Businesses in Singapore that prioritize CX are expected to recover faster from the challenges of the pandemic: Zendesk survey
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A joint study by Zendesk and Ecosystm shows that 88% of local businesses planning to reduce CX costs will not see a recovery until the second half of 2021 or later.
A new study released today by Zendesk, Inc. (NYSE: ZEN), in collaboration with Ecosystem, has shown that Singaporean companies that prioritise investment in improving customer service (CX) are likely to recover faster from the pandemic.
The study interviewed 100 senior executives from all industries and organizations of different sizes in Singapore to gain a better understanding of their challenges and initiatives for CX in 2020 and their expectations for 2021.
According to the survey, more than half (56%) of the respondents who gave growth forecasts up to mid-2021 also consider an improvement in the HCV situation to be one of the most important occupational groups in the economy. This suggests that companies focusing on KG expect to accelerate their growth and recover from the pandemic. In addition, companies that increase their CX costs during a pandemic to 88%, including a rapid recovery from the pandemic, benefit from unaffected companies and were even able to improve their business in difficult times.
2020 has been a year of change, and as we look forward to 2021 as companies prepare for the recovery, we see that investing in CX will be a differentiator that will help companies stay competitive. Organizations need to evaluate the experiences they offer their customers and find ways to make them even better. Whoever is able to implement a strong CX strategy quickly and effectively will not only survive this pandemic, but will also be successful in the long term, according to Wendy Johnstone, ACPA’s Chief Operating Officer, Zendesk.
Tim Shidi, Senior Ecosystem Advisor, added The research shows that there is a correlation between the company’s focus on development and the success of CX. A company that takes CX seriously recovers faster because it offers more experience and builds a flexible organisation that allows it to better respond to challenges and adapt to changing market conditions.
Singapore’s two-tier emerging economy
The study shows signs of double-digit economic growth in Singapore, with companies investing in CX expecting a rapid recovery, while companies lowering the cost of CX see a slower period of recovery. Of the local companies planning to reduce the cost of CX, 88% will not see a recovery until mid-2021 or later. By comparison: Of the companies that increased their spending during the pandemic in the 20th century, 88% benefit; most expect a rapid recovery by mid-2021 (58%), while others were not affected during the pandemic (20%) or even improved their activities (10%).
CX-expenditure increased, Omnichannel in
When companies implement a multi-channel approach to CX, they can create connected, serialized interactions with customers across all channels. However, only 14% of local businesses were able to offer a full experience of the program throughout the year. Fortunately, more and more companies in Singapore are aware of this and are focusing on increasing CX spending by 2021, with all-weather capabilities being a top priority for CX. The study shows that 50% of Singaporean companies have increased their spending on CX in 2020 and this figure is expected to rise to 69% next year. In addition, more than half of companies (57%) said they had changed their CX strategy by 2020 to move away from digital and gain year-round experience.
CX Maturity is the competitive advantage of
CX maturity will become an important competitive advantage as Singaporean companies increase the cost of investing in high-level CX capabilities. According to the study, 40% of those who increase the cost of CX consider the universal and digital experience to be a competitive advantage over those who reduce the cost of CX (25%). CX companies are more likely to use this experience to increase customer loyalty. At the same time, companies that reduce CX costs focus on other priorities, such as price competition that is easy for competitors to copy.
Best practices for Singaporean companies to stay ahead
For Singaporean companies that want to stand out from the pandemic and accelerate their recovery, the study identifies three key good practices that need to be implemented:
- Prioritize your digital strategy, but don’t forget the data – a successful digital strategy requires the trinity of technology, people and processes. It is encouraging to note that almost half of the companies in Singapore (46 percent) already support training, as it is important that the support staff fully understand and use the available technology. However, without the right investments in technology, companies will not be able to offer and optimize CX to measure. Organizations in Singapore are lagging behind in this area, with only 30% of companies focusing on improving CX technology. In addition, only 26% of companies prefer to create a data-driven culture, which may not allow them to reach the maximum potential of CX.
- Focus on Creating Handling – Handling helps those who are focused on the CX to move forward and keep up, while those who are less focused on the CX try to catch up. In particular, the flexibility of CX is a top priority for 2021, because Singaporean companies see this as the key to achieving the results desired by customers and companies. Local businesses that increase the cost of CX get better business and customer benefits, such as continuous business improvement (66%), while businesses that reduce the cost of CX continue to use flexibility to respond more quickly to market threats (69%) and save money (63%). This means that companies that understand the importance of CX focus on building a sustainable business in the long term instead of taking a reactive approach with quick and easy to replicate solutions.
- Advanced CX Integration – As customer expectations continue to evolve, companies need to integrate their CX technologies, such as B. Artificial intelligence (AI) and machine learning, which need to be improved to create meaningful user experiences. Studies show that 42% of people expecting a quick recovery from the pandemic also invest in AI and machine training as Priority X, while only 22% of people expecting a later recovery also do so. In addition, many companies are extending artificial intelligence and machine learning technologies to many CX business professionals, for example through referrals to customer service representatives (46%) and customer data analysis (33%).
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