With the past year having changed the game in so many ways, it’s good strategy to look at the findings from research on customer experience in 2020. This can prove invaluable in shaping the gameplan for this year and the rest of the still-uncertain future.
Customers will spend 17% more for good customer experience. This is a slight increase from prior years—in which the number hovered around 15%—with more people transacting online than at any other time in history. Consumers less accustomed to websites or apps are willing to pay more for a more enjoyable, user-friendly experience.
US$1.6 trillion is lost every year due to poor customer service. This isn’t a huge change from previous years, but given that 2020 is expected to reflect a huge loss of US$2.1 trillion in global business, it’s noteworthy that more than half that amount still comes down to customer experience, despite the new impact of the pandemic.
76% of customers expect companies to understand their needs, according to a Salesforce survey of over 6,000 consumers. This is an increase from past years, again due to more consumers coming online for the first time. People who are used to personal service, from face-to-face interactions, expect a similar support level online.
Customer-centric companies are 60% more profitable than others. In 2020, remote transactions became many people’s primary mode of interaction. They had the time and attention to really think about what companies they felt happier dealing with, so that many brand loyalties were built—and lost—amid the pressures of quarantine.
87% of business leaders say prioritizing employee happiness provides a competitive advantage, and 97% say it makes it easier to retain top talent, per an Indeed survey of 1,073 business leaders. Despite this, only 19% of companies have made employee happiness a priority, making it an attractive strategy in which to invest resources, and build positive and potentially quite lucrative differentiation.
Companies need to focus on happy employees who will sustain happy customers – or find a partner who can help them do so. These 2020 statistics confirm that customer experience is, now more than ever, the make-or-break benchmark for every business.