Infotech Lead India: Indian enterprises stand to lose upto 18 percent of their revenues to poor customer service experiences, while businesses worldwide can lose upto 20 percent of revenues due to the lack of a competent and effective customer experience strategy.
Oracle’s study titled “Global Insights on Succeeding in the Customer Experience Era” also reports that 93 percent of executives globally consider improving customer experience as one of the top three priorities of their organization in the next two years. 91 percent of respondents wished to be considered a customer experience leader in their industry.
72 percent of Indian executives acknowledged that customers would readily pay more for great customer experiences. 49 percent of respondents said that customers would not hesitate to switch brands due to a poor customer experience.
Social media amplifies customer voice and businesses are constantly trying to address customer pain areas effectively. Although 81 percent of Indian executives believe that delivering a great customer experience requires leveraging social media effectively, 35 percent still do not have social media for sales channels and 35 percent do not use social media for customer service.
Indian businesses are still assessing the importance of customer experience. This is evident as only 29 percent are just getting started with a formal customer experience initiative. Merely 24 percent feel that their customer experience initiative is advanced. 47 percent are still assessing customer service implementations.
Over the next 12 months, improving the online customer experience is the topmost priority of the customer service experience programs in Indian enterprises. Improving the cross channel customer experience is the second most important objective. Improving the online customer support experience was considered as important as improving mobile customer experience.
Indian enterprises plan to increase their spend on customer experience technology by 18 percent in the next two years with special emphasis on loyalty management, self service capabilities on their website, and on analytical tools that provide an integrated customer view across all channels to gain a better understanding of customer behavior.
Major limitations to adoption of competent customer experience management programs were inflexible technology (39 percent), siloed organizations and systems (27 percent) and challenges in tracking performance and customer feedback (29 percent).
The research sizes up the financial impact of failing to meet ever evolving customer expectations and takes a look at various challenges that businesses face in delivering great customer experiences, the kinds of programs that prove to be most effective and key investment areas that could turn around the customer experience.
The survey covered 1,342 senior-level executives from 18 countries in North America, Latin America, Europe and Asia Pacific.