It’s all about price – or are Shoppers Willing to Pay More for Better Customer Experience?

 

 

We all love a good deal, a bargain and to perhaps even haggle a little.  But have you ever wondered if the customer experience matters at all and how low will you go before you give up on the brand?

A study by Oracle reveals that customer experience is now a key driver for revenue growth in Europe.

Here are key statistics from the reports:

Customer Satisfaction is No Longer Good Enough . 81% of consumers surveyed are willing to pay more for superior customer experience. 44% of consumers willing to pay a premium of more than 5%.

key drivers for spending more with a brand: Improvement of the overall customer experience (40%), providing quick access to information and making it easier for customers to ask questions (35%)

A good customer experience is also essential to protecting existing revenue channels. 70% of respondents have stopped doing business with a brand following a poor customer experience. 92% (of these 70%) have gone straight to a competing brand and made a purchase.

There is a clear opportunity for brands to improve customer service to win market share from competitors: Fewer than a quarter of consumers (22%) nearly always satisfied with their customer experience,

Top five changes to customer experience that would lead to consumers to spend more money with that company are:

40% – Improvement in the overall customer experience

35% – Ensuring questions can be asked easily and information accessed before making a purchase

32% – Adopting an easy return policy

26% – Improving the overall website usability and search functionality

20% – Providing customers with a more tailored/personalized shopping experience

brand loyalty is closely linked to ease of communication : 82% percent of respondents describe their experiences as requiring too much effort.

An effective channel for brand differentiation in a globalized economy where products and services are increasingly commoditized.

The data teaches us how fundamental it is for businesses to ensure that their customer experience systems can support the consumers, while at all times making it as simple as possible for them to interact with the brand. This is the key both to winning new customers and retaining them for the long-haul. Another validation for the need of innovative tools like WalkMe that simplify customers’ online experience and eliminate user confusion.

 

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