News : Millennials Show Highest Dissatisfaction Levels on Customer Experience
Mumbai, India, Dec 4, 2017 -- Consumers in the age group of 25-40 years, on an average, are more dissatisfied as compared to other age groups, a report by Hansa Cequity, that explores the state of customer experience across seven key industries - banking, mutual funds, insurance, retail, automotive-two wheeler and four wheeler segments, airline and healthcare, reveals.
The report said consumers above 40 years of age were more satisfied with their interaction with brands. However, the dissatisfaction levels of the youth between the age group of 18-25 years is the highest in metros, reveals the report.
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It said education is playing a vital role in the satisfaction levels among consumers.
Targeted at the urban and rural consumers, the report covers four customer experience metrics- ease of interaction, relevance of the information provided, accuracy of information and completeness of the information.
According to the report, overall satisfaction levels of consumers across industries has been low, over 39% of the total population are not satisfied with their overall interaction with the brands. Only 21% of the respondents were completely satisfied. About 47% of consumers felt that the information provided to them during their interaction was not complete. Retail, healthcare, airline and automotive were laggards especially when it came to information completeness, the report stated. It was only the financial sector that performed better than other industries.
S Swaminathan, Co-Founder and CEO, Hansa Cequity, said, "Consumer dynamics are changing. India will be the youngest country in the world by 2020, with median age of 29. Customer experience means different things to different people and so does the satisfaction of interactions; Organisations need to craft segment specific experiences based on geographic locations, age of customers, education etc. This primarily stems from the fact that the needs, values and behaviours of each segment may be distinct. It is imperative that organisations first develop customer experience vision and strategy with a 'customer first' principle and then work backwards towards technology and tools. The world of online and offline are blurring, new channels of interactions are emerging; omnichannel strategy will play a huge role in improving customer experience."
Posted by Veronica Silva Cusi, news correspondent
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