As customer expectations around digital experience rise, US businesses are struggling to deliver. With ongoing economic uncertainty, millions of dollars in revenue are being lost, with two-thirds (66%) of businesses unable to deliver the level of customer experience people expect.
AND Digital’s Winning the Intelligent Customer report reveals this growing urgency around customer experience. It surveyed 250 C-suite and data leaders across mid-market and enterprise organizations in the US and calls for the urgent need for CEOs to prioritise customer experience to protect their customer base.
As customer expectations evolve, businesses are increasingly seeing data and technology as key to improving the experiences they deliver. 80% of respondents agree that data is the single biggest factor in delivering good customer experience as it allows companies to personalize interactions and respond faster. Six out of ten respondents said their organisation had lost revenue during the past three years of economic turbulence due to poor customer experience resulting from a lack of data.
Despite this, customer experience is on the rise, with more than three-quarters (82%) of organizations able to increase their customer experience budget over the past year. This reflects a growing need to invest in sustainable growth through long-term customer relationships.
However, longer-term concerns remain. 73% of respondents believe that the future of customer loyalty will be dominated by large tech budgets. This raises fears of deep inequality between those who can afford to innovate and those who cannot, who will be left behind and squeezed out of the market.
Kenn van Hauen, Chief AI Officer at AND Digital, commented: “Customer experience is now a boardroom priority, and rightly so. Businesses are recognizing that acquisition alone won’t drive long-term growth. Retention, loyalty, and real-time engagement are the new battleground. Experience is now the ultimate differentiator, but most organizations are still playing catch-up.”
“Business leaders understand the importance of data, and are beginning to prioritise retention over acquisition, but without the infrastructure to act on that data in real-time, too many are losing customers they can’t afford to lose. This is a wake-up call. The winners in this space will be those who can turn their customer data into consistent, intelligent and personalised experiences.”
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