A report by KPMG suggests that Indian companies have the potential to unlock an additional $200 billion in value by implementing effective customer experience (CX) strategies. KPMG India’s “Mastering Intentional Experiences – India CX Report” focuses on how leading brands have successfully cultivated intentional customer experiences in sectors such as retail, financial services, travel, telecom, and utilities.
The report gathers insights from a primary survey involving over 5,000 Indian consumers, aiming to identify organizations excelling in providing superior customer experiences. It delves into how Indian businesses are adapting to changing consumer expectations, significantly influenced by global events. Furthermore, it highlights the potential for Indian companies to tap into an additional $200 billion by implementing effective CX strategies.
A global survey covering 25 markets was conducted to benchmark leading brands based on their CX performance.
The report presents notable findings from the Indian region, showcasing superior customer experiences achieved through well-defined tools and approaches. India surpasses the global average in terms of the customer experience excellence (CEE) score, with an emphasis on personalized experiences and effective fulfillment of customer expectations. Many brands in the survey have raised the bar by improving their CEE score (average +5%), primarily driven by enhancements in the expectations pillar (average +7%). Among various sectors, the retail sector stands out with a CEE metric of 8.33, indicating strong loyalty, low customer churn, and a willingness to pay more due to perceived value. Consumers in this sector exhibit the highest loyalty score (8.45), while the logistics sector records the lowest (8.09). The report spotlights key brands in the retail sector, such as Nike, Puma, Kalyan Jewellers, Crossword, and Sketchers.
Manuj Ohri, Partner, Business Consulting, KPMG India, emphasizes, “It is imperative for businesses to recognize and appreciate that customer experience is much beyond transactional. In the Indian market, leading companies and brands have recognized customer experience as imperative to sustained value creation. Personalization has emerged as a key pillar to drive customer loyalty.”
He adds, “Focusing on customer needs and experience will be necessary for brands to stay relevant in the current scenario and to make consumers their biggest advocates.” The report also highlights brands that have made significant advancements in their CEE ranking, including ICICI Prudential Life Insurance, Airtel, Hotstar, Crossword, and HDFC Standard Life Insurance.
