Poor customer experiences could cost businesses up to $216 billion in India: Qualtrics
The recently released Qualtrics 2022 Global Consumer Trends Report revealed that as much as 96% of customers in India were dissatisfied with their customer experience. With 34% of respondents saying that they have cut their spending after a poor customer experience, this trend could cost as much as $216 Billion worth loss to companies in India.
Customer service support was the most common area consumers wanted businesses to improve, followed by prices and fees. Improving communications and online resources were also called out for improvement. 74% of respondents said businesses need to care more about them with 72% asking for improvement in delivery post feedback. As many as 81% of respondents said that they would spend more on a company if they were treated better.
The value of customer 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.
Along with consumers, businesses also have to pay close attention to their employees. Employee experience will be important in attracting, retaining, and developing talent in the next year, with only 63% in India saying they intend to stay in their current job through 2022, according to Qualtrics research. According to the ManPowerGroup Employment Outlook Survey, a third of employees are on the move, and 64% of employers are forecasting an increase in payrolls. In light of this, 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. 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,” said Navneet Narula, Country Manager for India, Qualtrics.