Customer Service Skimpflation: The Impact on Sales, Retention, and Loyalty
Brands with Poor Customer Experience will be Cut First as ‘Skimpflation’ Rises
According to new research, 79% of consumers plan to cancel subscriptions, move to lower-cost providers or renegotiate existing contracts in order to combat recent inflation.
This research report, based on data from 1,600 consumers, reveals a significant shift in buyer behavior due to rising prices and ‘skimpflation’ – where companies skimp on the goods and services they provide to help offset rising costs. Key findings include:
- 73% of consumers say they will first cut providers and subscriptions that offer the worst CX or user experience.
- 66% of consumers experienced customer service skimpflation in the past six months – with 87% reporting they will spend less or stop spending money altogether with brands who skimp on customer service.
- The top areas consumers are experiencing CX skimpflation are quality of service (60%), wait times (58%), and expertise and helpfulness (54%).
To discover more findings, download the full report - Customer Service Skimpflation: The Impact on Sales, Retention, and Loyalty today!