Top 25 Stats that Show the Value of Customer Experience
Customer experience (CX) is much more than just a buzzword — it is an important factor in the success or failure of your business. In many ways, customer experience can be subjective, but with the right data and the right statistics, you can quantify the value of the customer experience. The numbers don’t lie and investing in customer experience leads to real results — from increased revenue to improved customer loyalty.
Here is a better look at our Top 25 Stats that Show the Value of Customer Experience created by the boostCX Team!
25 Customer Experience Statistics You Need to Know
Relevant statistics provide visual and quantifiable proof of the success of customer experience management strategies that your company may employ. A greater understanding of key metrics and industry benchmarks helps you and your business identify areas for improvement, allocate resources effectively, and demonstrate the impact of CX initiatives on the bottom line.
Why Are Customer Experience Statistics Important?
Customer experience statistics provide invaluable information on customer behavior, preferences, and expectations as they are related to your products and services. Analyzing these metrics can identify emerging consumer trends, anticipate the needs of your customers, and allow you to make data-driven decisions.
These statistics serve as a key indicator and will guide companies towards a better understanding of their customers and the factors that influence customer satisfaction. By analyzing customer experience statistics, businesses can take a proactive approach to the customer experience, identify potential issues, optimize customer journeys, and drive growth.
- An estimated 84% of companies and businesses that work to improve their customer experience have reported increased profits and revenue.
- Data indicates that 87% of customers who experience excellent customer service will do business with that company again.
- Brands that put the focus on the customer versus products and services report profits that are 60% higher than businesses that do not put the customer first.
- 72% of customers that have a positive customer experience with a business will tell six or more people.
- When customers have a poor customer experience, an estimated 89% will choose a competing product or service.
- 80% of businesses and companies compete based on their customer experience.
- A positive customer experience is a key factor in purchase decisions for an estimated 73% of consumers.
- An estimated 90% of businesses — in a variety of industries — have reported that they have made customer experience a priority.
- 64% of customers have claimed that a great customer experience is more important than the price of products or services.
- Data has shown that 42% of customers are willing to pay more for goods and services if it involves a great customer experience.
- 96% of consumers have indicated that customer service is an important factor when related to brand loyalty.
- Personalization is key in retail and up to 80% of consumers are more likely to purchase products or services from a company when their experience is personalized.
- Companies that make customer experience a priority have more engaged employees and an estimated 79% of employees at those companies are moderately or highly engaged.
- Companies with engaged employees perform up to 147% better than companies that do not have an engaged workforce.
- 95% of customer interactions with a business are expected to be controlled by AI by the year 2025.
- An estimated 73% of customers appreciate businesses that ask for feedback and apply it to products and services.
- U.S.-based companies lose an estimated $62 billion each year due to bad customer experiences.
- Online customer service is important and an estimated 60% of customer touchpoints occur online.
- 67% of customers expect a resolution to their issue within 3 hours of reporting.
- An estimated 72% of customers prioritize immediate customer service.
- 48% of customers expect benefits for being a good and loyal customer.
- 80% of companies that have employed conversational AI have reported improved customer satisfaction.
- AI has the potential to increase productivity at a given business by as much as 40%.
- Up to 57% of businesses believe that chatbots provide an increased benefit for a minimal investment.
- 74% of customer service representatives believe that additional access to customer experience tools and data will allow them to personalize customer experiences.
READ MORE: How Important is the Customer Experience in 2024?
The power of customer experience is undeniable and understanding key customer experience statistics can help you make decisions based on hard data. To unlock the full potential of your customer data and elevate your customer experience strategy, we have created a list of our Top 25 Stats that Show the Value of Customer Experience.
Contact boostCX today for more information on how our platform can help you improve your customer experience!