It’s 2023, and we all know that traditional experiences can no longer satisfy modern customer needs. So yes, KPIs and revenue matter in the end – but they are only the result of combined efforts your favorite brand makes to keep you.
Today, the focus is on providing customers with a seamless journey across all touchpoints – online and offline – to build trusted, long-term relationships. That is the only way for brands to create a sustainable future.
To do that, you need to make strategic decisions that will infuse the importance of customer experience into every department and team.
If you’re still not convinced – or you’re trying to figure out how to raise awareness within your organization – we can help. Following are some customer experience statistics that might sway you in the right direction.
To make things easier, we’ve grouped them into several topics:
So, let’s dive in!
Customer Experience Is a Priority
The most successful brands put customer experience at the top of their priorities. This is because customer experience is tied to financial indicators and has true strategic importance for your company.
But before you see the results, you need to be prepared to invest in it and make it an essential part of your business strategy. If you haven’t done so, it’s about time to start.
Personalization Makes a Difference but Requires Trust
- While 85% of companies believe that they provide a personalized experience, only 60% of customers believe the same. (Segment)
- 63% of people say they’d be more open to sharing their data for a product or service they say they’ve truly valued. (PwC)
- Only 40% of consumers state that they trust brands to use their data responsibly. (CX Focus)
- 59% of consumers who have experienced personalization say it has a noticeable impact on their purchasing. (Infosys)
- A different source states the same, except that the percentage of these consumers is much higher, i.e. 80%. (Epsilon)
Data privacy is a big topic today. So it’s not surprising that modern customers are aware of the personal data they share to receive personalized experiences.
The value customers get in return for their data has to match or, better yet, exceed their expectations. In addition, transparency and the ability to control what data is shared are crucial in building trusted relationships.
- Companies with omnichannel customer engagement strategies retain 89% of their consumers on average. (Invespcro)
- Companies that started online are expanding to physical stores, with digital-native companies planning to open 850 brick-and-mortar stores between 2019 and 2024. (JLL Real Estate)
- 81% of retail shoppers conduct online research before buying. The overwhelming majority of retail consumers start their journey with online research. (GE Capital Retail Bank)
Mobile has become an actual “front door to the store”. As a result, digital capabilities are changing the way we shop online, as well as our behavior in the offline world.
We don’t expect an item to be out of stock if the website shows it’s available. We can easily check if another store has a better price. We can read reviews and compare products before we visit the store.
We don’t view online and offline as separate worlds, but as one experience the brand provides as a whole. Therefore, it must be a synergetic relationship – and your business strategy must reflect that.
Emerging Technologies Are Becoming the Standard
People are becoming more open to technological improvements – so far that they are becoming the standard. With the progress of technology, our expectations change too.
We want to get quick and accurate information when we look for it. We want convenience and expect nothing less than a perfect user experience. And we are sure that technology can provide that.
Chatbots and AI bring a whole new dimension to customer service and create a more efficient and intelligent process. In addition, virtual, augmented, and mixed reality are reshaping customer experience and have the potential to transform our buying habits.
If you think these technologies are a thing of the future, you are wrong and should start thinking about them immediately.
Customer Feedback is Crucial
- 77% of customers have a more favorable view of brands that ask for and accept customer feedback. (Microsoft)
- 74% of consumers feel that brand loyalty means feeling understood and valued, rather than getting discounts and loyalty perks. (Redpoint Global survey)
- 80% of CEOs believe they deliver a superior experience. Only 8% of customers agree. (Bain & Company)
The difference between a brand promise and an actual customer experience is called the experience gap. So many brands believe in what they are doing, but the truth is they never ask customers what they want.
But Wait, What About Gen Z?
There has been a lot of talk about Gen Z and the importance of customer experience to this particular generation. As a result, we have written a separate blog post focusing on this topic in more detail.
How Can Businesses Retain Customers Using These Customer Experience Statistics?
Deep customer insights are the most powerful tool when setting the customer experience strategy. Connecting the operational data (what has happened?) with the experience data (why has it happened?) results in powerful information you can use to improve and enrich every touchpoint.
If you need help turning these insights into something actionable, get in touch, and our Innovation team would be happy to schedule a call and explore your unique context and challenges.