2020 was crazy and unpredictable. Nobody ever thought that we will all face the pandemic. However, it was predictable what’s going to happen in 2024 for the business industry. Customer Experience is still a top priority for businesses and it will remain the same in 2024. But there’s a question lingering why brands spend all their energy on Customer Experience and what will happen if CX is not a priority for companies?

Now, customers want more quality and affordable prices. They are looking for the experience that blows their minds. Customers will leave your company if they didn’t get the experience they are looking for. You have to keep embracing new technologies and be consistent to provide a memorable experience. It was an old thing when quality and price were considered the winning factors. Now, customers want to give brands the experience of their choice. They want to do things on their accord and that’s what they expect the companies to let them do. Give them the power to choose. This is one of the reasons why customers put a lot of weight on a good experience. So, it’s your responsibility to provide them the experience they are looking for. The answer is to develop and create a CX program that delivers a great experience throughout the customer journey. 

The following stats from different sources show how important is CX in today’s time: 

• 67% of customers say their standard for good experiences are higher than they’ve ever been. (Source: Salesforce)
• 73% of customers say that one extraordinary experience raises their expectations of other companies. (Source: Salesforce)
• 73% of customers expect companies to understand their needs and expectations (but only 51% of customers feel that companies do that). (Source: Salesforce)
• 63% say the best brands exceed expectations across the customer journey. (Source: Wunderman)
• 90% of customers find it important to receive an immediate response to their customer support questions. (Source: HubSpot Research)
• 85% of consumers will not do business with a company if they have concerns about its security practices. (Source: PwC)

This shows that customer experience is incredibly important in any business. Without a customer focus, companies won’t be able to survive. A great CX will help you to get the ball rolling. 

How Customer Experience Is Important in Every Industry

The following Stats will show how important is designing a solid CX program and how companies are thriving industries. 

1. For SaaS companies, in particular, they can expect to increase revenue by $1 billion.
2. $641B will be spent on CX technologies in 2022, over $130B more than in 2019. (Source: IDC)
3. CX Leaders get 3x greater return (stock performance) than CX Laggards. (Source: Watermark Consulting)
4. $1.6T is lost every year in the US because of poor customer service. (Source: Accenture Strategy)
5. $98B / year is left on the table by companies who fail to provide “simple” experiences to their consumers. (Source: Siegel+Gale)
6. Companies with a customer experience mindset drive revenue 4-8% higher than the rest of their industries.
7. 84% of companies that work to improve their customer experience report an increase in their revenue. (Source)  
8. 73% of companies with above-average customer experience perform better financially than their competitors.
9. 96% of customers say customer service is important in their choice of loyalty to a brand.
10. 83% of companies that believe it’s important to make customers happy also experience growing revenue.
11. Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience.
12. 73% of consumers say a good experience is key in influencing their brand loyalties.
13. On average, all industries fall short of customer expectations by an average of 38%. (2020 Achieving Customer Amazement Study)
14. Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
15. Customers switching companies due to poor service costs U.S. companies a total of $1.6 trillion.
16. By 2030, personal technologies such as Google Assistant and Amazon Alexa will become the go-to for user experience delivery. (Gartner)
17. American consumers will pay 17% more to purchase from a company with a reputation for great service.
18. Companies that excel at customer experience have 1.5 times more engaged employees than less customer-focused companies.
19. Companies with initiatives to improve their customer experience see employee engagement increase by 20% on average.
20. Companies with engaged employees outperform the competition by 147%.
21. 81% of companies view customer experience as a competitive differentiator.
22. 68% of customers say the service representative is key to a positive service experience.
23. 64% of companies with a customer-focused CEO believe they are more profitable than their competitors.
24. 63% of CEOs want to rally organizations around customers as the top investment priority.
25. 90% of CEOs believe the customer has the greatest impact on their business.
26. Customer experience leaders are more likely to have senior executives leading company-wide efforts.
27. 22% of Fortune 100 companies have a C-level customer officer, compared to 10% of Fortune 500 and 6% of Fortune 1000.
28. 90% of CEOs believe customers have the biggest impact on company strategies.
29. 59% of companies with a CEO who is involved in customer experience report higher revenue growth, compared to just 40% of companies without a customer-focused CEO reporting growth.
30. 39% of CEOs say customer experience is the most effective method of creating a competitive advantage, which was the most common answer.
31. 90% of global executives who use data analytics report that they improved their ability to deliver a great customer experience.
32. 77% of consumers view brands more favorably if they seek out and apply customer feedback.
33. Companies that earn $1 billion a year will see an average gain of $700 million within three years of investing in customer experience.
34. 69% of U.S. consumers shop more with brands that offer consistent experiences in-store and online.
35. Companies that use tools like customer journey maps reduce their cost of service by 15-20%.
36. Companies that have embraced digital transformation are 26% more profitable than their peers.
37. The top 10 most empathetic companies increased their financial value more than twice the bottom 10 companies.
38. The Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience.
39. The top six ways practitioners are responding to CX trends are developing AI bots, return on experience (ROX) analysis, a customer-centric stream of projects, centralizing backends, employee experience, and CX senior leadership positions. (CX Network-The Global State of Customer Experience 2020)

The top 3 reasons businesses proactively manage and invest in CX are to improve up-selling and cross-selling (42%), improve customer retention (33%), and improve customer satisfaction (32%). (SuperOffice Survey)