New research shows that Australians businesses are risking seven per cent of their potential revenue due to poor customer experiences, a total of A$82 billion being left on the table as shoppers go elsewhere.
Based on analysis of data from the Qualtrics 2023 Global Consumer Trends report, consumers say they have very poor customer experiences 19 per cent of the time.
This figure is up 6 per cent from the prior twelve months.
After receiving a poor customer experience, 37 per cent of say they reduce their spending with that brand, or stop spending altogether.
“While there has been a slight reduction in the revenue at risk in Australia due to poor customer experiences compared to last year, consumers say there has been a rise in how often they receive poor service,” said Vicky Katsabaris, Director of XM Solutions and Strategy, Qualtrics.
“No organisation can afford customer churn, which is why addressing this widening gap by deeply tuning into the needs of customers must be a top priority in 2023 – and those that get it right stand to make market gains.”
According to the survey, streaming services and department stores have the lowest percentage of consumers who recently had a “very poor” customer experience.
