New Research on Leading Retailers Reveals Vital Balance of Customer Experience and Operational Efficiency
MELVILLE, N.Y.--(BUSINESS WIRE)--Feb 26, 2020--
The digital customer experience for retailers remains critical to safeguard customer loyalty and retail profits, according to a new report detailing customer satisfaction rankings of 25 preeminent retailers announced today by Verint ® Systems Inc. (Nasdaq: VRNT), The Customer Engagement Company ™.
Based on consumer survey panel data from more than 6,000 shoppers, the Verint Experience Index™: Retail report benchmarks customer satisfaction and Net Promoter Scores ® for the top 25 retailers based on revenue. The study examines key trends and data that drive the digital experience and help shape consumer behavior across all channels including stores.
The study finds that retailers are paying a high price when they don’t deliver on digital customer service expectations. Consumers, unable to find the information they need online, resort to calling the contact center. Of those surveyed, nearly half (47%) of those who had contacted customer service did so following an inability to complete an interaction digitally. This digital defection can trigger shopper frustration by eating into a consumer’s most precious resource—time.
“In this case, time is money, as retailers run the risk of customers taking their business elsewhere. What’s more, retailers also see diminished returns on the investments they’ve made in their websites and digital engagement platforms while having to increase spending in the contact center,” says Verint’s Nancy Treaster, SVP and general manager, strategic operations. “According to our Index, by converting just one-quarter of those callers to a successful digital self-service journey, retailers could save over $1 million for every 1 million calls.”
The research quantifies four key elements that comprise a best-in-class digital experience. Amazon was rated highest across the board in all four drivers—navigation, look and feel, site information and site performance. Target scored high marks in navigation, look and feel and site information while grocery brand Publix scored well against other brands.
Customers who report having a great experience have a 74% higher likelihood-to-recommend-the-brand score, and an 85% higher likelihood-to-recommend-the-site score.
Download the Verint Experience Index: Retail for the full rankings and more insights, including details on the omnichannel customer journey, on the 25 retailers featured. A webinar will be held on March 12 th to discuss the findings, register here.
About the Report
For more than a decade, the Verint Experience Index has chronicled digital and omnichannel experiences across key industries from banking, to retail, to government. This edition of the Index, a panel survey report published February 2020, examines and ranks digital experiences of the top 25 retailers in the U.S. based on retail revenue as determined by National Retail Federation’s (NRF) STORES annual ranking (excluding quick service brands including Yum! Brands, Inc.). More details about fielding and the report methodology are detailed in the report. The contact center savings of $1 million per 1 million calls is based on an average call time of 9 minutes at $1 per minute.
About Verint Systems Inc.
Verint ® (Nasdaq: VRNT) is a global leader in Actionable Intelligence ® solutions with a focus on customer engagement optimization and cyber intelligence. Today, over 10,000 organizations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence ® at www.verint.com.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended October 31, 2019, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
VERINT, ACTIONABLE INTELLIGENCE, THE CUSTOMER ENGAGEMENT COMPANY, CUSTOMER ENGAGEMENT SOLUTIONS, CYBER INTELLIGENCE SOLUTIONS, GI2, FIRSTMILE, OMNIX, WEBINT, LUMINAR, RELIANT, VANTAGE, STAR-GATE, TERROGENCE, SENSECY, and VIGIA are trademarks or registered trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.
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Verint Systems Inc.
Verint Systems Inc.
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PUB: 02/26/2020 08:30 AM/DISC: 02/26/2020 08:31 AM