A new study revealed that as inflation increases, so do the expectations for the customer experience, making it a make-or-break moment for brands when it comes to earning customer loyalty. Rising inflation has consumers rethinking high-stakes purchases, like cars, vacations and home improvement projects, but almost two-thirds (63%) report that they’re still willing to pay more to get better customer service.
This is according to a new survey from AI-powered conversation intelligence company, Invoca, which polled 500 consumers who completed a high-stakes purchase in the last year across the following industries: automotive, financial services, healthcare, home services, insurance, telecom and travel to better understand the importance of the customer experience throughout the buying journey.
While consumers are shopping based on price, they’re also demanding great experiences, too. The survey found that more than three-quarters of respondents (76%) said they would stop doing business with a company after just one bad experience. When respondents ranked the possible reasons why they would stop doing business with a company, a bad phone experience was second only to high prices. A bad experience includes: rude agents (59%), long hold times (58%) and too many transfers (58%) as the top three reasons.
Consumers are now picking up the phone more in their buying journey, with nearly three-quarters (68%) making a phone call at some point. They expect businesses to know their reason for calling, especially if they’ve done business with them before, with the vast majority (85%) expecting they know some details about them (e.g., purchase history, know who I am, etc.). This is a big increase compared to 2021, where just 71% of respondents believed businesses should already know these details.
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The survey also showed that when a business knows why a customer is calling, the customers trust them more and are more likely to do business with them in the future. Therefore, brands must empower their contact center agents with impactful data and technology to ensure they can deliver positive customer experiences.
Read the full 2022 Invoca Buyer Experience Benchmark Report.
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