In 2024, the latest customer experience statistics reveal crucial insights into how consumers interact with businesses, shaping their satisfaction and loyalty.
As customer expectations continue to evolve, businesses must adapt to stay competitive and foster lasting relationships.
E-commerce sites worldwide quickly realize that a great customer experience is where the money is at. Poor customer service negatively impacts a customer’s experience, as witnessed by 89% of eCommerce consumers.
They quickly stopped buying at stores that offered poor customer service. Since it costs six to seven times more to attract a new customer than to retain an old one, improving customer experience is all the more critical.
Check out these latest customer experience statistics that show the importance of providing a great customer experience.
General Statistics on Customer Experience
1. Growth of the global customer experience management market
The global customer experience management (CEM) market was valued at approximately $12.04 billion in 2023. It is expected to expand rapidly, with an average annual growth rate of 15.8% from 2024 to 2030. (Source)
This growth is driven by the increasing focus on improving customer satisfaction, retention, and overall experience across various industries.
2. Consumers are willing to pay more for a great experience
A significant 61% of consumers are ready to spend at least 5% extra if they know they’ll receive a good customer experience. (Source)
This shows how much customers value being treated well and having their needs met. Businesses that cater to their needs will naturally gain an edge over competitors, as customers are not only willing to pay more but are also likely to return and spread the word about their positive customer service experience.
They’ll be equally quick and eager to spread the word about poor customer experience, so make sure your service only results in satisfied customers and positive customer experiences throughout the customer journey.
3. 80% of companies plan to invest more in customer experience
A significant 80% of companies plan to increase their investment in customer experience (CX). (Source)
This means that most businesses now recognize the importance of providing excellent service and are willing to put more resources into ensuring their customers have positive interactions.
Customer Experience Statistics Related to Customer Loyalty and Retention
4. Almost all consumers and managers agree: customer service drives brand loyalty
As many as 97% of consumers and 98% of contact center managers believe that the quality of customer service interactions plays a significant role in shaping brand loyalty. (Source)
This means that nearly everyone, whether they’re on the buying or managing side, agrees that how a company handles customer service can make or break its relationship with customers.
5. 86% of consumers would abandon a brand after just two lousy service experiences
If a customer has two negative experiences with a brand, there’s an 86% chance they won’t return. (Source)
This shows how important it is for businesses to provide stellar and positive customer experience consistently. Even a few mistakes and not being up to mark as per customer expectations can result in losing a loyal customer forever.
6. A 5% boost in customer retention can drive a 25% profit increase
Improving customer retention by just 5% can lead to a significant 25% increase in profitability. This shows how important it is to keep your customers happy and returning. (Source)
When customers stay loyal, they continue to buy from your business, often spending more over time. This reduces the costs of acquiring new customers and increases overall profits.
7. Customer service impact: 93% more likely to return
When a brand delivers excellent customer service, 93% of consumers are likelier to make repeat purchases. (Source)
This is a win-win situation for brands. Clearly, great service helps resolve issues and builds loyalty and trust, encouraging customers to return and continue buying from that brand.
8. 80% of consumers prefer brands that offer personalized experiences
80% of consumers are more likely to buy from brands that offer personalized experiences, which is increasingly important in fostering loyalty. (Source)
Consumers today want more than just products or services—they want experiences tailored to their preferences. This personalization can be as simple as product recommendations based on past purchases or as complex as customized marketing messages that truly resonate with them.
Technology and Customer Experience
9. Nearly half of customer service professionals aim to boost efficiency with AI and automation
Nearly 45% of customer service professionals plan to enhance their operations by integrating more AI and automation tools, which are expected to streamline processes and improve service delivery. (Source)
Businesses are turning to these technologies to make customer service smoother and prompt. Integrating AI and automation helps them handle tasks faster, reduce human error, and provide quicker, more accurate responses to standard customer inquiries.
10. Customers connect through multiple channels, primarily online
On average, customers interact with brands through nine different channels or touchpoints. These include social media, websites, emails, and even in-store visits.
What’s more, about 60% of these interactions happen online, showing how important it is for businesses to adopt an online omnichannel marketing approach. (Source)
Financial Impact of Great Customer Experience
11. Customer-centric businesses see double the revenue growth
Businesses prioritizing customer experience see nearly double the revenue growth compared to those not adopting a customer-first approach. (Source)
This shows a clear link between putting customers first and making more money. When companies prioritize customer satisfaction, it often leads to happier customers, more repeat business, and higher revenue. On the other hand, businesses that neglect customer experience may struggle to keep up with more customer-focused competitors.
12. Superior customer experience drives 5.7x more revenue than competitors
Brands that offer a better customer experience earn significantly more—about 5.7 times more—than those that don’t focus on it. (Source)
This again shows that when companies try to keep their customers happy by providing excellent service, easy interactions, and a smooth overall experience, they see much higher profits. On the other hand, businesses that don’t prioritize customer experience miss out on this extra revenue.
13. 73% of companies with superior customer experience outperform their competitors financially
When companies provide a better-than-average customer experience, they are more likely to outperform their competitors financially. 73% of these companies do better financially than those that focus less on customer satisfaction. (Source)
When your customers have a positive experience, they’re more likely to stick around, spend more, and even recommend the company to others, contributing to better financial performance.
Cost Savings and Efficiency
14. The cost of poor customer service: $1.6 trillion lost by U.S. companies
When customers experience poor service, they often take their business elsewhere. And this isn’t just a minor inconvenience—it’s a significant financial loss.
In the U.S. alone, companies lose a staggering $1.6 trillion due to customers switching to competitors due to unsatisfactory service. (Source)
This reflects that if a company doesn’t focus on customer satisfaction or completely neglects it, it can have a massive impact on its bottom line.
15. You can lower support costs by reducing customer inquiries
When you streamline customer interactions and remove obstacles in the user experience, it leads to fewer questions and problems that customers need help with.
Naturally, your customers no longer need to reach out to your support team as often. This decrease in customer inquiries means your support team can focus on more complex issues, reducing the overall cost. Fewer support calls also mean your resources are used more efficiently, which can significantly lower your company’s support expenses.
Conclusion
Providing a great customer experience is more than just a nice-to-have—it’s something that will directly have an impact on your company’s success. The statistics reflect that customers are willing to pay extra for excellent service. Businesses that focus on customer satisfaction also reap rewards in terms of financial benefits, including higher revenue and improved customer retention.
How can you achieve customer satisfaction, though? The best approach is to listen to customer feedback and promptly address their needs to acquire new customers and ensure existing customers remain satisfied and loyal.
In contrast, poor customer service can lead to massive financial losses and customer churn, with customers quickly abandoning brands that don’t meet their expectations. Companies that focus on streamlining customer interactions, personalizing experiences, and investing in customer experience management are not only reducing their support costs but also setting themselves up for long-term success.
All in all, keeping loyal customers happy through great service is far more cost-effective than constantly seeking new ones.
