who meet certain criteria hang up and receive a callback once call volume has subsided. The caller is placed in a virtual queue and automatically receives a call when their turn comes up. Businesses can set a wait-time limit, after which the customer is placed into callback, and a limit on the number of callers in a virtual queue. Callers who stay on the line will see shorter wait times, which should reduce the rate of abandoned calls. And deferred calls from peak traffic times can help fill the troughs when new traffic is low.
For Forbes, Christopher Elliot writes that callback systems can also:
- Connect customers to agents who already understand their issue
- Cut time-to-answer and call abandonment rates
- Reduce call length, as customers don't have to spend as much time explaining their problems
- Reduce phone costs, because virtual queueing time does not incur telephone charges
Interest in virtual hold systems continues to grow: The value of the queue management market is projected to reach almost $619 million by 2027.
Deploying virtual hold technology can improve the customer experience and deliver a significant return on investment. Bain & Company asserts that businesses can grow revenues between 4% and 8% above their market when they prioritize the customer service experience.