17 Stats on the Current State of Customer Experience
Download Forrester’s 5 Pitfalls to Avoid When Executing a Retail Ecommerce Strategy today and find the guidance you need to ensure success across your organizational structure, site performance and customer experience.
As marketers, we have all come to terms with the fact that technology has changed how we market. Technology hasn’t only changed how we market either, it’s changed how we buy. Consumers are becoming more knowledgeable and more powerful every day, and they demand experiences that are catered to their needs (instead of the other way around).
Consumers today expect their experience to be individualized and seamless, from the initial interaction all the way to the post-purchase stage. And while the demand may be hot, the fundamentals are still cool. Marketers must continue focusing on closing the gaps, yet according to Bain & Company, while 80% of CEOs believe they deliver a super customer experience, a mere 8% of their customers agree. There is an overtly large gap between customer expectation and CX, and it is about time we close it.
It is important to take note of why many marketers are becoming customer experience focused, so here are 17 eye-opening statistics that marketers need to know about the current state of CX:
1. Prioritizing customer experience is the number one factor in how much a customer trusts a company. (Clara Bridge)
2. 92% of organizations that view customer experience as a differentiator offer multiple contact channels. (Deloitte)
3. By 2020, customer experience will overtake price and product as the key brand differentiator. (Walker Info)
4. 89% of marketing leaders expect to compete primarily on the basis of customer experience by 2016, as compared with 36% four years ago. (Gartner)
5. Customers who encounter positive social customer care experiences are nearly 3 times more likely to recommend a brand. (Havard Business Review)
6. 86% of buyers will pay more for a better customer experience, but only 1% of customers feel that vendors consistently meet their expectations. (Forbes)
7. The highest marketing technology investment in 2014 was customer experience, followed by marketing operations and analytics. (Gartner)
8. Over half of all customer interactions happen during a multi-event, multi-channel journey. (McKinsey & Company)
9. Customized messaging and a personalized customer experience ranked as the leading marketing priority for 46% of marketing and communications execs polled worldwide—the number 1 response. (eMarketer)
10. Building loyalty with 5% more customers would lead to an increased average profit between 25% and 100% per customer. (Hissing Kitty)
11. 44% of consumers would be willing to pay a premium price of 5% or more for a superior customer experience. (Gartner)
12. 73% of consumers said they would expand their purchases with a vendor by 10% or more if the customer experience was superior. (Gartner)
13. 55% of consumers agreed that they would stay with a vendor for 10 years or more as long as the experience was superior. (Gartner)
14. 84% of companies expect to increase their focus on customer experience measurements and metrics. (Temkin Group)
15. 90% of customer experience decision makers say that a good experience is critical to their success. (Aspect)
16. Forming a single customer view and improving the customer experience require data integration, and further results indicated that most respondents still struggled when it came to this. Just 10% of marketers and 8% of agencies had tied together customer data across channels, tools and databases. (eMarketer)
17. 3 out of 4 consumers have spent more with a business due to a history of good customer service and experience. (American Express)