2020 was not a year for business as usual. The coronavirus crisis sent Australia into its first recession of the new millennium. Economic recovery in 2021 is still not certain, and the way we work and live may not return to the pre-pandemic normal for some time.
Companies large and small have been forced to rethink how they operate. Digital transformation has been fast-tracked, with many implementing new technologies to deliver services remotely.
On the other end, consumer expectations have shifted. With fewer dollars to spend, shoppers are becoming more discerning. Customer experience is now well and truly more important than price.
Now, as we move into the tail end of 2020, it’s time to take stock of your business, how it has adapted and evolved, and where you want to take it in 2021 and beyond. Here are 17 customer experience statistics to keep front-of-mind.
17 statistics that prove the value of customer experience for businesses in the post-pandemic world
- Businesses that lead the way in customer experience design outperform late-movers by almost 80 percent.
- More than 65 percent of companies compete on customer experience now, up from 36 percent in 2010.
- 84 percent of businesses that work to enhance customer experience report an increase in revenue.
- 96 percent of customers rank customer service as an important deciding factor in their choice of brand.
- Companies that deliver superior customer experience bring in 5.7 times more revenue than their competitors.
- 77 percent of customers believe that inefficient customer experiences diminish their quality of life.
- Loyal customers are 5 times more likely to make a repeat purchase and 4 times more likely to refer a friend or family member.
- Businesses that exceed customer experience expectations have 1.5 times more engaged employees.
- 68 percent of customers say the service rep they deal with is crucial to a positive experience.
- The number one reason customers switch brands is that they feel they are unappreciated.
- Nine in 10 executives who use data in their decision-making report an improvement in their ability to deliver a fantastic customer experience.
- More than three in four customers view brands more favourably if they collect and implement customer feedback.
- Customers share a positive experience with a company with an average of nine people. They tell 16 people about a negative experience.
- Businesses that have embraced digital transformation for improved customer experience are 26 percent more profitable than their competitors.
- A high-quality customer experience can reduce the overall cost of serving customers by one-third.
- Customers spend up to 140 percent more with a company after a positive experience.
- Increasing customer retention by 2 percent is the same as cutting costs by 10 percent.