A recent report revealed that customer service calls on hold resulted in a staggering loss of 15 billion hours for Indians last year, leading to an approximate economic loss of $55 billion.
This translates to an average person spending more than one day each year on hold to address an issue or complaint, according to research from the AI platform ServiceNow. The study also found that the average employee spends almost four days to resolve a single customer issue due to slow service solutions.
This is a cause for concern as businesses in India may risk losing two-thirds of their customer base by 2024 if they do not improve their service. The report identified structural problems such as inefficient internal communication and lack of decision-making power among customer service staff as major factors contributing to delays.
As a result, 66 per cent of respondents said they would switch to another company if their issue is not resolved within three working days. To combat this, businesses must adopt AI-powered self-service options to improve efficiency and deliver superior customer experiences.
The study also showed a growing trust in AI among Indians, with two-thirds expressing confidence in GenAI for delivering good customer service. In such a competitive business landscape, it is crucial for enterprises to use AI to drive growth and improve efficiency.
The findings also revealed that the majority of Indians want customer service teams to improve their speed of resolution and reduce the time spent on hold. Overall, the report highlights the urgent need for businesses in India to improve their customer service and utilize AI technology to stay competitive in the market.
A recent report revealed that customer service calls on hold resulted in a staggering loss of 15 billion hours for Indians last year, leading to an approximate economic loss of $55 billion. This translates to an average person spending more than one day each year on hold to address an issue or complaint, according to research from the AI platform ServiceNow. The study also found that the average employee spends almost four days to resolve a single customer issue due to slow service solutions.
This is a cause for concern as businesses in India may risk losing two-thirds of their customer base by 2024 if they do not improve their service. The report identified structural problems such as inefficient internal communication and lack of decision-making power among customer service staff as major factors contributing to delays.
As a result, 66 per cent of respondents said they would switch to another company if their issue is not resolved within three working days. To combat this, businesses must adopt AI-powered self-service options to improve efficiency and deliver superior customer experiences.
The study also showed a growing trust in AI among Indians, with two-thirds expressing confidence in GenAI for delivering good customer service. In such a competitive business landscape, it is crucial for enterprises to use AI to drive growth and improve efficiency. The findings also revealed that the majority of Indians want customer service teams to improve their speed of resolution and reduce the time spent on hold.
