NTT Limited: CX and EX Remain Top Priorities for C-Suite
The new 2023 Global Customer Experience Report from IT services provider NTT Limited reveals that CX remains a top priority for the C-suite, while employee experience (EX) has risen in importance to become a top 3 priority for CEOs. However, more than 80% agree that both CX and EX are currently weak areas in their organizations, negatively affecting business.
The report also indicates that top-performing organizations are almost twice as likely to be in an advanced state of digitalization, with cloud-based technologies and AI, automation, and machine learning (ML) featuring prominently in the CX and EX strategies of top performers.
Cloud technology tops the list of solutions that will reshape future CX capabilities, ranked ahead of second-place AI and predictive analytics. Even so, nearly 70% of organizations believe that CX interactions in the near future will still require some form of human support, emphasizing once more the importance of EX in enabling employees with the right tools and knowledge, regardless of where they work.
Related Article: Retailers Deploy AI to Improve CX and Drive Revenue
“Over the last few years, we have witnessed an increasing link between CX and EX, and the need for them to be addressed through technology,” says Amit Dhingra, executive vice president of managed network and collaboration services at NTT Limited. “Our data shows that companies that invest in technologies to improve CX and EX are significantly more likely to stay ahead of the curve, not just in financials but also in customer and employee satisfaction.”
Part of Japan’s NTT Data, the $30 billion IT service provider, NTT Limited is a major IT infrastructure and services company serving 65% of the Fortune Global 500 and more than 75% of the Fortune Global 100. The company offers tailored infrastructure, laying the foundation for the edge-to-cloud networking ecosystem of organizations and providing support with its platform-delivered infrastructure services.
Qualtrics XM Institute: Good or Bad CX Greatly Influences Customer Loyalty
Great CX is likely to drive positive business results for the makers of electronics as well as for hotels and airlines, but poor CX is especially costly for banks and credit card companies, according to the new Qualtrics XM Institute research report Global Study: ROI of Customer Experience, 2023.
Examining which industries have the most to lose and the most to gain from good or bad CX, the research highlights the importance of frontline customer service experience in driving loyalty. Customer loyalty is built on any and every interaction with a brand, such as customer service calls, sales floors, and check-in desks, the research points out.
Related Article: Report – Good CX Remains Top Issue, Consumers Say
Among consumers, 50% said they either decreased or stopped spending entirely with a company after a negative interaction. Consumers are somewhat less likely to turn away this year than they were in 2021 when 53% of people said they would cut spending after a bad experience. In an uncertain economy, however, customer retention is even more important, says Bruce Temkin, head of the XM Institute at Qualtrics. “Customers have more options than ever before, making the effect of a great experience critical for building a loyal customer base.”
Customers who run into a problem desire a quick and complete resolution, but a common challenge in the US is getting help from the customer service department. In many industries, trouble reaching customer service is the biggest friction point, keeping a customer from repeat business.
Industries that benefit the most from great CX include electronics makers, hotels, airlines, online retailers, and department stores, according to the research. Conversely, industries that risk the most from poor CX include government agencies, banks, mobile phone providers, credit card companies, and property insurance.
Limitless: Use of GigCX Talent Is On The Rise
A full 83% of customer service managers plan to add—or have already added—gigCX talent to their CX operations within the next 2 years, says a new research paper by Limitless, the London-based provider of a gigCX platform that combines crowdsourcing and AI to help enterprises tap into CX-oriented independent contractors and freelance workers.
In its fourth annual report, GigCX Levels Up, Limitless says the results this year represent a significant increase from the 72% figure achieved in 2022. “This year’s results show that GigCX is a solution that organizations need today,” says Megan Neale, chief information officer and co-founder of Limitless. “We are witnessing this play out in the market as more and more firms add GigCX into their customer service operations.”
The research paper, produced by Limitless in partnership with Genesys and Execs In The Know, features contributions from CX leaders across several industries, including technology, retail, e-commerce, and marketplaces. The report also presents headline data taken from more than 400 CX leaders in the US and UK, and from 600 gigCX experts across 34 countries in 6 continents, including the US, UK, Canada, Brazil, Australia, Indonesia, India, South Africa, France, and Germany. In addition, the report dives into new technologies, including the use of generative AI in customer service.
MoEngage: North American Shoppers Interact With Brands Repeatedly Before Making a Purchase
North American shoppers interact with a brand an average of three times before making a purchase, showcasing the shifting preferences of the consumer and demonstrating the importance of personalization and omnichannel engagement for brands, findings from The Global Consumer Trends Report 2023 by customer engagement platform provider MoEngage show. To ensure maximum conversions, brands must create a robust customer journey that provides a seamless omnichannel experience, the research report adds.
Most North American consumer spending is on entertainment and shopping platforms, the findings also disclose, indicating that shopping and entertainment brands can further improve conversions by leveraging data analytics and customer insights to provide personalized recommendations.
And because 50% of North Americans spend 2-4 hours daily on their screen apart from work, the amount of on-screen time is an opportunity for brands to create a more meaningful relationship with customers through increased personalization and improved CX.
“Today, consumers are looking for greater value, and price is at the forefront of consumers’ motivations for brand switching,” says Raviteja Dodda, CEO at MoEngage. “To succeed, brand marketers must tailor their offerings based on better customer insights. Our research shows that hyper-personalization will help marketers win loyalty as long as they can provide a consistent brand experience across all channels.”
IrisCX: Consumers Desire Expert Video Consultations and Support
A survey from Canadian smart video platform provider IrisCX shows that consumers are ready for expert video consultations and support, with 70% of homeowners and renters looking to technology to obtain help with projects.
“Every American has experienced a home-related issue and needs expert help. Yet, the experts they hire are still using antiquated processes,” says Guillermo Salazar, co-founder and CEO of IrisCX. “The future is smart video consultation solutions with home product and service experts.”
People inherently trust experts, and they rely on experts to validate their product and service selection decisions, according to the survey conducted by Propeller Research of 1,000 American adults in April this year. At least 85% say talking to an expert makes them feel more confident, while 84% are more likely to make a purchasing decision stemming from expert advice.
And as the world continues to become more digital, people expect to do things virtually, because virtual experiences allow consumers to get answers from experts in real time without having to make arrangements to meet someone in person. Increasingly, digital natives want instant access to experts, with Gen Z and Millennials being the most demanding group, having been born in the digital age, the survey results note. Overall, 7 in 10 respondents are interested in using virtual assistant technology to help with building, renovation, and maintenance projects, and 61% are using technology to solve home-related problems.
The top two perceived benefits of virtual assistants are higher efficiency and greater accessibility. “People want the personalization and expertise that comes from a human-to-human interaction when they are making decisions for their home, particularly complex decisions they might have to live with for a while,” says Salazar. “In fact, people with such experiences tend to buy more and keep their product rather than return it. They also become loyal to brands that provide this type of interaction.”
Author Information
Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.
At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.
