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In the ever-evolving business landscape, digital transformation (DX) has garnered immense attention, driven by the need for competitiveness in a digital era. Amidst this, the spotlight has turned to customer experience (CX) as a pivotal factor.
The contemporary business world acknowledges that CX stands as a linchpin for success, leading to unprecedented investments. According to the Global State of CX 2024 report1, 55% of surveyed businesses say growing the customer base is a top strategic CX aim.
This blog delves into the realm of CX metrics, explores the potential of outsourcing and examines technological trends shaping CX and the broader business process outsourcing (BPO) sector. Through compelling statistics and insights, this blog highlights CX's central role in shaping modern business strategies.
With that in mind, companies are investing in CX like never before. When CRM provider SuperOffice asked almost 2,000 business professionals to share their number one priority for the next five years, almost half nominated customer experience2. This trend continues, with the Global State of CX 2024 report showing that 66% of respondents are facing increasing pressure to prove ROI on CX initiatives1.
Source: www.superoffice.com/blog/customer-experience-statistics/
They know that a positive customer experience is good for business and that’s because happy customers spend more money.
When PWC surveyed 15,000 people across 12 countries they found 73% of consumers believe CX is an important factor in their purchasing decisions3. In terms of dollars and cents, 43% of respondents said they would pay more for greater convenience and 42% would pay more for friendly, welcoming customer service. The power of CX was further reinforced by PWC’s finding that 65% of US customers find a positive experience with a brand to be more influential than great advertising.
Source: Experience is everything: Here’s how to get it right (pwc.com)
Such numbers are just the tip of the iceberg when it comes to highlighting how important CX is in the current business environment. Coupled with statistics that reinforce the benefits to be gained from outsourcing, we have compiled a wealth of data from trusted sources to show why there has never been a more important time to focus on customer experience – and how you can deliver it.
At its core, customer experience is a consumer's perception of how a company treats them. Do CX well and there is the opportunity for customers to feel loyalty towards a brand, keep doing business with you and recommend your services to others. Do CX poorly and there is every chance they will never return – and tell others why.
The 2024 Global State of CX1 report highlights why CX has never been a greater focus for businesses:
The harsh reality is that customer expectations continue to rise. The report found that:
However, organisations that excel at CX are seeing tangible benefits:
To meet rising expectations, practitioners are focusing on:
The report makes clear that CX has become a critical business driver. As one practitioner stated: “we need to demonstrate and validate that CX is critical to business growth and development and can provide not only revenue increases, but also deliver efficiencies that result in reduced operating costs."
With new AI-powered tools emerging, there are more opportunities than ever for organisations to elevate their CX and reap the rewards of customer loyalty and advocacy. However, practitioners must also navigate challenges around proving ROI, managing multiple priorities and responsibly implementing new technologies to build and maintain customer trust.
Consulting firm Lee Resource International conducted a study that unearthed a statistic that should send a shiver down the spine of any CX executive – for every customer complaint there are 26 other unhappy customers who remain silent4. It is not good enough to simply wait for customer complaints. Rather, successful organisations actively seek feedback so they can avoid the following outcomes that happen after a poor customer experience:
Customer satisfaction metrics such as NPS, CSAT and CES are vital for ensuring businesses can mitigate such negative feedback that may prove harmful for their bottom line. In fact, increasing NPS and CSAT scores is a top strategic goal for 45% of surveyed organisations1. Here is a brief overview of each:
Outsourcing CX, and other roles to a managed operations or BPO provider is an increasingly effective way for organisations to strengthen their CX. The trend towards outsourcing continues, with the Global State of CX 2024 report indicating that 35% of respondents are transitioning to a virtual or hybrid contact centre model1.
The combination of cost reductions and efficiency increases means businesses that outsource are able to dedicate more time and greater staff support to scaling and improving their services and offerings, which is great news for consumers when it comes to CX. Given that, it is little wonder Statistica has projected that revenue in the BPO sector will experience an expected annual growth rate of 6.7% by 2025, reaching an approximate value of US$381,237.4 million5.
The 2024 Global State of CX report reveals several key trends shaping the industry1:
These trends reflect a CX landscape that is rapidly evolving, driven by technological advancements and changing customer expectations. Organisations that can effectively navigate these trends while maintaining a focus on customer needs are likely to gain a competitive edge.
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