Core idea of this paper:
To understand the perception of good experience from the customers
To understand the potential reason for good/bad customer experience and the effect it has on the brand
To suggest optimal measures to alleviate customer experience
The challenge
As markets evolve, brands must continuously adapt to meet the ever-changing preferences of customers in order to stay relevant and competitive. Globalization has expanded product diversity, leading to an overwhelming range of options for consumers. This vast selection often creates a dilemma, leaving customers unsure of their choices and preferences. The ability to understand and anticipate these shifting dynamics is crucial for brands seeking sustained growth in a crowded marketplace.
Effects of Quantified Customer Experience
Satisfied Customers add to the lifetime value of the brand in terms of loyalty, advocacy as well as frequency. Individuals consciously are inclined towards brands they can affiliate good experiences with compared to the ones they despise. According to a survey conducted by us, 42% of the respondents were willing to purchase a product more frequently from the brand they had a good experience with considering other factors like quality, price, post sale services etc. With a margin so high relating to the retention percentage of customers owing to their experience, it has the potential to affect the overall revenues of the company directly.
actively engaged customers are willing to make frequent purchases
customers said they would shift their buying preference to another brand only after encountering 1 single bad experience.
Predictions
Personalization will take center stage. Customers will expect seamless, omnichannel interactions where their preferences and behaviors are recognized across platforms, enhancing convenience and satisfaction. The role of automation, through chatbots and virtual assistants, will continue to grow, enabling brands to deliver instant support while maintaining a human touch through advanced conversational AI. Immersive experiences using AR and VR technologies will blur the lines between physical and digital. Customer experience will shift from a service-oriented approach to a more emotionally connected and proactive model.
