74% of American senior executives surveyed by Oracle strongly agree that customers’ experiences impact their willingness to be loyal advocates, according to a new report, reflecting similar attitudes from consumers. With 6 in 10 executives also strongly believing that customers will switch brands because of poor experiences, the Oracle study finds that overall, respondents indicate that they stand to lose up to 21% of annual revenue as a result of not offering a positive, consistent, and brand-relevant customer experience. Of course, offering that experience is easier said than done. And as previous research has shown, creating a seamless cross-channel experience is a big hurdle. Indeed, among Oracle survey respondents, a leading 21% said that improving the cross-channel customer experience is the top priority of their organization’s customer experience program over the next 12 months. Other top priorities include improving the online customer support experience (15%) and the online customer purchase experience (13%). In order to tackle these challenges, companies plan to increase their spending on customer experience technology by an average of 13% over the next 2 years. The biggest increases will be for analytical tools to better understand customer behavior (31%), web experience management solutions (24%) and commerce/customer service mobile applications (24%). About the Data: The data is derived from Oracle’s Global Customer Experience report, which surveyed more than 1,300 senior executives across 18 countries on the state of customer experience.
Feel Like You're Always Playing Catchup?
Stay ahead of the curve with our free newsletter. It’s fast. It’s factual. And it’s clear