Retailers Leading in Customer Satisfaction Mastered Rising Expectations, Embraced Digital Self-Service, and Expanded Fulfillment Options
Costco, Amazon and Apple rank highest in customer satisfaction (CSAT) and have high Net Promoter Scores (NPS) out of the top 25 retailers, according to a new report issued by Verint® (Nasdaq: VRNT), The Customer Engagement Company™.
The Verint Experience Index™ report is based on a benchmark survey of consumer satisfaction with leading retailers and includes CSAT and NPS rankings. Consumers were surveyed in late November and early December 2020, with COVID-19 social-distancing guidelines in place and in the thick of the holiday shopping season.
Costco received the highest score related to trust (86.5) and company recommendations (87.4). Amazon received the highest satisfaction score for online purchases (87.7) and returns online (87.7), while Apple came in third for satisfaction (85.1). Costco also received the highest NPS ranking and scored well in multiple satisfaction drivers, including service, price and merchandise.
Customer experience is key to generating sales and recommendations. Compared to customers with a poor experience, customers who reported having a great experience have a 90 percent higher intent to purchase online, a 71 percent higher intent to purchase in-store, and an 88 percent higher recommendation intent. According to last year’s Verint Experience Index: Retail findings, the best prepared retailers mastered three key issues: rising customer experience expectations, embracing digital self-service, and expanding fulfillment options.
"Retailers that scored high in our study focused on digital transformation and e-commerce, helping them respond to rapidly-changing consumer behaviors," says Verint’s Kevin Daly, global vice president and general manager, experience management. "Stand-out retailers were those that were able to implement successful fulfillment options such as curbside pick-up or Buy Online Pick Up In-Store."
While cost is the top factor in purchase intent, mask policies and in-store shopping factored third and fourth in considerations, underscoring customers’ desire for safe in-store shopping options.
Forty-four percent of customers who made a return in the last 30 days said returns were easier than last year – an important finding given that easy and free returns rank high among factors impacting future shopping decisions.
Over three-quarters (76%) of customers who called a retail contact center tried first and failed to complete their task digitally. By converting just one-quarter of those to digital self-service, retailers could save up to $1.7 million per one million calls.
Download the Verint Experience Index: Retail report for the full rankings and more insights, including details on the omnichannel customer journey, generational data, and best practices for improving fulfilment and customer support. A three-part webinar series will be held in March to explore retail customer experience in 2021, discuss the findings of the report, identify how the retail purchase journey has changed and more. Register here.
The Verint Experience Index: Retail edition ranks the omnichannel experiences of the top 25 retailers in the U.S. based on revenue as determined by National Retail Federation’s STORES annual ranking (not including quick-service restaurants). The Index features a panel sample of 6,462 respondents in total, representative of the U.S. general population, with at least 250 responses per brand. Responses were collected from Nov. 25 through Dec. 4, 2020. The Verint Experience Index is an episodic study including respondents who interacted with the brand in the last 30 days, scores are not comparable to continuous studies.
Learn more at Verint Experience Management.
Verint® (Nasdaq: VRNT) helps help the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement™ to help customers close the engagement capacity gap.
Verint. The Customer Engagement Company™. Learn more at Verint.com.
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