Customer experience has become far more than a buzzword – it is a proven competitive advantage when looking to attract and retain customers for the long term.
Customer Experience (CX) is a customer’s reaction or perception that is formed through interactions with an organization. It is a reflection of how your customers perceive their interactions with your product/service or brand. With the growing significance of customer experience, businesses have come to value the role of customer feedback and how such data can effectively lead to product/service enrichment and improvement in customer experience.
Customer experience is the sum of all interactions a customer has with your brand through the customer journey. Whether it’s through their browsing of your website, talking to an agent, all the way down to the purchase stage, you want to fill the gaps in their experience. Below are four key customer experience statistics to keep in mind as you plan for 2022.
Global CX technology spending is expected to reach $641 billion in 2022.
Why this is significant?
Companies don’t throw money at things that don’t work, particularly in tough economic times.
The incredible growth of CX technology spending shows the huge demand from customers for digital solutions and that companies are willing to invest in future-ready systems.
Traditionally, marketing and sales were considered the biggest areas for growth. Increased strategic recognition of CX adds gravitas to the discipline, and as such, increased learning and focus will be given to this area. Customers have power and respond well to brands that prioritise their experiences. Improving CX is a huge opportunity for growth.
Even with a global pandemic, CX was a priority in 2020 and 2021. Many companies stripped down to the essentials, but CX made the cut. CX is an intentional part of business strategy with dedicated teams and resources. Although everyone in the company plays a role in CX, having a dedicated team ensures initiatives reach their full potential.
70% of financial companies, 58% of tech companies and 50% of retailers anticipate having a larger budget to invest in CX technology.
Why this is significant?
Organisations with low barriers to switching, and an increasing number of disruptive competitors recognise that CX is the discipline that will provide a competitive advantage. Companies made many adjustments during the pandemic: some as a result of restrictions, some in response to health concerns, and some to make up for economic difficulties.
Customers have responded well to the accommodations (such as curbside pickup) and are more open than ever to remote solutions (such as telehealth). Many brands will keep the pandemic-era services that have become popular with customers, due to their profitability and to avoid disappointing their customers.