Consumers would pay up to 16% more for a more satisfying customer experience
Two thirds of consumers surveyed in a new international survey by PwC feel companies have lost touch with the human element of the customer experience. Three quarters saying they want more human interaction in future, not less.
Experience is Everything finds that in an age of chatbots, digital payments, artificial intelligence (AI), the Internet of Things (IoT) and Big Data, companies need to work harder to strike the right customer experience (CX) balance.
Price and quality remain top of mind when consumers make purchasing decisions, but 73% of global respondents say that a positive experience is among the key drivers that influence their brand loyalties. In fact, the price premium for quality CX among consumers worldwide is up to 16 percent on products and services.
The cost of bad customer experience
The survey underlines how bad experiences drive consumers away. Of the consumers surveyed, 60% would stop doing business with a company due to unfriendly service, 46% because of employees lack of knowledge (46%) and half because they don’t trust the company. One in three (32%) say they would walk away from a brand they love after just one bad experience.
Speed and efficiency (80%); knowledgeable and helpful employees (78%); and convenience (77%) universally matter most.
Employees critical to the experience
Employees contribute decisively in the experience of the consumer. Seventy one percent of consumers think a company’s employees have a significant impact on their experience. But only 44% believe that employees understand their needs well.
Read the full findings at pwc.com/future-of-cx
Director - Marketing & Communications, PwC Cyprus