When customers have a poor experience, it ends up costing companies significantly.

Customer experience statistics show that the estimated cost of poor customer services in the U.S. ends up at around $1.6 trillion each year, according to Accenture.

Fortunately, statistics also show that customers are willing to pay premium prices for a superior customer experience.

According to Treasure Data, 74 percent of customers are likely to purchase based solely on their experience.

Additionally, organizations that focus on customer insights outperform rivals by 85 percent in revenue, according to Ttec.

Using customer experience reporting tools and analytics can significantly impact customer loyalty and provide better experiences, experts say.

Understanding consumer interactions and a customer’s needs, wants, and challenges can allow companies to tailor the experience and increase personalization.

According to Globe Newswire, 71 percent of customers feel frustrated when the shopping experience seems impersonal, and 49 percent of buyers made an impulse purchase after they received a personal recommendation.

However, statistics show that only 14 percent of companies track the ROI of customer experiences, and only 21 percent of companies have their own key performance indicators (KPIs) to track customer experiences.

Customer service costs could decrease 33 percent with positive customer experiences, according to Deloitte. People who have a positive experience spend an average of 140% more than those who had negative experiences.

To improve customer experience, most consumers say they want more human interaction with brands. Around 59 percent of consumers say brands are losing a human element.

If customer experience goes awry, statistics show that the effects can be devastating for companies.

As many as 32 percent of consumers say they’d leave a brand after a single bad experience, and unhappy consumers tend to share their experience with more people.

Additionally, experts say not to forget about mobile experience vs. web: About 90 percent of consumers say they faced poor customer service on mobile devices, and 57 percent of people wouldn’t recommend a company with bad mobile web design.

Experts say organizations that are willing to step it up for consumer experiences have the potential to stand out from their competition.

The key to achieving widespread customer satisfaction, experts say, is to understand the customer and their interests.

With this data, companies can better personalize experiences. While statistics show that good customer experiences increase satisfaction, it also results in brand loyalty and increased sales.

According to HubSpot, businesses should be measuring their net promoter score (NPS), and analytics on the customer’s journey.

Experts say conducting consumer surveys can help identify areas of struggle, and help companies learn more about their audience so they can properly address their needs.

Photo by Andrea Piacquadio