Hansa Cequity, the customer marketing company, has launched its second edition of customer experience series- ‘The State of CX in India’ report. The report 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.
Customers today are hyper connected, distracted and spoilt for choice. In an era of product and service commoditization, organisations are trying to create differentiated and unique experiences for their customers.
As per the report, consumers in the age group of 25-40 years on an average were more dissatisfied as compared to other age groups; 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. Education is playing a vital role in the satisfaction levels among consumers, higher the education; higher is the level of satisfaction.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.
The report reveals that 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. It was only the financial sector that performed better than other industries.
Commenting on the findings from the report, 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.”
Digital and technology has given rise to newer touch points and self-service options across web, mobile apps; offline transactions continue to play a significant role when it comes to delivering unique customer experiences. Only 14% of consumers were fully satisfied with their interaction with company representatives and over 46% were not satisfied with the knowledge of the company representatives during their interactions. Traditional voice based interactions were found to be most effective. This year, mobile apps and social media engagements have been more effective than email based interactions. Over 81% of consumers received responses within the same day on social media and only three per cent of did not receive a response from the brand.