Great customer experience can have multiple positive ripple effects. While every company desires it, not all get it right, letting many customers feel disappointed. Since very few get it right, the price premium is extremely high. Management consulting giant PwC has undergone a complete study to assess this. Coffee for example has a price premium of merely sixteen percent, but winter coats have even less at seven percent only, implying lower rates of satisfaction. Most US consumers are loathe to sharing their personal data, but the proportion rises significantly when it is for receiving more curated personal experiences. Poor customer experiences on the other hand are driving them away in large numbers, this being especially high in the US and Latin America. People most value efficiency, personal service, unique experience, human interaction and convenience. The need for personal interaction is highest in Germany, while companies in Japan can get away most without the same. But for all this to succeed, companies need to have more proactive talent management practices in place. This is because companies with superior employee experience invariably end up having the best of customer experiences.

Source:https://www.pwc.com/us/en/advisory-services/publications/consumer-intelligence-series/future-of-customer-experience.html?WT.mc_id=CT1-PL52-DM2-TR2-LS4-ND30-TTA5-CN_FutureofCX-OTW&eq=twi_or

Uploaded Date:04 July 2018