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Industry Research : Customer Service Goes Social
Sydney, Australia, June 24, 2015 -- The importance of social media, web self-service and online assistance is expected to overtake traditional customer experience (CX) channels in Australasian companies over the next three years, according to a new study.
The data, released by call centre software provider Genesys, predicts an upsurge of CX investment by Australasian companies over the next three years would accelerate digital transformation and pave the way for innovation.
The study, which was undertaken by the Economist Intelligence Unit, found 86 per cent of Australasian c-level executives considered "improving CX’’ a key driver for their company’s digital transformation.
It reported 20 per cent of respondents planned to boost their CX innovation investment by more than one quarter (27 per cent) in the next three years, up from 15 per cent three years ago.
Globally the study found larger companies were cutting back on their investment, with just 12 per cent planning a similar increase over the next three years, this puts Australasia ahead in the race to lead CX innovation.
The research was conducted with 516 c-suite executives in 21 countries, including 30 respondents from Australia and New Zealand.
Genesys Asia Pacific managing director Bruce Eidsvik said organisations needed to consistently evolve to meet the growing demands of their customers, build trust, increase loyalty and drive revenue growth.
"More and more senior executives are beginning to not only understand their digital consumer, but also see the urgent need for CX innovation to be prioritised on their investment agenda and to keep up with today’s digitally driven customer,’’ Mr Eidsvik said.
The study found traditional CX channels were set to drop to 45 per cent in terms of importance in the next three years, compared with 60 per cent currently.
However, 60 per cent of Australasian business leaders still believed face-to-face interaction between companies and customers was an important and effective CX channel.
More than one-third (40 per cent) of the Australasian respondents said increased customer retention was one of the benefits of CX investment, followed by increased sales and improved customer satisfaction, both identified by 18 per cent of respondents.
Investment was also being driven by a direct correlation between CEO engagement in customer experience and profitability, the survey said.
The data found 58 per cent of Australasian companies reported a much higher profitability than their competitors when the CEO was in charge of customer experience.
A significant number of Australasian companies (67 per cent) were also more likely to measure the success, or return on investment, of CX initiatives.
Economist Intelligence Unit senior editor and lead researcher on the study Charles Ross said ambitious companies were driving large investments in customer experience initiatives to adapt to the digital communication channels customers demanded.
"By prioritising CX and placing the CEO in charge, companies are taking an extra step to drive revenue growth and improve profitability,’’ he said in a statement.
Posted by Veronica Silva Cusi, news correspondent
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Published: Monday, June 1, 2015