It wasn’t too long ago when every business asserted that the key to winning customers was in the quality of the product or service they deliver.
In this age of digital advancements, where digital footprints are far more important as compare to beautifully decorated on ground stores or outlets, providing the best customer experience has appeared to be today’s most important success factor.
According to a recent study where we had engaged approx. 2000 business professionals and asked multiple questions, you’ll be amazed to know that Customer Experience (or CX) came in first beating product and pricing.
Having said that, customer experience has fast become a top priority for businesses and 2021 will be no different. Customers no longer base their loyalty on price or product. Instead, they stay loyal with companies due to the experience they receive. If you cannot keep up with their increasing demands, your customers will leave you. Cross-device shopping via a wide range of channels has made it difficult for companies to maintain consistency. Processes and technologies need to change in order to provide a consistent experience across all platforms. This hopefully clarifies why are so many companies focusing on the customer experience and what happens to companies that choose to ignore it.
Customer Experience in a new battlefield for all businesses wants to sustain or grow in 2021 and beyond as none of any users wants to do business with a company that treats them poorly.
Customer Experience is now the top differentiator, here's why:
- 86% of buyers are willing to pay more for a great customer experience.
- 49% of buyers have made impulse purchases after receiving a more personalized experience.
- 81% of marketers expect to compete mostly (or entirely) based on CX. (Gartner)
- $1.6T is lost every year in the U.S. because of poor customer service. (Accenture Strategy)
- 83% of executives feel that unimproved CX presents them with considerable revenue and market share risks. (Forbes / Arm Treasure Data)
- 74% of consumers are at least somewhat likely to buy based on experiences alone. (Forbes / Arm Treasure Data)
- $98B/year is left on the table by companies who fail to provide “simple” experiences to their consumers. (Siegel+Gale)
- Consumers will pay a 16% price premium for great customer experience. (PwC)
- Retained customers will pay a 17% price premium if it means getting excellent service. (American Express)
- 80% of consumers are more likely to purchase when brands offer experiences personalized to them. (Epsilon)
- 48% of consumers have left a website without purchasing because they felt it was poorly curated for them. (Accenture)
- 32% of customers stop doing business with a brand they love after only one bad experience. (PwC)
- 75% of people expect to get immediate info when they use their smartphone. (Google)
- 90% of customers expect an “immediate” response to their support questions (10 minutes or less). (HubSpot Research)
Every experience count, get in touch today, let us help you improve your customer experience. Start engaging your customers today, someone will if you won’t!
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