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SaraThe customer experience (CX) is the ultimate driver of business growth and revenue in 2022 as ever before. Today, customers expect an outstanding brand experience and technological advancements facilitate this.
Brands and businesses that ensure exceptional customer service across all communication channels can significantly enhance customer satisfaction, brand loyalty, sales, traffic, and ultimately, revenue generation.
It is hard to measure CX. That is why they take KPIs into account. By looking at customer experience trends and CX stats, businesses can understand the significant impact (both positive and negative) of CX on the bottom line.
This will help them know the importance of keeping up with their consumers’ continually changing preferences, needs, and expectations throughout their journey.
Here is a compilation of 21+ customer experience trends and stats in 2024 for all CX stakeholders to know. So, read on!
Contents
General Customer Experience Trends and CX Stats
The following stats let you know why CX has become pivotal for business growth.
1. 60% of consumers rely on reviews from family, friends, and fellow consumers when learning about a new product
This is because only if people hear about a product from a reliable source, they are assured that it is a quality product they are opting to purchase, For, no one wants to buy a bad product. So, the key takeaway is to provide your customers with reviews from other customers so that they can decide whether or not to buy that product.
2. 73% of customers report customer experience to have a big influence on their purchasing decision
CX begins from the moment a person comes in contact with your business. Your site load time, headlines, visuals, word count, navigation, and many more contribute to it. Businesses that get these things right and provide value to customers ensure a great CX that boosts conversions, sales, and customer loyalty.
3. 86% of consumers are willing to pay higher prices for a better customer experience
Brands that take good care that their buyer’s journey is smooth and seamless have a better earning potential than their counterparts who do not. Consumers are ready to pay 13% to 18% more for a product/service when the brand’s CX is impressive.
4. 52% of customers are ready to switch brands if they aren’t receiving the CX they expect
CX experts say that if customers aren’t happy with a brand’s CX, they are willing to opt for another brand. This makes it a compelling reason for brands to work more on delivering great CX.
Another study reports that 96% of customers will quit a brand where they have experienced a bad CX. The same study also found that the willingness to switch brands for a better CX is reported to be high in wealthier customers.
5. 84% of consumers have stopped buying from brands with a poor CX
Today, a vast majority of people totally ditch those brands that they are currently buying from when they deliver a poor CX. For instance, a sales rep is rude to a customer or the response time is high. All they look for is convenience and pleasantness, by providing which brands can retain their customers. So, CX is an important customer retention strategy.
6. 49% of consumers have resorted to impulse buying after experiencing an outstanding and personalized CX
People are attracted to personalized customer experiences. With marketing automation tools facilitating market segmentation based on multiple targeting rules, providing highly personalized experiences is a breeze for brands and businesses. So, brands should consider using a top-notch personalization tool like NotifyVisitors.
Trends and Stats Related to How Happy Customers are With The CX They Face
Here are stats that reveal surprising facts about the extent to which customers are happy with the CX they receive.
7. 52% of consumers feel that customer service hasn’t improved over the past year (as reported in 2020)
Over half of customers report that customer service hasn’t changed at all or worsened over the past year. This means despite all the publicity about customer service, many businesses aren’t yet directing sufficient efforts towards enhancing their customer service and CX.
Further, 57% of customers under 40 years of age stated that customer service has improved while 59% of them over 40 years stated it hasn’t. This is because of the tendency of older customers to prefer more traditional customer services.
As businesses have adopted technological advances in their customer services, older customers feel alienated. So, the key takeaway for businesses is to provide different channels of contact to address the varied needs of the older and younger generation.
8. 68% of CX executives firmly believe that customers’ expectations are continually increasing
Customer expectations keep rising nowadays. This is largely owed to the advancements in technology. People have access to every convenience at their fingertips.
For instance, they can make payments, book appointments, accept booked appointments, buy things, advertise and sell products, order food, learn remotely, chat with someone, reserve tickets, avail medical care, and more just at the click of a button.
9. Customers are more impatient than ever before, agree 43% of CX professionals
Customers expect a great CX every time they approach a brand. They expect lightning-fast load times, super-smooth navigation, great customer support, pleasing visuals, useful content, and more. This makes it harder for businesses to please their customers, as stated by 47% of CX executives.
10. All industries fail to meet customer expectations by 38%
Customer experience trends and CX stats state that all industries on average fail to meet customer expectations by 38%. That is, there is an enormous gap between expectations and reality. No doubt, customers are greatly disappointed.
Customer Experience Stats Related to The Business Impact of CX
The CX that a brand provides has an enormous impact on its bottom line. Here is more detailed info on this in the form of stats.
11. The primary reasons why businesses focus on improving their CX are customer satisfaction, retention, and increased up-selling and cross-selling
As customers are the lifeline of a business, businesses should look for ways to keep them happy. This is the reason why they focus on improving their CX. Customer experience trends and stats point out that this improves customer satisfaction by 32%, cross-selling and up-selling by 42%, and customer retention by 33%.
12. Businesses that focus on enhancing CX obtain 80% increased revenue
Reports say that enhancing customer experience can boost revenue generation by generating more leads via word-of-mouth promotions and increasing sales.
13. 88% of businesses now prioritize CX in their contact centers
Contact centers refer to those locations that big organizations use to handle their customer communications through phone calls, email, social media handles, live chat, fax, etc. Businesses are ensuring impressive CX through these in the form of one-on-one engagement, quicker responses, etc.
14. 87% of business leaders mention distinguishable CX as one of the musts for their organization
CX is the factor that prospects look for when deciding which business to work with. So, most (87% of business leaders believe that it is most crucial to work on their CX. However, a small percent (11%) feel that CX is only moderately important. And a negligible section (2%) holds that it is either not very important or important at all to their business.
15. Practitioners are responding to CX trends in different ways
Six top ways practitioners are responding to CX trends are a customer-centric stream of projects, employee experience, CX senior leadership positions, centralizing backends, return on experience (ROX) analysis, and developing AI bots.
16. Businesses that prioritize CX generate 4-8% higher revenue than their competitors
All businesses today face high competition in the market. Businesses that ensure great CX are better off than their counterparts. For, they get to make repeated sales with their customers. Additionally, they also gain a lot of word-of-mouth from happy customers.
17. 80% of firms are investing in the omnichannel experience now
Proving a seamless CX to customers regardless of the communication channel used is referred to as omnichannel experience. Some 10 years back, globally only 20% of firms invested in providing such an experience. But now, the majority of them are adopting it, and soon others too are following suit.
18. 34. 90% of business leaders report having improved their CX efforts since they began using data analytics reports
Data analytics and reporting help businesses derive meaningful insights from customer data. This helps them optimize their marketing materials, strategies, and more accordingly. This is why more and more firms are employing data visualization techniques like heat mapping on their site.
Customer Experience Trends and Stats Related to Factors Influencing CX
It is important for brands to know what contributes to a great CX. This will help them design their strategies accordingly.
19. Convenience matters to 36.4% of consumers
36.4% of customers report that convenience accounted for a good CX. However, this is an area where the majority of companies are lacking. So, this represents a huge opportunity. Convenience can take several forms like easy checkout process, easy-to-access customer service, online reservations or appointments, fast or free shipping, etc.
20. Self-service is preferred by 67% of customers
67% of customers state that they prefer self-service over interacting with a customer service rep. Customers, especially the millennials, love self-service these days. So, firms should provide them with the information and tools they need to easily navigate through their store.
21. Consistency matters to about 65% of customers
Every experience counts when it comes to CX. About 65% of customers say that they become loyal to brands and businesses that deliver pleasant CX at every touchpoint both online and offline. So, do consistently deliver great customer service always.
22. Being treated as a valued customer- the topmost factor of exceptional customer service
65.2% of customers state that being treated as a valued customer is the most important attribute of outstanding customer service for them. They also listed a few factors that contributed to a bad CX.
These include rudeness/apathy (48.5%), not being treated like a valued customer (42.1%), lack of knowledge or expertise in reps (41.7%), the slow response time (40.9%), having to repeat info (39.1%), being put on hold (37.1%), slow transaction speed (29%), and not using preferred communication channel (21.2%).
23. Best customer service described by three words
A survey of 1000+ customers was asked to describe the best customer service. The three common words they used were “friendly”, “helpful”, and “fast”.
Conclusion
Ensuring a great customer experience can help acquire new customers, retain existing customers, encourage repeat customers, promote customer loyalty, and increase sales and revenue.
Thus, it can have a favorable effect on the bottom line. Looking at customer experience trends and CX stats will help you make informed decisions in improving your customer experience.
So, do go through our list of trends and stats once more. This will help you derive insights to optimize your strategies to provide your customers with a great customer experience.
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