News : Poor service costing UK £15 billion annually
Businesses in the
The study, sponsored by Genesys Telecommunications Laboratories in collaboration with industry analysts at Datamonitor/Ovum, shows that each lost customer loses the business an average of £248 every year. Financial services (losing £26.4 billion this year), satellite and cable providers (£22.2 billion lost) and telecoms and internet providers (£21.6 billion lost) are the industries typically worst affected. The majority of the customers move their transaction to a competitor (63% of cases) rather than abandon the purchase entirely, which is the action taken by 37%.
The survey also found:
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73% of
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39% of
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83% of consumers welcome more proactive engagement if it improves their experiences
- Younger consumers are more likely to end relationships based on poor customer service than older consumers
Financial services, utilities and telecommunications firms are suffering the biggest losses because they lose substantially more customers than companies in other industries. Nearly one fourth of consumers said they abandoned a financial services company or utility in the past year. Even industries that were historically safe from competition must now pay closer attention to the customer experience.
The survey also revealed the following significant root causes of poor customer service:
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Having to repeat information
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Feeling trapped in automated self-service
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Being forced to wait too long for service
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Interacting with representatives who have no knowledge of the service history (or consumer value)
