Source |Ameyo.com | BY: Nitish Gautam,
With intense competition in the market, the ability to distinguish yourself from your competition is diminishing, however one thing that clearly stands out and can never be replaced is Customer Experience (CX). Simply put, it’s how customers perceive their interactions with your company.
It can be as simple as browsing a website to receiving customer support on a raised query. Customer experience is not limited to channels, and neither is it a one-time experience. It is the sum of experiences at every customer-company touchpoint measured throughout the customer lifecycle.
But, just how important is customer experience for your company? Should you be focusing on CX? Let’s justify it with some numbers. Here are 50 important customer experience statistics you need to know in 2017:
Importance of Customer Experience Statistics
- “By 2018, more than 50% of organizations will implement significant business model changes in their efforts to improve customer experience.” – Gartner
- “Customer Experience will overtake price and product as the key brand differentiator by the year 2020.” – Walker
- “70% of buying experiences are based on how the customer feels they are being treated.” – McKinsey
- “55% of consumers would pay more for a better customer experience.” – Defaqto Research
- “72% of businesses say that improving the customer experience is their top priority.” – Forrester
- By 2016, 89% of companies expect to compete mostly on the basis of customer experience, versus 36% four years ago.” – Gartner
- “Australian businesses lose $720 per bad customer experience.” – Ernst and Young
- “Only 31% of organizations recognize and reward employees across the company for improving the customer experience.” – Forrester Research
- “Companies that excel at customer experience grow revenues 4-8% above the market.” – Bain & Co.
- “62% of companies view customer experience delivered by the contact centers as a competitive differentiator.” – Deloitte
- “In the U.S., the estimated cost of customers switching due to poor service is $1.6 Trillion.” – Accenture
Customer Service Statistics
- “Companies lose more than $62 billion due to poor customer service.” – NewVoiceMedia
- “89% of customers get frustrated because they need to repeat their issues to multiple representatives.” – Accenture
- “It takes 12 positive customer experiences to make up for one negative experience.” – Parature
- “91% of customer who had a bad customer experience won’t willing do business with your company again.” – Glance
- “45% of US consumers will abandon an online transaction if their questions or concerns are not addressed quickly.” – Forrester
- “A customer is 4x more likely to buy from a competitor if the problem is service-related, versus price or product-related.” – Bain & Co.
- “75% of online customers expect help within 5 minutes.” – Mckinsey
- “33% of consumers would recommend a brand that provides a quick but ineffective response.” – Nielsen-McKinsey
- “89% of consumers have stopped doing business with a company after experiencing poor customer service.” – RightNow Customer Experience Impact Report
- “95% of consumers talk about poor customer service experiences with other people.” – American Express
- “80% of companies say they deliver ‘superior’ customer service; however, 8% of people think these same companies deliver ‘superior’ customer service.” – Bain & Co.
- “70% of consumers say technology has made it easier than ever to take their business elsewhere.” – Salesforce
- “By 2020, customers will manage 85% of the relationship with an enterprise without interacting with a human.” – Gartner
- “Consumers are 2x more likely to share their bad customer service experiences than they are to talk about positive experiences.” – American Express 2012 Global Customer Service Barometer Readon