- New SAP report talks about shifting brand loyalties due to unsatisfactory digital experience
The report highlights need for ‘Digital Business Leaders’ and increase in customer satisfaction.
In its recentIndia Digital Experience Report leading technology and software solution provider SAPbrought to light how some of the country’s biggest brands could be damaging and losing customer loyalty due to an unsatisfactory digital experience. The report analysed the digital experience offered by some of the largest brands in India, and how that compares against the existing consumer expectations.
The report, published in April found that there is a huge gap between the best performing brands in the country, and the most poorly performing ones, and we are in dire need of ‘Digital Business Leaders’ who are able to properly steer the digital experience being provided to their consumers.
In spite of the huge role that a customer’s digital experience plays in retaining a brand’s presence and relevance in the market, the report found that 15 per cent of consumers in the country were completely unsatisfied with it, while only 59 per cent were completely satisfied. According to the report, only eight per cent of unsatisfied Indian customers would still remain loyal to a brand if the digital experience didn’t meet their expectations.
On the other hand, if consumers are delighted with the digital experience, on an average,they are five times more inclined to share their personal information with organisations in the industry. The report added that such customers are 9.5 times more likely to remain loyal to the brand, but 9 out of 10 unsatisfied customers would go elsewhere.
The study surveyed more than 3000 such organisations in the country, and found that customers rank automotive and banking sectors higher than utilities, government, and telecom operators, when it comes to their digital experience, which is decided by factors like safety and security, on-demand availability, and how well they cater to an individual’s specific needs.
The report also added that India had scored 44 per cent on the digital experience spectrum and that the automotive sector, followed by the banking sector, was found to be the best performing one. While industry reports estimate India’s economy to grow from USD 2 trillion to USD 10 trillion by 2030, Deb Deep Sengupta, the President and Managing Director of SAP Indian Subcontinent,added that digital transformation is going to be imperative to boosting the growth of the Indian economy. He also emphasised on the report’s finding that ‘Digital Business Leaders’ were needed to drive this change.