A recent study looking at customer loyalty within the APAC region has revealed that Australian organisations are leading the way when it comes to driving engagement throughout the customer lifecycle.
Forrester Consulting reportedly surveyed key decision-makers in businesses with revenue exceeding US$300 million to determine how organisations rate their loyalty initiatives and customer experience approach. When compared with retailers and businesses in Hong Kong, Mainland China, Singapore, Indonesia, Japan and Korea, Forrester says that Australia comes out on top.
Of the businesses surveyed, 72 percent said they plan to allocate extra funding towards improving their customer experience offerings in the next 12-months. The research also revealed that Aussie businesses are the most diligent when it comes to personalising their customer experiences.
In fact, Australia reportedly has the highest percentage of businesses that actively aim to personalise their promotional offers (41 percent). Local companies are also coming out in front for their efforts in tracking and analysing the interactions between their customers and their brands/products with the goal of improving the overall shopping experience. In Australia, 74 percent of businesses are doing this and improving their level of customer loyalty with personalised and relevant content. In comparison, only 28 percent of businesses in Mainland China are taking the same steps.
A further 53 percent of Australian businesses provide member-only events and promotions for loyal customers, while only five percent of organisations in Hong Kong, seven percent in Korea and 11 percent in Mainland China offer similar loyalty-driven events.
Overall, the APAC region is slow to incorporate experiential benefits into their loyalty programs. Australia has the highest rate (43 percent) compared to 30 percent for the wider region, but each country could still stand to improve their offerings in this regard.
This is in-line with recent research by Dimension Data, which revealed that 90 percent of retailers within the ANZ region believe customer experience is vital for fostering loyalty, and forms an essential part of a company’s service. A further 85 percent of respondents reportedly said that CX is the perfect way to differentiate their business, 62 percent a key driver of economic growth and 62 percent said it even helps to reduce expenses.