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Customer experience trends: Companies failing to meet growing expectations

Personalisation remains critical to achieving customer connectedness and extending customer lifetime value yet only 27.5% of the organisations automate systems for proactive engagement

Sonal Khetarpal | February 29, 2020 | Updated 07:57 IST
Customer experience trends: Companies failing to meet growing expectations

Customer experience is the largest driver for companies to undertake digital transformation. It is no longer a strategy of the call centre to execute but companies have to be present at all the touchpoints where their is customers access.

Gartner predicts that customer experience is one of the most critical components for a firm to achieve its competitive differentiation in today's times. It pegs customer experience market to reach $26.7 billion in 2022.

While companies are aware of the need of digitising their customer experience, yet many do not have any enterprise wide strategy to implement it. These are the findings of the Global Customer Experience (CX) Benchmarking Report from technologies service provider NTT India.

The report is based on a survey of 1,020 respondents across five regions and 13 industry sectors, covering senior management, specialists, and business support functions.

The report shows that 86.4% companies in India agree that CX gives a competitive edge and 74.6% believe that CX is the primary differentiator but only 12% of organisations say that its customers are fully satisfied with their CX experience.

However, from a data standpoint, 55.5% of the organisations operate without enterprise having wide CX analytics and 37.9% aren't aligning data capture needs with outcomes required.

Customers today want access to information, products on demand, through highly consumable, immediate and personalised mechanisms. This represents a major challenge for many organisations, as it requires harmonising and optimising their entire CX capability. Without a common baseline, CX will always be fragmented. Almost 73.3% of organisations don't have context-based insight to guide approach.

Personalisation remains critical to achieving customer connectedness and extending customer lifetime value yet only 27.5% of the organisations automate systems for proactive engagement.

64.3% of the organisations do not have multi- experience channel management, and only 29.6% claim good or complete CX consistency. While 76.7% agree on positive AI impact on CX, only 36.3% user expectations are met by these companies.

The report also highlights the perceived benefits of having a successful CX strategy - such as an improvement in customer engagement, brand engagement and commercial performance - the common challenges facing organizations today, as well as how to approach, manage and integrate data.

Lux Rao, Director, Solutions, NTT India says that what companies need is a holistic customer experience strategy where they identify their customers and the channels the customers are present in, map their expectations and then personalise their experience for better engagement and to show you care.

Also read: How software is influencing what we eat

Also read: Smart homes using Alexa grew five-fold in last one year, says Amazon India's Parag Gupta

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