09 Dec Is the Indian customer happy?
Is the Indian customer happy? Here’s what CXOs have to say…
From financial services, customers expect simpler IVR, better experience when they visit branches, and are happiest with services delivered over the internet.
If you’ve ever got the feeling you’ve been shortchanged as a consumer, congratulations: you are probably right. EY and omni-channel customer management platform CloudCherry came up with a report on customer experience trends in India, surveying 31 CXOs whose opinions on customer experience are quite revealing (see adjoining graph). They also got the customer perspective on industries like financial services, retail and e-commerce.
From financial services, customers expect simpler IVR, better experience when they visit branches, and are happiest with services delivered over the internet. In the case of retail, a diverse product range, ambience, friendly staff are pluses and the lack of a clean wash room, a significant problem area.
With ecommerce, customer experience on the sites is standardised: the real differentiator is whether sites can provide an experience at least as good as the ones a customer would get from an unorganised service provider. Pain points are often beyond a site’s control: for instance delayed flights after buying tickets from an online portal.
Dinesh Mishra, partner – advisory services and customer practice lead (India), EY shares his insights on customer experience. For more on this story please head to ETBrandEquity.com
Most CXOs surveyed believed customer experience in India was below global standards. Why do you think this is the case?
Dinesh Mishra: In India, there’s an abundance of customers, more than there are services available. And so experience as a differentiator is not a priority. The second area is price sensitivity. What they don’t realise is that consumers don’t expect a premium service at a budget price. Even if you don’t deliver a benchmark in luxury, you ought to deliver on the expectations that have been set.
What sort of a tangible benefit does having a great customer experience translate into?
Dinesh Mishra: The key metrics are improved satisfaction and therefore loyalty, especially a time when acquisition costs are very high. You end up getting a premium: café brands have transformed experience to the point where we pay 5 star prices at a café by the road. And finally its defence against competition. It can’t be pricing since that can be copied, but a great experience is a bulwark against your customer straying.