New Research on Leading Retailers Reveals Vital Balance of Customer Experience and Operational Efficiency
February 26 2020 - 8:30AM
Business Wire
Study Quantifies the High Cost of Digital Downfalls Amounting
to Millions in Extra Expenses, Eroding Retail Profits and
Threatening Customer Loyalty
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 12th 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200226005245/en/
Media Relations Amy Curry Verint Systems Inc.
amy.curry@verint.com
Investor Relations Alan Roden Verint Systems Inc.
alan.roden@verint.com
Verint Systems (NASDAQ:VRNT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Verint Systems (NASDAQ:VRNT)
Historical Stock Chart
From Aug 2023 to Aug 2024