The second edition of Salesforce's State of the Connected Customer report states that customer expectation is at an all-time high. Based on the survey of over 6,000 respondents globally, 80 per cent of the customers stated that the experience a company provides is as important as its products, and 67 percent said that their standards for those experiences are higher than ever. Around 95 percent of customers said they are more likely to be loyal to a company they trust.
The report also suggests that companies are missing the mark on 'experience'. Around 76 percent of customers expect companies to understand their needs and expectations. However, 51 percent of customers believe most of the companies fall short on their expectations for a great experience and 54 per cent of customers don't believe companies have their best interests in mind.
Customer experience plays a very important role for association with the company or a brand. Around 57 percent of customers have stopped buying from a company because a competitor provided a better experience.
The research also asserts that a bad customer experience is not just one lost sale but it has a ripple effect. In comparison to 72 percent of customers sharing their good experience with others, 62 percent of customers say they share bad experiences with others too. With the proliferation of peer review sites and social media, this practice can inflict widespread reputational damage as well. Interestingly, 67 percent of customers are willing to pay more for a great experience.
Of the 6723 sample size, 450 respondents were from India and the results were somewhat similar to the global customers -- 87 percent of all customers say their standard for good customer experience is higher than ever, 92 percent of all customers say the experience a company provides is as important as its products/services and 86 percent of all customers say it's very important for companies to treat them as a person, not a number, to win their business.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today