As we begin 2023, CX Network takes a look at some of the key stats that demonstrate how brands can capitalize on their customer experience in the coming year.
Using our reports and external research, CX Network has compiled this must-read list of stats, to help ensure your 2023 CX strategy is backed by data.
Digital transformation is a major focus for 14 percent of EMEA practitioners
CX Network’s Global State of Customer Experience in EMEA 2022 report gathered the insights of 135 CX experts to hear their thoughts and predictions regarding the evolution of CX trends in the EMEA region.
The report revealed that digital transformation had a bigger impact on CX roles than any other aspect of CX after being flagged by 14 percent of respondents. Emily Shirley, general manager of business card and marketing product retailer Vista UK and Ireland, noted that this is likely a result of the Covid-19 pandemic forcing customers and brands alike to move online.
Shirley explained that the pandemic has forced brands to show unprecedented levels of agility in the adoption of a digital-first business model.
With this in mind it is no surprise that digital CX topped the list of CX investment priorities alongside CRM platforms, both with 10 percent. Finding budget for such investments has proved to be the biggest obstacle for bringing these investment plans to fruition however, having been flagged by 17 percent of respondents.
Brands across the EMEA region are clearly aware of the importance of digital transformation and the implementation of digital CX initiatives. As such, the focus for 2023 will likely be around how to prove the ROI of digital CX initiatives, secure budget for them and integrate them into a customer-first culture.
10 percent of APAC practitioners are focusing on customer loyalty
CX Network’s Customer Experience in Asia-Pacific report 2022 surveyed 112 CX experts, to uncover trends specific to the APAC region.
Customer loyalty and retention initiatives represent the biggest spend priority in the APAC region, having been highlighted by 10 percent of respondents, more than any other. This is in line with recent research highlighted by CX Network as it has been revealed that 90 percent of brands are focusing on customer loyalty and retention in response to the global inflation crisis.
This report revealed that APAC brands are driving loyalty through digital CX, with 23 percent of respondents claiming it was the biggest CX trend in APAC in 2022.
David Blakers, managing director of APAC at InMoment, echoed Shirley’s thoughts and suggested that the Covid-19 pandemic is behind the rise of digital CX:
“When Covid-19 sent the world into lockdown, brick and mortar brands had to shut their doors, meaning digital experiences were the only ones available to consumers,” Blakers explains. “But, as the status of the pandemic shifts and safety regulations ebb and flow, so too must the array of digital and in-store experiences brands offer. Gone are the days where the experience was either in store or online. Consumers now expect experiences that blend the two.”
Proving ROI is a struggle for 36 percent of financial services practitioners
As well as investigating the trajectory of CX trends by geographical region, CX Network has also taken a dive into industry specific trends in our Global State of Customer Experience in Financial Services 2022 report. This report brought together a range of financial services CX experts to take a look at how CX is progressing in the financial services space.
We have seen that the challenge of linking CX to ROI has had a significant impact on the financial services industry, having been flagged by 36 percent of respondents in this case. The initiatives the industry is hoping to prove ROI for, are again focused on digital CX. In fact, 36 percent of respondents claim it is their biggest investment priority.
K V Dipu, senior president at Bajaj Allianz General Insurance, demonstrated that the insurance business is aware of the importance of a focus on digital CX and offered a glimpse of how the brand is delivering it:
“To offer our users real-time solutions, our customer-facing digital assets, such as bots and apps, interact with our CRM system which is plugged into our core platform.”
Such an approach offers financial customers the integrated and holistic experience that InMoment’s Blakers believes is so important.
58 percent of customers will pay more for better customer service
Customer service and experience expert Shep Hyken, surveyed more than 1,000 US-based customers to uncover their thoughts on the value of good customer service over the value of price.
The research by Hyken revealed that 58 percent of customers value quality customer service more than a lower price. Not only do customers value it more, but again 58 percent of those surveyed also stated that they would be willing to spend more if they knew they would receive good customer service.
With this in mind, it is not wise to cut corners in order to offer a lower price in 2023 and brands should instead focus on delivering the best possible customer service they can, even if it is expensive.
Self-service is preferred by 67 percent of customers
Many may assume that the majority of customers would prefer a conversation with a person rather than self-serving, perhaps with the assistance of a chatbot. Research from Techjury has revealed that this is not the case however, as 67 percent of customers prefer to interact with brands through self-service channels.
This highlights the importance of not only having a solid self-service offering for 2023, but also to ensure that an omnichannel offering is present. While most prefer self-service, there is still a large customer base that does not. As such, being available on the channels that your customers prefer will be critical to delivering on the high demand for customer service mentioned above.
50 percent of customers demand rewards for loyalty
According to recent research, the greatest demand that customers have of the brands they do business with in 2023 is that they reward them for their loyalty. This sentiment was expressed by 50 percent of surveyed customers as we head into a year of financial crisis.
With the global inflation crisis forcing many customers to tighten their belts, brands that stand out in 2023 will be those that can clearly demonstrate value to their customers.
Has your business noticed any other important trends or statistics for 2023? Let us know in the comments below.