Companies are losing billions in revenue due to their poor understanding of online customer experience, according to a recent study by Econsultancy with Tealeafs conducted between businesses in the UK and US markets.
When asked about their understanding of the online customer experience, 79% of respondents said their company was good at it (36%) or that they understood it well (43%). However, around 18% said they were poor (16%) or very poor (2%).
It is because of this misunderstanding of the effects that a bad online customer experience can have, that some companies are losing billions in revenue from their online activity. The results showed that the losses could amount to US $ 50 trillion in the US and US $ 23 trillion in figures, equivalent to 24% of their total online income.
One of the biggest failures that brings the bad experience of customers is given inside the sales funnel. While companies understand buying behavior or consumers return later, 78% responded that they did not understand why customers had abandoned a shopping cart, or why they left the website without the need to convert (81% ).
“This research demonstrates a clear link between customer experience and revenue generation,” said Geof Galat, CMO of Tealeaf`s. “A bad online user experience, coupled with a lack of visibility and understanding, results in a significant amount of revenue loss, as well as additional costs due to increased requests for admission,” he added.