Source: Genesys infographic.
A recent study by Genesys, a customer experience and contact center solutions provider, found that over one-third (37%) of Asia Pacific businesses now consider social media a critical channel for customer experience (CX).
While in-person interactions remain the top CX channel, the study highlights that social media has surpassed phone and email in importance.
Bruce Eidsvik, Genesys Asia Pacific Senior Vice President, states, “Consumers are embracing digital platforms more than ever.” He adds, “In Asia, engaging in online shopping or providing feedback and inquiries through companies’ social media channels is commonplace. It’s logical that we’re now global leaders in digital CX engagement. As the region transitions towards service-based economies, Asia’s leading position in digital engagement establishes it as a pioneer for CX innovation.”
The Economist Intelligence Unit (EIU) study reveals a strong link between CEO involvement in customer experience and profitability. When CEOs spearhead CX initiatives, these efforts are more likely to significantly impact a company’s future achievements. The study discovered that when CEOs lead customer experience strategies, 58% of companies see greater profitability than competitors, and 59% experience improved revenue growth due to prioritizing CX investments.
Source: Genesys infographic.
Within Southeast Asia, investment in CX surpasses other regions, with 42% of businesses raising investments by over 10% in the last three years. This trend is expected to persist for the next three years.
The study also reveals that CEOs in Southeast Asia are more likely to have the ultimate decision-making authority on CX initiatives compared to their global counterparts. Charles Ross, Senior Editor at the Economist Intelligence Unit and lead researcher, notes, “Forward-thinking companies are heavily investing in customer experience initiatives to align with the digital communication channels customers prefer." He adds, “Prioritizing CX and placing the CEO at the helm enables companies to actively pursue revenue growth and enhance profitability.”
However, there are still areas for improvement. Southeast Asia (24%) receives the second lowest customer satisfaction ratings within Asia Pacific regarding their overall experience with companies. Consequently, organizations in the region need to elevate their efforts to maximize the return on their increasing CX technology investments.
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*The Economist Intelligence Unit conducted a survey of 516 senior executives across 21 countries to investigate the influence of customer experience initiatives and leadership on business outcomes. One-third of participants were from the Asia Pacific region, representing Southeast Asian markets like Indonesia, the Philippines, Singapore, Thailand, and Vietnam.