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Singapore companies fail to retain customers

Anuradha Shukla | March 17, 2014
Resulted in US$16 billion revenue in the market represented by customers who switch providers.

The majority of companies in Singapore fail to retain customers, according to new research released by Accenture.

About 70 percent of Singapore consumers changed service providers due to poor customer service experiences in the past one year. Due to this there is a potential US$16 billion of revenue in the Singapore market represented by customers who switched from one provider to another.

80 percent of respondents said they are frustrated to contact a company many times for the same reason and 79 percent are upset for being put on hold for a long time.

78 percent of customers had to repeat their problem to multiple representatives and 73 percent are frustrated by waiting for a response after requesting customer service.

79 percent of respondents in Singapore said they are upset by companies that promise one thing, but delivering another. 78 percent complained about unfriendly or impolite customer service agents.

Digital blueprint

Companies delivering desired level of customer experiences demonstrate five capabilities, known as the customer-driven digital blueprint. These include using predictive analytics to provide a more tailored customer experience and using digital to communicate with customers in a more personal way.

These successful companies integrate information and processes that enable customers to move easily across different channels and invest in mobile services.

Also, they tap social media to nurture greater levels of trust and establish a mechanism for direct and dynamic interaction amongst customers.

Although a high percentage of Singapore consumers use digital technologies, only eight percent customers said their service providers effectively provide convergence between traditional and digital transactions.

"Growth is harder to come by in many sectors but the switching economy presents a source of new and profitable growth for companies that choose to play to win (rather than playing not to lose)," said Lee Joon Seong, managing director, Sales & Customer Services, ASEAN, Accenture. "To win requires a holistic approach that goes beyond simply implementing customer relationship management technology."

 

 

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