CustomerZone360 NEWS

Free eNews Subscription

Verint Study Finds Customer Expectations Continue to Rise

By Tracey E. Schelmetic August 16, 2023

Today, customer expectations are higher than ever, and many companies are struggling to meet the challenge (particularly in an era of efficiency streamlining and cost-cutting). According to a new study released by Verint entitled, “2023 State of Digital Customer Experience Report,” 77% of businesses say consumer expectations and demands are up. The study analyzed consumers’ and businesses’ digital engagement expectations.

Higher customer expectations don’t necessarily correlate to live agents. Customers like self-service as long as it works. The study found that speed is one of the things customers value the most. Consumers place high value on prompt company responses, with 65% ranking it as either the most important or second most important factor in creating a positive customer experience. Easily getting an answer to questions related to service issues is a key consideration, with 47% identifying this as their primary or secondary priority.

In addition, of the U.S. consumers aged 18 to 75 who prefer to use digital channels to contact a company, over one-third (34%) say their service expectations have levelled up – an increase of 16% year-over-year compared to a similar survey fielded last year.

The costs of handing out a poor customer experience are getting higher all the time. The study found that the impact of a single poor customer experience on consumer behavior is significant, with 69% of consumers indicating they would cease doing business with a company following just one negative interaction. Exceptional customer experience is also a huge factor for consumer behavior as 80% of consumers are likely to become loyal customers of companies that deliver exceptional customer experiences via digital channels.

“Customer churn is a detrimental blow to any business,” noted Verint’s Jenni Palocsik, Vice President of Marketing Insights, Experience and Enablement for Verint. “It’s not just about losing a sale, it’s about eroding trust, breaking established relationships, and the ripple effect of negative word-of-mouth. Every customer lost is a signal to re-evaluate, innovate, and improve customer engagement practices. The research emphasizes the escalating demands on businesses to offer prompt and effective responses as customers now expect immediate and frictionless engagement on their platform of choice.”

Edited by Alex Passett
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

CustomerZone360 Contributor

Related Articles

Customers Believe Companies Are Making Them Work Too Hard

By: Tracey E. Schelmetic    9/29/2023

According to the inaugural J.D. Power U.S. Cross-Industry Customer Service Experience Study, the average consumer is spending 18.10 minutes every time…

Read More

Bandwidth, Google and Cognigy Shake Up Contact Center AI

By: Greg Tavarez    9/29/2023

Bandwidth announced a partnership with Google and Cognigy to launch AIBridge, which enables enterprises to easily deploy voice-based artificial intell…

Read More

AI Won't Replace Human Agents, But Agents Need to Adapt to Working with AI

By: Tracey E. Schelmetic    9/28/2023

A recent analysis released by workforce management company Calabrio highlighted the essential role of hybrid and remote contact center agents, the exp…

Read More

Traditional Call Quality Assurance Programs are Ineffective at Improving CSAT

By: Tracey E. Schelmetic    9/27/2023

Research conducted by SQM Group found that only 19 percent of call center managers strongly agree that their call center's quality assurance program h…

Read More

More Enterprises Turn to CCaaS to Deliver Better Customer Interactions

By: Greg Tavarez    9/27/2023

Many enterprises are turning to automation and the cloud to address a growing number of customer interactions efficiently and with the agility to adap…

Read More