Forrester's Canada 2022 Customer Experience Index: Nearly 25% Of Brands Struggled To Maintain CX Quality Over The Past Year

Rhea-AI Summary

Forrester's Canada 2022 Customer Experience Index reveals a decline in customer experience (CX) quality among Canadian brands, with 24% struggling to maintain standards over the past year. Despite stability during the pandemic, factors like supply issues and staffing shortages impacted performance. Top brands in CX include IG Wealth Management and Well.ca, noted for delivering emotionally positive experiences. The report emphasizes that even minor improvements can significantly boost revenue by enhancing customer loyalty.

Positive

• Top brands such as IG Wealth Management and Well.ca delivered over three times more emotionally positive experiences.
• Five out of six companies that improved CX quality are in financial services, potentially driving market interest.

Negative

• 24% of Canadian brands failed to maintain quality in customer experience, indicating a concerning trend.
• Supply issues, staffing shortages, and rising costs impacted overall CX quality.

Top Canadian brands continue to deliver more emotionally positive experiences 

CAMBRIDGE, Mass., June 14, 2022 /PRNewswire/ -- Forrester's (Nasdaq: FORR) Canada 2022 Customer Experience Index (CX Index™) reveals that customer experience (CX) quality among Canadian brands has dropped following three years of stability. At the pandemic's start, Canadian brands were able to adapt quickly and transform digital experiences in response to changing customer needs. However, 24% of Canadian brands in this year's CX Index struggled to maintain CX quality over the past 12 months, based on Canadian customers' perceptions of 101 brands surveyed.

While investment firms and retailers both dominated the 2022 elite brands — the top 5% of brands in the entire CX Index — both industries declined in this year's rankings. CX Index data for Canada further reveals that emotion is the most important dimension of CX quality across industries as it shapes customer trust and engenders brand loyalty. This year's elite brands — IG Wealth Management, Well.ca, Etsy, RBC Dominion Securities, and CAA Insurance — delivered more than three times as many emotionally positive experiences for customers compared to other brands. In contrast, customers in the mass market automobile, multichannel bank, credit card, investment firms, and retail industries reported slightly fewer instances of feeling respected, valued, and appreciated — the most impactful positive emotions. Of the six companies that improved most in CX quality, five are in financial services.

"Factors such as supply issues, staffing shortages, and rising costs are contributing to Canadian brands' problems providing customer experiences at the same level as prior years," said Rick Parrish, VP and research director at Forrester. "One of the key reasons for the decline in CX quality across Canadian brands is a drop in delivering emotionally positive experiences. To cement brand loyalty, leaders must put their customers at the forefront of their strategy and operations to prioritize their emotional needs."

Conducted for the seventh year in a row, Forrester's Customer Experience Benchmark Survey, which collects data to calculate Forrester CX Index scores, is based on more than 41,000 Canadian customers across 101 brands and nine industries. Forrester's proprietary Customer Experience Index methodology provides the data and insights needed to assess CX quality, understand how CX impacts loyalty intentions, and prioritize improvements that drive revenue. Even a minor improvement to a brand's customer experience quality can add tens of millions of dollars of revenue by reducing customer churn and increasing share of wallet. Forrester's Customer Experience CX Index rankings and results reports are accessible within the Forrester Decisions portfolio of research services. Clients of Forrester Decisions for Customer Experience and Forrester Decisions for B2C Marketing Executives have access to the CX Index Extended Data Benchmark to help prioritize improvements based on industrywide trends and impact on customer loyalty.

Resources:

• Read more about the results of Forrester's Canada 2022 CX Index.
• Download Forrester's The Canada Customer Experience Rankings, 2022 report (client access required).
• Learn about Forrester Decisions for CX leaders.
• Check out how to revitalize CX measurement and prioritization.

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, marketing, customer experience, product, and sales functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 70 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

Media Contact: 
Ira Kantor 
Public Relations 
Forrester Research, Inc. 
ikantor@forrester.com 

View original content:https://www.prnewswire.com/news-releases/forresters-canada-2022-customer-experience-index-nearly-25-of-brands-struggled-to-maintain-cx-quality-over-the-past-year-301567114.html

SOURCE Forrester

FAQ

What is the Canada 2022 Customer Experience Index by Forrester?

It is a report that assesses customer experience quality among Canadian brands, showing a decline in CX quality.

What percentage of Canadian brands struggled with CX quality in 2022?

24% of Canadian brands reported difficulties maintaining CX quality over the past year.

Which brands topped the Canada 2022 CX Index rankings?

The leading brands included IG Wealth Management, Well.ca, and Etsy, noted for emotionally positive customer experiences.

What factors contributed to the decline in customer experience among Canadian brands?

Key factors include supply issues, staffing shortages, and rising costs affecting the ability to deliver quality CX.

How can improvements in customer experience impact revenue?

Even small enhancements in CX quality can lead to significant revenue increases by reducing customer churn and increasing loyalty.