Research: How the Retail Customer Service Landscape Has Shifted

Research: How the Retail Customer Service Landscape Has Shifted TW

At this point it goes without saying, but the world shifted online rapidly in 2020. According to our recent research of over 500 US consumers, 71% reported shopping online more frequently during the past year. But what is more insightful, is how many of those respondents will continue to shop online more frequently once the world goes back to business-as-usual. Of those who report an increase in online shopping, a whopping 85% plan to continue shopping online more often in the future.

Along with this shift comes a shift in consumer attitudes. Customers no longer see relationships with retailers as transactional — they see brands as an extension of their identity. That’s why delivering an exceptional customer experience, and building relationships with consumers, is imperative for business success.

The Online Retail Opportunity

The past year’s rapid shift to digital opens up a massive opportunity for online businesses, but they must be prepared to deliver an exceptional online experience to match their in-store one. And unfortunately, right now, they are not delivering. Eighty-two percent of consumers have had a bad customer service experience with at least two retailers in the past year, and 93% of consumers think contacting retail customer service should be more convenient. This is up from 78% in 2019, meaning that consumers think customer service has been moving in the wrong direction.

The Need for Speed

The pandemic caused an uptick in inquiries for many businesses, even if their sales were down. Consumers had more questions while they could not shop in-store, and many retailers were running into hiccups when it came to shipping and fulfillment. Because of this, 42% of consumers think their time is not valued by retailers, with that number growing to 52% for consumers 65+. These individuals may not have shopped online previously, and needed more assistance than younger consumers, leading to their frustration with inevitable wait times.

On average, most consumers get annoyed after waiting just four minutes for a response from customer service, and 64% of consumers would never shop with a retailer again if they abandoned a customer service conversation before being helped. It is imperative, then, for customer service organizations to improve efficiency without impacting effectiveness.

Support teams are bogged down with manual, routine tasks that consume agents’ time and effort, and result in long response and resolution times that frustrate customers. Currently 50% of customer service agents’ time is spent searching for information and performing repetitive, manual tasks. This is no longer sustainable. Retailers should tap into the power of artificial intelligence (AI) to eliminate the menial, repetitive, and time consuming tasks with intelligent automations that can detect intent, collect relevant information, automate agent interactions, and route conversations based on customer data or request type. Intelligent chatbots are now able to deliver contextual and personalized information that feels human, and can seamlessly hand off to agents when necessary. With the right technology agents can focus on building relationships with customers and fixing complex issues in a timely manner.

Want to learn more about how to deliver on modern day retail customer service expectations? Download the full report here.

 

How Automated Online Customer Service Can Transform Online Banking as We Know It

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Banking has changed drastically over the years. Today, you don’t have to drive to the bank and meet with a teller to make a withdrawal or move money from a checking to a savings account. Instead, you can use a secure app to take care of these menial tasks from the palm of your hand.

These features in online banking demonstrate just a few of the many ways customers feel satisfied by the convenience the digital world offers. Add automated customer service opportunities to online banking and it becomes even more advantageous — to both the customer and the business offering the service.

Let’s take a closer look at some of the benefits that come with adding automated online customer service options to online banking:

Seamless Communication Efforts

For most customers, instant communication provides immediate gratification. According to an Accenture Financial Services Banking Report, 49% of customers agreed that instant support is a key factor in building loyalty with a bank. Customers have always had the option to call into their banks to speak with a representative about an inquiry, but are oftentimes left on hold. With an instant online customer service option, customers can get the answers they need in real-time, whether from an agent, a chatbot or a knowledge base.

Preferred Way of Banking

Today, many consumers live in a fast-paced environment and expect as much convenience in their daily lives as they can get. According to PwC’s 2018 Digital Banking Consumer Survey “Mobile users set the agenda,” with 15% of customers preferring to utilize mobile banking and agreeing that most of their banking is done digitally.

Furthermore, a Gartner survey revealed that 44% of respondents choose their phones as the preferred device for resolving a problem with a company. Through customer service automation, banks can provide quick answers to customer questions on their preferred mobile channel, while saving valuable agent man hours for more challenging customer problems.

Personalization is Key

Automated customer service can make sure customers’ demand for speed aremet. One way to ensure this is by investing in a customer service CRM platform that understands the digital age as well as customer expectations. Kustomer, for example, has worked with companies to help them achieve efficient and effective customer service that enhances the overall customer experience. Using artificial intelligence and intelligent automation, Kustomer can transform online banking into an even more convenient option for consumers who want immediate service and total control of their personal finances on any channel they choose.

Interested in learning more about how Kustomer can provide automated customer service to the world of online banking? Reach out to us directly today for a demo.

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