Customer experience (CX) is how customers perceive a company through all interactions, touchpoints and the overall journey as a customer.
It depends on every interaction of the customer with the business, be it online, in stores, through calls, or by any other means.
However, most businesses tend to underestimate its importance.
Thus, this article is going to cover a collection of top customer experience statistics that you must look into.
It will also focus on the latest trends in customer demand. So, read on till the end to propel the growth of your business!
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Top Customer Experience Statistics
More than half (53%) of businesses think their customers are happy with self-service options.
Companies make 60% more money when they focus on their customers.
Almost all customers (96%) stay loyal because of good service.
Returning customers spend 67% more than new ones.
Customers who feel connected to a brand are worth 306% more over their lifetime.
86% of people will pay more for a great experience.
About 86% of customers will leave a brand they liked after two bad experiences.
80% of people are more likely to buy if they get personalized choices.
Why Customer Experience
Customer experience (CX) is considered to be the biggest factor that sets one business apart from another.
It affects customer satisfaction, customer loyalty, and retention, all of which lead to the success of the company.
Determining to serve clients first, amongst all other things, makes corporate businesses different from any other.
A study shows that 62% of businesses view positive customer experience provided by contact sectors as a competitive differentiator.
The Current State of Customer Experience
The current state of customer experience is focused on a few factors.
Personalization, seamless omnichannel experience, faster responses are those few important factors which when added by a business can help empower them.
Latest Customer Experience Statistics
1. Customers are more likely to stay 2.4 times than before if companies solve their problems more quickly.
2. Around 64% of customers say that if a business is ready to resolve their issues where they already are, then they’ll be more likely to spend their money on them.
3. Around 79% of customers are rerouted at least once after being kept waiting for a long time on a customer care service line.
4. According to Forrester’s research, 77% of consumers choose, recommend, or pay more for a brand that provides a personalized experience.
5. While 76% get frustrated when they don’t get personalized service.
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Customer Experience Gap Statistics
6. 85% of companies feel that they provide personalized experiences, while only 60% of the customers believe the same thing, and others do not find satisfactory personalized experiences.
7. 79% of consumers expect consistency, but 55% say that they prefer to talk to different departments rather than one company.
Over half of businesses think their customers are satisfied with their services
8. Around 53% of businesses think that their self-service options are satisfactory to the customers, but only 15% of customers agree with that statement.
9. Additionally, 40% of businesses think that they have enough self-service options, but about 81% of customers say that they expect more.
10. 36% of customers say that they want smarter self-service options.
11. 73% of consumers find customer experience to be an important factor in their purchases, yet only 49% find a good experience in the company.
Customer Experience Maturity Statistics
12. Customer-centric companies were 60% more profitable
13. Research by Deloitte and Touche shows that customer-centric companies were 60% more profitable than those who weren’t focused on customers.
14. Moreover, 64% of companies with a customer-focused CEO were more profitable than their competitors.
15. 90% of companies also compete solely on the basis of their customer experience rate.
16. A global survey found that 65% of respondents agree that improving their customer data analysis can be a very important factor in providing excellent customer service.
17. 72% of businesses agree that the use of AI and bots and its expansion is very or somewhat important for them to gain customer experience over the next 12 months and so on.
18. A Gartner marketing leaders survey shows that 80% of organisations expect to compete mainly based on CX.
Their skill in realizing benefits will be beneficial and in high demand when it comes to profitable businesses.
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The Business Impact of Customer Experience
The business impact of customer service directly influences revenue.
Companies that prioritise customer satisfaction are met with loyal customers who help them in financial growth through their own purchases and by recommending them to others.
How Positive Customer Experiences Influence Loyalty
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Customer Service increases loyalty to the business
Customer service impacts the way consumers perceive a brand. A report by PwC shows that 65% of consumers find a positive experience with a brand more influential than good advertising.
Customers who are satisfied with the service are more likely to become loyal to the brand.
19. 96% of customers also say that customer service is essential for them to be loyal to the brand.
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Returning Customers spend more than New Customers
20. According to BIA Advisory, existing customers spend 67% more on average than those who are new to the business.
It is known that gaining a new customer is more expensive than retaining a current one.
Acquiring new customers costs five to ten times more than selling to the current ones. Focusing on customer service can provide loyalty to repeat buyers.
21. Research done by Frederick Reichheld of Bain & Company shows that only 5% customer retention can raise profits by 25% to 95% at once.
22. 77% of customers would recommend a brand after having even a single positive experience, according to research by Qualtrics XM Institute. This means most customers are loyal to their first experience.
Customer Experience Impact Report
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Value of Emotional Connection for Retailers
A report by Motista reveals that people who feel emotionally connected to a brand or their work bring more profit to retailers.
23. These customers have a 306% higher lifetime value, and they stay with a brand for an average of 5.1 years; they will also recommend brands at a much higher rate of 71%.
24. Companies with mature CX strategies see significant growth. Compared to less mature companies, customer-obsessed companies achieved at least 10% revenue growth in their last fiscal year.
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25. According to a Harvard Business Review, satisfied customers spend 140% more than those who had poor customer experience.
26. Positive customer experiences directly contribute to higher profit margins, with up to 70% of buying experiences based on how customers feel they are being treated
The Link Between Positive CX and Average Order Value
Customers pay more for a great customer experience
27. 86% of buyers are willing to pay more for a great customer experience, leading to higher AOV.
28. Additionally, research from PwC shows that 32% will walk away after having a single bad experience.
People won’t have any issue with spending money when it comes to having a good experience.
29. 40% of consumers say they have purchased something more expensive than they planned because of personalised service or recommendations.
30. Companies that use personalization effectively see an increase in AOV by up to 15% while also reducing the cost of service.
Also check: 50+ Ecommerce Personalization Statistics & Trends
31. Salesforce found that 84% of customers want to be treated like a person, not a number.
The Cost of Bad Customer Experiences
32. The U.S. loses 1.6$ trillion every year due to customers switching brands after receiving bad customer service.
33. Poor customer service costs most companies more than $75 billion a year, which is $13 billion more than the last report.
34. 86% will leave a brand only after two poor customer experiences
35. A survey reveals that 86% of customers leave a brand they were loyal to after experiencing two or three bad customer service.
36. 49% had left a company they were loyal to in the past year due to negative interactions. A lack of CX can be harmful to a company’s profit.
Customers are likely to tell 9-15 people about their bad experiences. Negative word-of-mouth can quickly damage a brand’s reputation.
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Customer Experience Market Statistics
37. The customer experience (CX) software market is expected to grow from $11.05 billion in 2023 to $22.08 billion by 2025 at a CAGR of 10.5%.
38. 72% of customers will share a positive experience with six or more people, but if the experience is bad, 13% of customers will share their experience with 15 or more.
39. A source estimates that the global CEM market will grow from $11.3 billion in 2022 to $32.53 billion by 2029, at a CAGR of 16.2% during the forecast period.
40. The market for CX in banking is projected to grow from $36.01 billion in 2021 to $57.67 billion by 2026 at a CAGR of 9.6%.
Omnichannel Customer Experience Statistics
41. Companies with strong omnichannel strategies retain an average of 89% of their customers, compared to 33% for companies with weak omnichannel strategies.
42. Around 54% of consumers favoured brands that responded quickly to their complaints and queries.
43. 73% of consumers use multiple channels during their shopping journey, highlighting the importance of a seamless omnichannel experience.
44. 80% are more likely to purchase if given personalised choices
45. A survey in 2017 of 1000 people was done only to find out that personalised experiences matter highly to customers.
46. About 80% of people indicated that they would ideally like to do business with companies providing personalised experiences, and 90% find personalization appealing.
Must Read: 20+ Omnichannel Statistics & Trends (New 2024 DATA)
Industry-Specific CX Insights
Businesses wanting to have long-term success in competitive markets should focus on the personalisation of their services, which should be tailored to the specific needs and preferences of customers. Providing proper service is important to gain trust and loyalty.
B2B Customer Experience Statistics
47. 86% of B2B buyers are willing to pay more for a better customer experience, similar to trends seen in the B2C space.
48. 72% of B2B customers expect vendors to personalise their buying experience in a way that is similar to B2C experiences.
49. 59% of B2B buyers prefer not to interact with a sales representative as their primary information source.
50. A Gartner report states that 77% of B2B buyers state that their latest purchase was very complex or difficult.
B2C Customer Experience Statistics
51. Companies that excel in customer experience can achieve revenues 4-8% above their market.
52. 84% of companies that work to improve their customer experience report an increase in their revenue
53. Companies using AI for customer service report 20% higher customer satisfaction rates since it resolves problems quickly.
54. 90% of customers expect consistent interactions across different channels and touchpoints.
Retail Customer Experience Statistics
55. 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations.
Personalized emails deliver 6 times higher transaction rates compared to non-personalized emails.
56. 63% of retailers are using AI to improve their customer experience, and 40% have already created teams to work on the technology.
57. 83% of customers say convenience while shopping is more important now than five years ago.
Mobile Customer Experience Statistics
58. Around 57% of customers will not recommend a business with a poorly designed mobile site.
59. Studies show that about 90% of consumers use their smartphones to make purchase decisions impulsively.
60. 73% of mobile users state that they have encountered a website that was too slow to load, leading to a poor experience.
61. Customers who engage with brands through a mobile app tend to have higher engagement rates since 39% keep mobile apps longer than 30 days.
Customer Experience Trends & Predictions
Here are a few future trends and predictions of customer experiences:
Omnichannel Integration
62. An Aberdeen Group research shows that companies with strong Omnichannel strategies retain an average of 89% of customers compared to 33% for companies with weak Omnichannel strategies.
Therefore, seamless integration could attract customers.
Voice and chatbot assistance
Voice-activated technologies and AI-powered chatbots will play a significant role in customer interactions, providing instant support and personalised recommendations.
Predictive analytics
Predictive analytics will enable companies to predict customer behaviour and customer preferences more accurately, allowing for better engagement and personalised recommendations.
Key Takeaways
These statistics show the importance of customer experience in businesses.
Businesses need to revolutionise their ideas to provide better customer services, which in turn will provide them with loyalty and higher revenue.
Customer Experience is the overall perception of customers of a company through their interactions with them.
Raising customer experience depends on factors like personalised experiences, customer satisfaction and quicker services.
Understanding and meeting customer needs and customer expectations are essential for delivering better CX and driving long-term business success.
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Sources
Invoca | BrandEquity | Nice | Superoffice | Gartner | Textexpander | Business.com | Harvard Business Review | Walkerinfo | Prnewswire | Forbes | HelpScout | Agilitypr | Emplifi | Market connections | Globenewswire |Khoros | Epsilon |Liferay |Marketing charts | Tidio | Business.adobe | Cmswire | Nrf | Economic times | Hubspot | Cordial | Deloitte
