Verint Study Finds Customer Expectations Continue to Rise

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.”