Customer experience has become essential for every business because customers want to feel appreciated. It matters more than other factors, such as price or a vast selection of products.
The following customer experience statistics show that this is not only a trend. It’s a fundamental component that helps companies understand how they must operate. They have to keep in mind that buyers are willing to spend more money on an outstanding service. On the other hand, a poor customer experience will give the company a bad reputation and result in revenue loss.
- The customer experience management market was worth $7.6 billion in 2020.
- 33% of consumers believe that getting their issues resolved during one interaction is essential for a good customer service experience.
- Customer experience trends show that 92% of consumers won’t purchase from a company after three or fewer poor customer service experiences.
- 80% of consumers are more willing to make a purchase when offered personalized experiences.
- 67% of customers admit their standards for good experiences are higher than ever.
- 68% of respondents say they are willing to spend more money on companies that offer top customer experience.
- B2B companies have an average customer experience score of less than 50%.
- Customers who had excellent customer experience spend 140% more than those who had a bad one.
Buyers’ experience is one of the essential factors for customer retention. Let’s take a look at how much the companies are willing to invest into giving their consumers the easiest and most comfortable buying experience.
1. The customer experience management market was worth $7.6 billion in 2020.
The customer experience management market was valued at $6.5 billion in 2019 and $7.6 billion in 2020. In the following years, the market will maintain this remarkable rate.
The global customer service management market is expected to record a CAGR of 17.7% between 2020 and 2027. Brands are beginning to invest more in technologies to provide better customer service.
2. 75% of consumers want to interact with a real person instead of an automated system.
Despite impressive technological advancements, customer service statistics reveal that most consumers still prefer interacting with an actual person instead of chatbots.
Clients believe that digital assistants are less likely to understand and help with their requests.
3. 62% of customers share their bad experiences with other people.
Word of mouth marketing can increase or decrease sales. As Salesforce research shows, negative customer experience prompts people to share their bad experiences with others, causing a bad reputation and considerable revenue loss for the company.
However, putting more time and effort into customer service helps create a better experience for consumers.
4. 33% of consumers believe that getting their issues resolved during one interaction is essential for a good customer service experience.
Customer satisfaction statistics show that consumers prefer getting their issues resolved right away rather than getting in touch a second time.
It’s only natural that customers find it frustrating not to have their problems solved instantly, as they expect to be dealing with knowledgeable customer service representatives.
5. 92% of consumers won’t purchase from a company after three or fewer poor customer service experiences.
According to a customer experience report, 73% of consumers will give the company no more than three chances after having a bad customer experience.
Hence, companies must understand what went wrong and improve before losing the customer entirely. However, 26% of customers decide to switch to a different brand after just one bad experience.
6. 80% of consumers are more willing to make a purchase when offered personalized experiences.
Personalized marketing statistics indicate that customers expect customized interactions with a business. When done right, personalized experiences boost engagement, drive more sales, and help generate leads.
7. 67% of customers admit their standards for good experiences are higher than ever.
Nowadays, buyers have more knowledge and tend to be less loyal than older generations. In this technological era, the customer buying experience has changed considerably—winning people’s loyalty has become more challenging.
An outstanding marketing strategy is not enough anymore. Having customers’ best interests in mind must be every company’s priority.
How much do buyers value impactful customer service? Numbers tell us it’s one of the essential factors in their experience with a business.
8. 95% of consumers agree that customer service builds brand loyalty.
Satisfying customer service helps build trust and loyalty, leading to regular customers. Repeat customer statistics prove that excellent customer service helps increase brand loyalty.
9. 84% of customers favor brands that treat them like a person, not a number.
Customers expect respect and understanding from companies. According to customer service statistics 2021, it’s crucial to build genuine connections with consumers.
Surveys on customer satisfaction can be a great method of providing a more personalized experience instead of treating buyers as mere statistics.
10. 76% of clients prefer reaching customer support via phone.
Customer service facts reveal that consumers of all ages prefer the traditional way of reaching customers via phone. Solving issues on the spot is a top priority for most people.
Therefore, calling a customer service representative is more effective than filling out an online form or sending an email.
11. 68% of respondents say they are willing to spend more money on companies that offer top customer experience.
If companies manage to offer an excellent customer service experience, they can afford to raise their prices without losing their clientele. Additionally, 46% of surveyed customers expected more from customer service in 2019 than in the year before.
Customer experience benchmarking confirms that businesses should listen to their customers and make their experience more fluid and efficient when dealing with problem-solving.
12. Resolving issues via social media platforms is 83% less expensive than calling a customer service agent.
Nowadays, most consumers expect brands to offer customer service across multiple channels, including social media platforms.
Social media customer service stats show that a telephone call generally costs a company from $6 to $8, while a social media interaction costs less than $1. However, social media interactions work best for solving simple problems.
13. Retail banks experience historical customer satisfaction decline.
Although digital banking makes everyone’s lives easier, customers agree that banks don’t meet their basic requirements.
For example, banking customer experience trends show that clients are less satisfied with customer experience as they transition from the branch to digital-only banking. On a 1,000-point scale, the overall customer satisfaction is 824 points.
An incredible 80% of B2B buying decisions hinge on the direct or indirect customer experience. Read on to discover more figures indicating the importance of customer experience for B2B companies.
14. On average, B2B companies have a customer experience score of less than 50%.
B2B companies’ average score is far lower than B2C businesses’ 65%–85%. However, B2B companies are beginning to understand that customer service has a significant impact on their business.
Therefore, investing in customer experience helps companies be more competitive in the market.
15. Companies that earn $1 billion per year are more likely to make about $700 million more in the next three years.
Investing in customer experience can double the company’s revenue within 36 months. According to B2B customer experience management, AI-powered customer engagement platforms are excellent tools that can help people during their customer journey.
Engagement and accessibility are among the most important factors in winning a customer.
16. Only 23% of B2B companies consider improving customer experience as one of the main objectives.
A customer experience report states that brands are not doing enough to meet their consumers’ expectations. The respondents feel dissatisfied with the lack of care in improving customer experience.
Since customers have been very selective about brands, many companies now understand the importance of a good customer experience.
A lot of businesses are putting more and more resources into the customer experiencing, having noticed how central it is for their reputation.
17. 81% of businesses expect to be competing mostly or entirely on the basis of customer experience.
According to a Gartner Customer Experience study, customer experience has become the marketing combat area. The majority of respondents say their companies base competition on customer experience. According to customer experience trends, customer experience has become the primary factor in the buying decision process, surpassing price and product quality.
18. Customers who had excellent customer experience spend 140% more than those who had a bad one.
The link between customer experience and annual income is evident. According to Harvard’s customer experience research, the best customer experiences increased revenue considerably. It’s important to note that a bad customer experience can be improved.
However, that wouldn’t increase the income as much. Brands that offer the best customer experience are more likely to have loyal customers who purchase frequently.
19. 59% of global consumers agree that companies have lost touch with the human component of customer experience.
Nowadays, companies use automation to complete tasks quicker. However, consumers feel they don’t have an actual human interaction when it’s needed.
Customer engagement statistics show that automated systems are not enough. Combining real communication and automation allows businesses to be more engaging when required and provide a better service overall.
Nowadays, businesses are competing mostly on the basis of customer experience. As customers have more power in their hands, companies need to take customer experience seriously to stay in the game.
Offering the best customer experiences means knowing your customers better than ever before. That can be achieved by creating customer profiles that help you understand how they behave at every touchpoint.
Customer retention statistics show that knowing and acknowledging your customers’ needs leads to brand loyalty. A poor customer experience will give away the best gift to your competition—your customers.
Customer experience management handles interactions with customers through every physical and digital point of contact to deliver personalized experiences. It drives brand loyalty and increases income. Brands incorporate software, analytics, and research in their customer experience management programs to improve their services.
Additionally, customer experience management keeps an eye on the customer interactions process by reacting to customers’ interactions to increase satisfaction and build brand loyalty.
Most large organizations with more than $1 billion in revenue have more than 50 customer experience metrics handled in different departments. The purpose of measuring customer experience depends on how mature the business is. The most used metrics are customer satisfaction, customer loyalty and churn, reputation, quality, and employee engagement.
Offering outstanding customer service makes the clients continue doing business with that company and recommend it to other people. One of the most crucial factors contributing to an excellent customer experience is timeliness.
Therefore, companies should answer customers’ questions quickly and try their best to find suitable solutions. Furthermore, customers need to be treated with respect and empathize with their situation. Clients should feel that companies care about them.
Another factor that has a considerable impact on customer experience involves taking responsibility and active listening.
A good customer experience is personalized, suitable, simple, and, most importantly, consistent. Consistency sets the standards and expectations and leads to trust. Once a brand earns a customer’s trust, the relationship becomes solid. A good customer experience ensures a strong and long-lasting relationship between the customer and the brand.
themselves about a brand and its products. According to customer experience statistics, it’s essential to provide a positive experience so that buyers will want to continue doing business with the brand. A great customer experience helps create brand loyalty, retain customers, and increase brand awareness.