Customer Service Skimpflation: The Impact on Sales, Retention, and Loyalty

UJET

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!