5 Ways Customer Experience Impacts the B2B Bottom Line
B2B companies are seeing the impact of happy online customers—repeat web business has been key to growing sales. For example, industrial supply giant Grainger has found that an easy, well-designed online shopping experience can triple sales by existing customers.
A Gartner survey confirms that “Customer Experience is the New Battlefield.” Eighty-nine percent (89%) of companies expect to compete mostly on the basis of customer experience. That experience is becoming mostly defined by online interactions—by 2020 85% of the activities associated with the relationship between the customer and a business will be virtual.
So, among all of the many good reasons to focus on and invest in a world-class customer experience: it’s good for the bottom line.
5 Stats on Customer Experience
- 86% of buyers will pay more for a better customer experience — Remember that your B2B buyer is also a B2C shopper. Their expectations have been shaped by their B2C experiences: they want high-quality customer service and thorough online shopping options.
- 74% of consumers have spent more due to a good customer experience — An American Express study shows that happy customers spend more.
- Up to 20% of annual revenue is lost from poor customer experiences — This Oracle CX survey highlights the need for new approaches to deliver a seamless experience.
- 42% of service agents cannot efficiently resolve customer issues due to outdated systems — There’s a huge opportunity to improve bottom-line profitability by improving both processes and infrastructure.
- 59% (three in five Americans) would try a new brand or company for a better experience — Consumers vote with their wallets. According to this American Express survey, 78% of consumers will bail on a transaction because of a poor experience.
There’s no room for doubt: it’s time to take a hard look at your current customer experience and invest in the people, processes, and e-commerce technology that can help you make it better.