Poor customer exp costs biz up to $216 bn: Qualtrics study
Nearly all consumers in India said they were dissatisfied with their experiences as customers in 2021, according to the Qualtrics 2022 Global Consumer Trends report.
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Hyderabad Nearly all consumers in India said they were dissatisfied with their experiences as customers in 2021, according to the Qualtrics 2022 Global Consumer Trends report. This could be costing businesses up to $216 billion in India, with a third of respondents saying they have cut spending after a poor customer experience.
Customer service support was the most common area consumers wanted businesses to improve, followed by prices and fees. The respondents also sought improvement in communications and online resources. Three-quarters of respondents said businesses need to care more about them and get better at listening to their feedback.
Some of the respondents said they would spend more with a company if they were treated better. The value of experience is further highlighted by additional research from the Qualtrics XM Institute, which found consumers in India are twice as likely to re-purchase, trust, and recommend a company after a positive customer experience. A third of respondents (34 per cent) said they have cut spending after a poor customer experience.
Employee experience will be important in attracting, retaining, and developing talent next year, with two-thirds of respondents in India saying they intend to stay in their current job through 2022, according to the survey.
With a third of the employees on the move, and 64 per cent of employers seeing an increase in payrolls, the ManPowerGroup Employment Outlook survey says, businesses will need to differentiate themselves in an increasingly competitive job market.
"As organisations across India accelerate their digital capabilities, addressing the disconnect between what customers and employees want and what's actually being delivered must be prioritised. Experience is now critical to every function and department, and those companies that rapidly embark on journeys to transform the experiences they deliver in order to meet current and evolving needs are set to win an outsized share of the market," said Navneet Narula, Country Manager for India, Qualtrics.
"By continually listening and taking action on what matters to customers and employees, businesses can address the macroeconomic challenges they're currently facing - such as talent shortages, supply chain disruptions, and rising costs - in a sustainable and meaningful way," Narula added.
"As we look ahead to 2022 in India, Qualtrics is focused on working with organisations of all sizes - from startups to large enterprises - to help accelerate and optimise their adoption of digital technologies, equipping them with the tools, services, and support helping deliver world-class customer, employee, brand, and product experiences," said Narula
