NEW DELHI, May 19: India-based firms can lose as much as 18 per cent of their business due to lack of a good customer experience strategy, a study by US-based software developer Oracle has revealed.
According to the report, enterprises worldwide can lose up to 20 per cent of their revenues in the absence of a similar strategy.
“India-based enterprises can lose up to 18 per cent, while businesses worldwide can lose up to 20 per cent revenues from the lack of a robust customer experience strategy,” the report said.
The report surveyed 1,342 senior-level executives from 18 countries in North America, Latin America, Europe and Asia Pacific to asses the financial impact of customer experience, challenges businesses face delivering customer experiences, among other issues.
It said that 93 per cent of executives globally believe improving customer experience is one of their firm’s top three priorities in the next two years.
As per the report, 72 per cent of Indian executives surveyed felt that customers are willing to pay more for great customer experiences, while, 49 per cent of the respondents indicated that customers will switch brands due to a poor customer experience.
Emphasising the growing importance and impact of social media, 81 per cent of the Indian executives surveyed believed that delivering a great customer experience today requires leveraging social media effectively.
However, 35 per cent surveyed said that they do not have social media for sales channels and 35 per cent do not use social media for customer services, it added.
The report also revealed that Indian businesses have a lot to work on in terms of developing a good customer experience strategy.
“Indian businesses are still weighing the importance of customer experience and only 29 per cent are just getting started with a formal customer experience initiative, while a mere 24 per cent consider the state of their customer experience initiative to be advanced,” it added. (PTI)
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