Digital Transformation and Customer Experience: 100 Stats to Know

Everywhere these days we look, companies are opting for #digitaltransformation, hoping to change their business models to compete in the reality of the new market. The exciting part of this new trend is getting driven by customers. 

Nowadays, customers look for specific products which suit their interests and habits. For delivering this connected customer experience, #enterprises are embracing these digital transformations. Below, are the 100 statistics that show the importance and growth of digital transformation and how it is creating an impact on #customer #experience along with its challenges and scope in the future?

Growth of #Digital #Transformation:  

·      40% of the total spending of technology in 2019 will flow towards digital transformation.

·      Companies will spend more than $2 trillion in total' on digital transformation in 2019.

·      21% of companies feel that they are done with the digital transformation. 

·      70% of companies are either working on formulating a strategy for digital transformation or working on it. 

·      Most digital transformations are driven, keeping in mind the growth and expansion opportunities, followed by new regulatory standards and increased competitive pressure. 

·      As per the executives, digital transformation is driving benefits like improvement in operational efficiencies like (40%); faster market time (36%), and the capability to meet expectations of customers (35%). 

·      60% of companies undergoing digital transformation' have made a new business model achieve higher growth. 

·      55% of startups have opted for digital business strategy, in comparison to 38% of traditional companies. 

·      89% of all enterprises have adopted an online digital approach to do so.

·      The topmost sectors that have opted for digital-first strategies are services, i.e., 95%, the finance sector (93%), and the healthcare sector (92%).

·      39% of executives believe that enterprises will get higher value due to digital transformation initiatives in the next three to five years. 

·      About 77% of the company’s state that their relationship with technology is average or above average.

·      65% of companies are optimistic about their ability to adapt to technological disruption in the next three years. 

·      44% of companies have already begun a digital-first approach to customer engagement and operations.

·      Only 7% of companies have entirely implemented digit changes.

·      By 2020, all data analytics projects will comprise more than 40% of the customer experience.

·      27% of companies say that digital transformation is a matter of existence.

·      87% of enterprises think digital will transform their industry in upcoming years, but only 44% are ready for digital disruption. 

·      71% of digitally mature companies say that they can entice new talent related to the use of data, in comparison to 10% early-stage companies. 

·      55% of marketers are prioritizing efficient and effective audience targeting as well as segmentation. 

·      52% of marketers around the globe say digital transformation is their top strategic focus to drive better growth.

·      59% of companies fear to be too late, who have not started work in digital transformation. 

·      55% of companies without digital transformation believe they have less than one year to save their market share from losing. 

·      Nearly all companies state that improvements in customer experience and customer satisfaction were significant influences to initiate digital transformation.

·      45% of executives feel that their company does not have the right technology to implement digital transformation. 

Digital Transformation Success: 

·      Companies making $ 1 billion per year make an additional $ 700 million in three years by investing in customer experience. 

·      56% of CEOs say digital improvement leads to increased revenue.

·      Digitally mature companies are 23% more profitable in comparison to less mature ones. 

·      In 2018, more than 50% of digital transformation efforts were a complete failure.

·      39% of outperforming companies have fully installed online-physical strategy. 

·      Digital-first companies are 64% more chance to achieve business goals than their peers. 

·      Only 19% of companies have a customer experience team that helps reduce gaps in business.

·      Less than 30% of the company's technology vendors are actively involved in its digital transformation.

·      Out of $1.3 trillion spent on digital transformation in 2018, an estimated $900 billion was spent on which, they didn't meet their goals.  

·      70% of digital changes fail, mostly due to staff resistance. 

·      Focusing on digital transformation and customer experience can lead to a 20–30% increase in customer satisfaction and an economic benefit of 20–50%.

·      In a survey, only 16% of employees said that their company's digital changes had improved performance and that can sustain in the long-term.

·      Employees of companies with fewer than 100 employees say nearly three times more than their digital transformation was a success than companies with more than 50,000 employees.

Customer Experience Impact:

·      62% of companies see customer experience as a competitive advantage through contact centers.

·      2/3 rd. of the company's competitive edge enhance due to customer experience. 

·      Consumers are connected with the brand have a 306% more lifetime value. 

·      Executives commonly track overall revenue (24%) & Net Promoter Score (23%) as common experience metrics. 

·      67% of end-customers will pay higher for a better experience. 

·      74% of business shoppers say they will pay more for enhanced B2B expertise.

·      Loyal customers can five times more likely to buy again and four times more likely to do a referral to family and friends. 

·      76% of customers have expectations that companies can understand their needs. 

·      31% of companies are experience-led. 

·      Experience-led companies have 1.9 times higher average order value & have 1.6 times higher customer satisfaction rates. 

·      79% of American consumers consider only those brands that care for them. 

·      70% of the buying experience is based on how the customer feels about how they are treated.

Omni-Channel Experience:

·      Companies having robust Omnichannel experiences retain 89% of customers in comparison to 33% retention with a weak Omnichannel experience. 

·      89% of customers do not like it when they have to repeat their queries to customer service agents. 

·      The percentage of companies pushing their money in the Omnichannel experience has increased from 20% to 80%.

·      83% of consumers say they want to switch when talking to a brand, but only 50% of companies allow cross-channel interactions.

·      74% of marketers say that a cohesive Omnichannel experience is required.

·      73% of shoppers utilize more than one channel at the time of purchase.

Emerging Technologies: 

·      84% of customer-focused companies focus on the mobile customer experience.

·      Just 36% of contact centers use any type of cloud technology. 

·      93% of companies consider innovative technologies necessary to reach their digital transformation aim.

·      60% of businesses in North America utilize cloud platform, five times more than five years ago.

·      60% of the executive thinks that connected technology & IoT will play a vital role in the digital strategy of any company. 

·      68% of global business leaders believe that humans and AI are working together in the future of business.

·      70% of companies in 2019 will use a multi-cloud strategy, up from 10% in 2017.

·      By 2022, personals devices will know more about the emotional stages of yours than your own family. 

·      34% of marketing leaders believe that AI will bring the most considerable improvement in customer experience. 

Transformation Leadership and the Workforce:

·      25% of CIOs will initiate more control over the digital transformation in 2019. 

·      CIOs lead 28 % of digital changes and CEOs own 23 %.

·      71% of leaders say the workforce is an essential part of supporting the digital transformation strategy.

·      70% of companies state that their CEO has sufficient or above-average practical understanding of advanced technology.

·      CEOs and senior executives say that digital transformation risk is their biggest concern in 2019.

·      About 40% of companies have dedicated digital transformation teams.

·      37% of companies say that digital transformation initiates in creating new jobs.

·      20% of employees revealed that their company's leadership has no idea about what to do with digital transformation. 

·      The most common barrier to digital transformation in employees' surveys was CEOs at 35%.

·      80% of companies say that their digital transformation efforts are for multiple business units and the entire company. 

·      Companies’ were having dedicated chief digital officers’ have1.6 times more chance to report successful digital transformation. 

·      55% of companies maturing digitally say they need new leaders to succeed in the digital environment.

·      81% of employees of digitally mature companies say that innovation is the strength of the company compared to employees of early-stage digital companies.

Customers and Technology:

·      Intelligent systems will successfully run 70% of customer interactions by 2022. 

·      63% of customers are happy to receive service from the bot, as long as they can get the option to talk to a human. 

·      54% of consumers connected with brands via email in 2018, making it the most used customer service channel on voice.

·      Customers having lousy experience on the website have 88% less chance to return.

·      61% of consumers do not want to return to the mobile site, which makes it difficult to enter.

·      If a company has difficulty accessing a mobile site, 40% of consumers visit a competing website.

·      By 2020, 25% of customer service operations will utilize digital customer assistants. 

·      92% of customers are satisfied after using live chat services; this creates the support channel that leads to the highest customer satisfaction.

·      Nearly half of global contact leaders forecasted that contact centers would enhance by 5-10% in upcoming years. 

·      About half of the global contact center leaders estimate that their contact centers will grow 5–10% over the next year. 

·      75% of online customers expect the answers within 5 minutes of asking the query.

·      60% of companies feel they have a better mobile experience, but only 22% of customers agree.

·      78% of consumers utilize devices to connect with customer service, and this number jumps to 90% for new-age users.

·      Almost 50% of all consumers use mobile messaging apps to connect with customer service.

·      65% of consumers research a product online before visiting a physical store.

·      30% of US consumers say they consider customer service chatbots to be very useful at solving problems, and 12% said chatbots are not helpful.

·      60% of US consumers prefer a digital self-service solution for customer support, like a digital knowledge base, app, or chatbot.

·      About 80% of Millennials are ready to buy from brands that have a mobile customer service portal.

In this fast-moving, connected and always-on society, it is essential to consider implementing a digital transformation strategy if it hasn’t already. Digital transformation opens the door of opportunities for organizations to engage new-age buyers, and deliver the service as per the customer's expectations regardless of channel or place.

Katalyst Technologies is a leading digital and eCommerce solutions provider with immense industry experience and domain expertise. Collaborate today, with our team of professionals to leverage the digital opportunities for your business. 

The above-mentioned statistics have been carefully derived from various credible sources including Futurum Research,  Deloitte, Salesforce, Harvard Business Review, Information Age and Forrester.