Study Quantifies the High Cost of Digital Downfalls Amounting to Millions in Extra Expenses, Eroding Retail Profits and Threatening Customer Loyalty
The digital customer experience for retailers remains critical to safeguard customer loyalty and retail profits, according to a new report detailing customer satisfaction rankings of 25 preeminent retailers announced by Verint Systems Inc. , The Customer Engagement Company.
Based on consumer survey panel data from more than 6,000 shoppers, the Verint Experience Index: Retail report benchmarks customer satisfaction and Net Promoter Scores for the top 25 retailers based on revenue. The study examines key trends and data that drive the digital experience and help shape consumer behavior across all channels including stores.
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The study finds that retailers are paying a high price when they don’t deliver on digital customer service expectations. Consumers, unable to find the information they need online, resort to calling the contact center. Of those surveyed, nearly half (47%) of those who had contacted customer service did so following an inability to complete an interaction digitally. This digital defection can trigger shopper frustration by eating into a consumer’s most precious resource—time.
“In this case, time is money, as retailers run the risk of customers taking their business elsewhere. What’s more, retailers also see diminished returns on the investments they’ve made in their websites and digital engagement platforms while having to increase spending in the contact center,” says Verint’s Nancy Treaster, SVP and general manager, strategic operations. “According to our Index, by converting just one-quarter of those callers to a successful digital self-service journey, retailers could save over $1 million for every 1 million calls.”
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The research quantifies four key elements that comprise a best-in-class digital experience. Amazon was rated highest across the board in all four drivers—navigation, look and feel, site information and site performance. Target scored high marks in navigation, look and feel and site information while grocery brand Publix scored well against other brands.
Customers who report having a great experience have a 74% higher likelihood-to-recommend-the-brand score, and an 85% higher likelihood-to-recommend-the-site score.
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