Providing fantastic customer experiences is what sets good businesses apart from the great ones. According to a PwC report, 32% of customers would walk away from businesses they love after a single bad experience. However, paying attention to CX is great for the bottom line – 42% of customers say that they wouldn’t mind paying a premium for a more warm and friendly experience.
What Does Good CX Mean Today?
Customers are able to get information at the click of a button, and any business that doesn’t address this key change in customer behaviour fails to adequately capture their customers. Premium digital customer experiences drive customer satisfaction. Empathy, quick and tailored responses, and a warm experience are other important tenets of CX.
Playing Catch Up
While some industries have caught up fast to changes in customer behaviour and altered their CX strategies, others have been slow to move the needle. Among these are the banking, insurance, retail, and healthcare sectors.
We are long past the days when people stayed with their banks longer than with their partners. Modern customers wish to reduce visits to the local branch or even the nearest ATM. Adopting a digital customer experience across all touchpoints can improve CX multifold. Small functionalities such as providing secure UPI support and online KYC verification can go a long way in improving customer experience.
Insurance is one of the slowest industries to adapt to technology. Insurance customers are known to suffer from long claim processing time and inefficient customer support. In 2022, the industry reported an NPS rating of 42%. While this is an 8-point jump in comparison to the 2021 statistic, the industry needs to expedite their online processes, make room for digital self-service, and facilitate better customer experience management overall.
In the retail realm, competitive prices, providing value, and the quality of service remain absolutely critical. However, CX is often the trump card that transforms a casual browser into a committed brand advocate. Research from Capgemini shows that 8 in 10 customers increase their spend with a company in return for better experiences. The trick is to account for every digital touchpoint of consumers and provide seamless omni-channel support.
Just like retail, the healthcare industry has also had to re-evaluate its CX strategies in the post-pandemic world. Online customer experiences in terms of booking consultations, reducing wait time and contactless payments have become the norm. Healthcare providers who are unable to provide empathetic, efficient and technologically-advanced services are likely to disappoint customers.
What sets one business apart from another in today’s world is its CX strategy. No matter which industry you are in, constantly improving customer experience management should be at the top of your priority list. At Allsec, we tailor our tried-and-tested strategies to a business’s needs. With advanced technological tools and an experienced team, we can transform your customer experience in no time.