Posted On: September 11, 2020
Enterprises today are highly focused on improving their CX scores and that’s why they consider customer experience statistics seriously. What their customers feel while being associated is a major determinant of whether or not it shall be a long-term association in wake of goodwill.
The essence of a customer’s journey with an enterprise comprises of customer experience. As lenient it may seem customers today are willing to invest with enterprises for a better experience. A good customer experience statistics help enhance brand image banking on customers’ trust and loyalty. This trust is gained from quality service and product.
1. Improved customer engagement
2. Reduced costs on marketing
3. Better customer retention
4. Improved decision making
5. Enhances customer loyalty
1. 86% of customers today are willing to pay more for a better experience
2. Companies with a customer experience mindset drive revenue 4-8% higher than the rest of their industries.
Bain & Company
3. Two-thirds of companies compete on customer experience, up from just 36%.
4. 84% of companies that work to improve their customer experience report an increase in their revenue.
5. 73% of companies with above-average customer experience perform better financially than their competitors.
6. 96% of customers say customer service is important in their choice of loyalty to a brand.
7. 83% of companies that believe it’s important to make customers happy also experience growing revenue.
8. Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience.
9. 73% of consumers say a good experience is key in influencing their brand loyalties.
10. 77% of consumers say inefficient customer experiences detract from their quality of life.
11. Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
12. Customers switching companies due to poor service costs U.S. companies a total of $1.6 trillion.
13. Loyal customers are five times more likely to purchase again and four times more likely to refer a friend to the company.
14. American consumers will pay 17% more to purchase from a company with a reputation for great service.
15. Companies that excel at customer experience have 1.5 times more engaged employees than less customer-focused companies.
16. Companies with initiatives to improve their customer experience see employee engagement increase by 20% on average.
17. Companies with engaged employees outperform the competition by 147%.
18. 81% of companies view customer experience as a competitive differentiator.
19. 68% of customers say the service representative is key to a positive service experience.
20. The top reason customers switch brands is because they feel unappreciated.
21. 64% of companies with a customer-focused CEO believe they are more profitable than their competitors.
22. 63% of CEOS want to rally organizations around customers as the top investment priority.
23. 90% of CEOs believe the customer has the greatest impact on their business.
24. Customer experience leaders are more likely to have senior executives leading company-wide efforts.
25. 22% of Fortune 100 companies have a C-level customer officer, compared to 10% of Fortune 500 and 6% of Fortune 1000.
26. 90% of CEOs believe customers have the biggest impact on company strategies.
27. 75% of customer experience management executives gave customer experience a top score for being incredibly important to business.
28. 59% of companies with a CEO who is involved in customer experience report higher revenue growth, compared to just 40% of companies without a customer-focused CEO reporting growth.
29. 39% of CEOs say customer experience is the most effective method of creating a competitive advantage, which was the most common answer.
30. 90% of global executives who use data analytics report that they improved their ability to deliver a great customer experience.
31. 77% of consumers view brands more favorably if they seek out and apply customer feedback.
32. Companies that earn $1 billion a year will see an average gain of $700 million within three years of investing in customer experience.
33. Customers tell an average of nine people about a positive experience with a brand, but they tell 16 people about a negative experience.
34. 69% of U.S. consumers shop more with brands that offer consistent experiences in store and online.
35. Companies that use tools like customer journey maps reduce their cost of service by 15-20%.
36. Companies that have embraced digital transformation are 26% more profitable than their peers.
37. The top 10 most empathetic companies increased their financial value more than twice the bottom 10 companies.
38. Offering a high-quality customer experience can lower the cost of serving customers by up to 33%.
39. 71% of the companies say the cloud has influenced the customer experience.
40. 65% of companies say improving their data analysis is very important to delivering a better customer experience.
41. Two-thirds of customers will share personal information with brands, but only in exchange for some kind of value.
42. Customers are likely to spend 140% more after a positive experience than customers who report negative experiences.
43. 70% of Americans have spent more money to do business with a company that offers great service.
44. Companies that provide an emotional connection with customers outperform the sales growth of their competitors by 85%.
45. A 2% increase in customer retention is the same as profits as cutting costs by 10%.
46. 87% of customers who say they had a great experience will make another purchase from the company, compared to 18% of customers who had a very poor experience.
47. 52% of marketers adapt their strategies and tactics based on customer interactions and feedback.
48. 80% of customers say they are more likely to do business with a company if it offers personalized experiences.
49. 75% of marketers say they will be responsible for the end-to-end experience over the customer’s lifetime.
50. 62% of marketing leaders said use of online customer data at their firms increased in the last two years, and 70% said they expect to use more online data in the next two years.
51. Customers are willing to pay a price premium of up to 13% (and as high as 18%) for luxury and indulgence services, simply by receiving a great customer experience.
52. CX also influences on-the-spot purchasing, too – as 49% of buyers have made impulse purchases after receiving a more personalized experience.
53. A Walker study found that by the end of 2020, customer experience will overtake price and product as the key brand differentiator.
55. In fact, more than two-thirds of companies now compete primarily on the basis of customer experience – up from only 36% in 2010!
56. Therefore, if you want your customers to have a positive experience, you have to invest in it. In fact, 62% of companies will now invest to meet the changing needs of customers.
57. In fact, in their 2020 report, PWC found that the number of companies investing in the omni-channel experience has jumped from 20% to more than 80%.
58. Adobe recently found that companies with the strongest omni-channel customer engagement strategies enjoy a 10% Y-O-Y growth, a 10% increase in average order value and a 25% increase in close rates. It sounds like a no brainer to invest in CX, right?
59. 57% of customers won’t recommend a business with a poorly designed website on mobile. And if a website isn’t mobile-friendly, 50% of customers will stop visiting it, even if they like the business.
60. According to Stat Counter, 52% of all internet traffic now comes from mobile, with desktop usage on a trending decline.
62. However, for companies that aren’t, they’ve been slow to adapt to this trend – especially when it comes to customer support – as an overwhelming 90% of customers report having a poor experience when seeking customer support on mobile devices.
63. According to Esteban Kolsky, 72% of customers will share a positive experience with 6 or more people. On the other hand, if a customer is not happy, 13% of them will share their experience with 15 or even more.
64. The challenge here lies in the fact that, in most cases, customers don’t tell you they’re unhappy. In fact, only 1 in 26 unhappy customers actually complain.The rest, they just leave, Kolsky claims.
65. Even if you provide a positive customer experience 9 out of 10 times, that one time you do not could be fatal.
66. In their future of CX report, PwC surveyed 15,000 consumers and found that 1 in 3 customers will leave a brand they love after just one bad experience, while 92% would completely abandon a company after two or three negative interactions.
69. Customers are willing to find the answers themselves. So much so, that by 2030, Gartner estimates that a billion service tickets will be raised automatically by customer-owned bots.
70. To handle this demand, companies are turning to Artificial Intelligence (AI).
71. In 2018, 25% of all customer interactions were automated through AI and machine learning. With 90% of companies now planning to deploy AI within 3 years, this number is expected to grow to 40% by 2023.
72. 33% of Americans say they’ll consider switching companies after just a single instance of poor service.
73. U.S. companies lose more than $62 billion annually due to poor customer service.
74. Americans tell an average of 15 people about a poor service experience, versus the 11 people they’ll tell about a good experience.
From senior executives to the fresher desk, each employee works to attract and retain more customers. The struggle to impress them and gain their loyalty has never been easy. A close assessment of trends and customer experience statistics & reports so generated help organizational experts get a better grip.