By CIO Insider Team
 

Team Marksmen Network’s CX Transformation Conclave dwells on the importance of creating intelligent, forward-looking CX strategies that leverage the latest thinking

Often, the adage is bandied about; “the customer is king”. But how often does that really play out?

Recent studies have revealed the staggering economic impact of inadequate customer service in India. Indian consumers collectively spent over 15 billion hours on hold to customer service in the past year – translating to an astronomical economic loss of $55 billion annually. This isn't just about wasted time; it's about the profound economic consequences of poor customer experience (CX).

The average Indian spends more than 30 hours annually – effectively losing an entire day – waiting on hold to resolve issues. This systemic inefficiency isn't just frustrating; it's economically debilitating. More concerning is that over 50% of consumers report increased wait times compared to the previous year, indicating a deteriorating service landscape.

The business impact is equally severe. Companies are taking an average of 3.9 days to resolve each customer issue, a timeframe that puts them at serious risk of customer attrition. The research reveals a critical threshold: 66% of customers would consider switching companies if their issues aren't resolved within three working days. This represents a potential loss of two-thirds of a company's customer base – a devastating prospect for any business.

However, there's hope in technological solutions. The study shows increasing consumer confidence in AI-powered services, with 66% of Indians expressing trust in GenAI for customer service – notably higher than traditional in-person support. This shift in consumer preference suggests a clear path forward: businesses must invest in modern CX solutions or risk continued economic losses and customer exodus.

The message is clear: poor CX isn't just a service issue – it's a significant economic drain that businesses can no longer afford to ignore. Team Marksmen Network’s CX Transformation Conclave, to be held on 29th November in New Delhi, will bring together senior industry leaders and experts to deliberate on all things CX, and highlight how companies can start building the capabilities, talent, and organizational structure needed to make this transition, lest they be left behind.

The deliberations will see leading names from across industries shed light on how leveraging data analytics for personalized customer journeys is changing the game, balancing automation with human touch to enhance customer interactions, measuring and demonstrating ROI on CX investments, and much more.

This industry-centric platform has been brought to life by its industry partners, namely:

• Presenting Partner, NICE
• Associate Partner, Exotel

The event will also be witness to an exclusive industry recognition, Masters of CX. This research-driven initiative celebrates companies that have crafted superlative CX that delivers delight in droves, while being laser focused on critical customer needs. These doyens of CX have led the way by leveraging innovation to the fullest to deliver human-centric experiences that are truly world-class. The initiative has been shaped by insights gleaned from an industry-wide consumer study conducted by LeadCap Ventures, with organizations appraised on the following parameters:

• Customer Journey Mapping
• Omnichannel Experience
• Technology Integration
• Analytics and Insights
• Consumer Stickiness
• Employee Engagement

Offering his thoughts ahead of the event, Rajesh Khubchandani, Co-Founder and CEO, Team Marksmen Network, said, “Taking an approach to CX that just ticks all the right boxes without thinking radically out of the box will result in outcomes that barely move the needle forward. Larger-than-life results need larger-than-life ideas, and the CX Transformation Conclave spotlights those for whom delivering world-class CX is the norm, with each experience truly differentiated."

To know more about this unique initiative, write to us at contact@teammarksmen.com.