OpinionLab Customer Opinion Index (COI): Overall Customer Experience Performance Trends Downward as Holiday 2014 Approaches

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Bright spots are retail, airlines & travel industries, which have all improved customer experience heading into critical holiday season

The COI is calculated from the bottom up to help brands identify the drivers of a great customer experience and assess how they stack up at a functional level. The result is actionable insights that brands can immediately implement.

OpinionLab today released its new Customer Opinion Index (COI): November 2014, a key measure of customer experience excellence online, in-store, in contact centers, and on mobile devices. The report provides more than 60 updated customer experience benchmarks across eight major industries and is a leading indicator of future loyalty, purchasing likelihood and brand endorsement.

“The OpinionLab COI report analyzes millions of real-time, detailed comments and ratings to offer a complete—and unique—set of benchmarks covering every part of the customer journey, “ said Sean Fallon, CEO of OpinionLab. “The COI is calculated from the bottom up to help brands identify the drivers of a great customer experience and assess how they stack up at a functional level. The result is actionable insights that brands can immediately implement to improve inconsistencies that impact customer acquisition, retention and loyalty.”

The new report finds that, as customer experience has gone mainstream in 2014, consistency has remained a clear and present challenge. The overall COI across industries fell from to 498 (on a 1000-point scale) at the close of Q3, down 4% from where it stood at the end of Q2. Granular benchmark data pinpoints a lack of consistency in three key areas of the digital customer experience: the Home Page; Information; and Loyalty, whose score has plummeted almost 10% over the course of 2014.

The COI November 2014 report also reveals bright spots for customer experience. The report shows positive momentum for the industries with the most to gain this holiday:

  • eTailers have improved their customer experiences dramatically since Holiday 2013 by expanding fulfillment networks, reducing shipping times and, in many cases, by introducing free shipping. For the first time in a year and a half, pure play eTail (559) climbed 130 basis points to surpass Multi-Channel Retail (553). eTail now outshines Multi-Channel Retail in all functional ratings except for Checkout – and made its largest improvement in Search.
  • After a steep decline in Q1 2014, the Airlines have made up lost ground when it comes to customer experience. Their Q3 2014 COI score (372) now surpasses the Q3 2013 (336) score by a healthy margin. The wider Travel industry has mostly recovered from the Q1 dip, but its COI score remained stagnant, moving from 480 to 484.
  • While functional ratings held relatively steady for the Airlines, their Service & Support rating climbed from 1.63 to 1.83 on a 5 point scale. In the Travel sector, investment in websites and mobile appear to have paid off. Home (2.61 to 2.81), Search (2.47 to 2.85) and Loyalty (2.76 to 3.00) all made notable gains, while Service & Support and Information dropped slightly.

The full report, with benchmarks across Financial Services, Insurance, Multi-Channel Retail, eTail, Airlines, Travel, Telecommunications, and Healthcare, is available for immediate download here.

About the CUSTOMER OPINION INDEX
OpinionLab’s Customer Opinion Index (COI) is the only true multi-channel index of customer experience performance across all customer touchpoints. The COI is computed using proprietary mechanisms that blend context-rich qualitative and quantitative customer experience data together into a unique thousand-point index. COI calculations are derived from OpinionLab’s patented opt-in Comment Cards, which to date have captured more than 200 million pieces of feedback from engaged customers.

This includes Functional Mean Ratings (FMR), a robust set of normative metrics that aggregate customer experience performance scores for specific functions, areas and sections of a brand’s digital touchpoints. The result is precise insight that fosters real-time intervention and the consistent delivery of excellent customer experiences.

About OpinionLab
OpinionLab is the pioneer and global leader in omnichannel Voice of Customer (VoC) feedback innovation with over a decade of success and a dozen patents on major VoC advancements. Starting with the familiar [+] feedback symbol, the company’s end-to-end solution suite allows clients to improve the customer experience with precise, real-time intelligence into what customers want and need. Global leaders choose OpinionLab for actionable VoC insight across web, mobile, store and product touchpoints. Recently recognized by Inc. Magazine as one of the fastest growing companies in America, OpinionLab is proud to service over half of the Fortune 50, including Walmart, Bank of America, and Ford Motor Company. For more information, visit OpinionLab online, read the blog or follow Voice of Customer on Twitter.

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