Customer experience is one of the key areas targeted by businesses undergoing digital transformation.
For the majority of organizations that are implementing new digital solutions, providing a better customer experience is high on the agenda, but how those digital solutions directly address customer experience is another question altogether.
Whether through more direct means (like a new website or more engaging social media presence) or indirect means (automating order fulfillment to process purchases more quickly), improving CX is a principal goal.
Take a look at these 20 customer experience stats for an indication of how important customer experience is to a modern business.
1. Over three-quarters (76%) of customers expect companies to have an understanding of what they want and to tailor their service accordingly.
2. Customers tell an average of nine people about a positive experience with a brand, but they will tell nearly double that number (16) about a negative experience.
3. 57% of customers won’t recommend a business with a poorly designed website on mobile.
4. 87% of organizations agree traditional experiences no longer satisfy the needs and expectations of customers today.
5. 32% of CMOs rank customer experience as a top three priority for their business to contend with.
6. 81% of companies view their business’ customer experience as a competitive differentiator.
7. Customer centricity is a key differentiator between successful and less successful businesses, with customer-centric companies 60% more profitable than their counterparts.
8. 73% of consumers say a positive experience is fundamental in influencing their brand loyalties…
9. …and loyal customers are 5x as likely to make a repeat purchase and 4x more likely to refer a friend to the company.
10. 39% of company CEOs say a good customer experience is the most effective way of establishing an advantage over competitors.
11. 79% of marketing professionals say the priority of their CX strategy is to improve customer retention.
12. Over half (54%) of customers used email to contact a company’s customer service team, making it the most used communication channel.
13. 77% of customers believe it takes too long to reach customer service and they will wait on hold for an average of 11 minutes before hanging up.
14. Virtual assistants are on the up, with organizations reporting a reduction of up to 70% in call, chat and/or email inquiries after implementing a chatbot…
15. …they also report increased customer satisfaction and a 33% saving per voice engagement.
16. Businesses that provide stellar customer experiences get a 3x greater return (stock performance) than businesses that are lagging.
17. $1.6 trillion is lost every year in the US because of poor customer service encouraging customers to switch companies.
18. 73% of customers say that one extraordinary experience raises their expectations of other companies, meaning CX leaders are indirectly putting huge pressure on lagging businesses to meet those expectations.
19. Customers are willing to spend 17% more with a company in order to receive excellent service.
20. Businesses which work hard to provide a good customer experience see almost double year-over-year growth in customer retention, repeat purchases, and customer lifetime value than competitors.
It’s clear that customer experience is a top priority for organizations, and a top priority for customers themselves.
Brand trust plays a significant role for customers when deciding from whom to purchase. This is even more the case in the wake of 2020—with wallets a little lighter, customers will be far more willing to buy from a trusted source.
One-third (33%) of American consumers say trusting a brand is important because they are struggling financially and cannot afford to waste any money on a bad purchase.
For organizations, this means there’s a large incentive (and added pressure) for them to provide a better customer experience.
These customer experience stats demonstrate it is a crucial aspect to contend with for a modern business. At Impact Networking, we’ve been working with SMBs for over 20 years to help them implement new technology to better serve their customers. For more information, visit our Enterprise Resource Planning page and discover what a unified business management system can do for you.