Retail

New Study Shows Many Companies Not Meeting Customer Expectations

Talend, a leader in cloud and big data integration software, announced in a press release the results of an international consumer and IT business survey that reveals a surprising gap between customer expectations and what organizations are actually providing.

With industry research suggesting businesses are losing $62 billion per year through poor customer service, this information can help companies figure out where they are falling short. The study, which was conducted by Researchscape, reveals that despite a wealth of data about customer behavior and purchasing choices at their disposal, companies have not been effectively using this data to better meet consumer expectations.

In fact, while 88 percent of IT leaders believe their organization understands its customers, only 61 percent of consumers agree with that assessment. In addition, 63 percent of IT respondents indicated that using data to better understand customers is a top business priority for 2017, with 80 percent of companies ranking it at an eight or above on a 10-point scale.

And approximately 80 percent of IT respondents indicated their budgets have grown over the past five years due to pressure to improve the customer experience. Some of the most popular tools added have been live chat (66 percent), data visualization (60 percent), speech recognition (52 percent) and retargeting tools (58 percent).

“Our survey shows most consumers are data driven, with 57 percent reporting they rely on data to inform buying decisions,” said Ashley Stirrup, chief marketing officer, Talend. “While the majority of companies recognize the importance of data in driving company strategy, many are just scratching the surface when it comes to understanding the dramatic impact customer-360 initiatives can have on increasing their ‘share of wallet’ and inspiring lasting customer loyalty.”

But despite the investment in customer support tools, many businesses still do not systematically track basic customer feedback. That can be a costly mistake, with 40 percent of consumers indicating that online review forums have the greatest impact on large purchases — almost twice the weight of friend and family recommendations.

In addition, 57 percent of respondents listed “having a negative review unaddressed while continuing to receive offers for similar products” as the top reason they would “break up” with a brand. A company falling victim to a data breach and failing to provide live/real-time customer service support are two additional reasons a consumer would stop buying from a company.

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