November 9, 2016
In my previous blog post last week I introduced the India Customer Experience Index 2016 report, and spoke briefly about over-all trends in this year’s results compared to last year. In this post I’ll explore more industry-level findings.
In this year’s CX Index results, we found that:
- Financial services (Banks & Credit Cards) performed well. In fact, along with PC Manufacturers, they topped the CX Index in terms of industry-averages. Financial firms recognize that the lifetime value of each customer relationship can be significantly higher than in other industries, so they strive to deliver better-quality experiences to their clients. In contrast, Auto & Home Insurance companies were found lacking in the experiences they delivered to clients, and brought up the rear of the industry-average rankings.
- Traditional and Digital-only retailers improved their CX significantly. Digital-only retailers are realizing that deep discounting can only take them so far, and are now focusing on delivering differentiated CX instead. Feeling the heat from digital players, traditional retailers made great strides to improve their CX too. Despite these efforts, both traditional and digital-only retailers moved from delivering ‘poor’ CX last year to just ‘OK’ CX this time around.
- Wireless service providers also upped their CX game. Incumbent brands may have been sufficiently challenged by the entry of Reliance Jio, as well as by the crackdown by India’s telecom regulatory body on service quality issues. Again, despite making significant gain in its average CX Index score this year, the industry still found itself in the bottom half of the rankings.
You’ll find brand-specific results, as well as actionable insights on how to improve CX-fueled loyalty in the India Customer Experience Index 2016 report. Do check it out.