Costco, Amazon and Apple Take Top Spots in Retail Customer Satisfaction Study

Rhea-AI Summary

Verint (Nasdaq: VRNT) released its Experience Index report, highlighting customer satisfaction rankings of major retailers. Costco leads with the highest trust (86.5) and recommendation scores (87.4), while Amazon excels in online purchasing satisfaction (87.7). The study, conducted during the holiday season, emphasizes the importance of customer experience, revealing that satisfied customers show significantly higher purchase intent. Retailers focused on digital transformation and effective fulfillment methods are noted as outperformers. The report surveyed 6,462 respondents, providing insights into consumer behaviors and preferences.

Positive

• Costco ranks highest with trust and recommendation scores of 86.5 and 87.4, respectively.
• Amazon achieved the highest satisfaction score for online purchases and returns, both at 87.7.
• The study highlights the significant impact of customer experience on sales and recommendations.

Negative

• None.

Costco, Amazon and Apple rank highest in customer satisfaction (CSAT) and have high Net Promoter Scores (NPS) out of the top 25 retailers, according to a new report issued by Verint^® (Nasdaq: VRNT), The Customer Engagement Company^™.

The Verint Experience Index^™ report is based on a benchmark survey of consumer satisfaction with leading retailers and includes CSAT and NPS rankings. Consumers were surveyed in late November and early December 2020, with COVID-19 social-distancing guidelines in place and in the thick of the holiday shopping season.

Costco received the highest score related to trust (86.5) and company recommendations (87.4). Amazon received the highest satisfaction score for online purchases (87.7) and returns online (87.7), while Apple came in third for satisfaction (85.1). Costco also received the highest NPS ranking and scored well in multiple satisfaction drivers, including service, price and merchandise.

Customer experience is key to generating sales and recommendations. Compared to customers with a poor experience, customers who reported having a great experience have a 90 percent higher intent to purchase online, a 71 percent higher intent to purchase in-store, and an 88 percent higher recommendation intent. According to last year’s Verint Experience Index: Retail findings, the best prepared retailers mastered three key issues: rising customer experience expectations, embracing digital self-service, and expanding fulfillment options.

“Retailers that scored high in our study focused on digital transformation and e-commerce, helping them respond to rapidly-changing consumer behaviors,” says Verint’s Kevin Daly, global vice president and general manager, experience management. “Stand-out retailers were those that were able to implement successful fulfillment options such as curbside pick-up or Buy Online Pick Up In-Store.”

While cost is the top factor in purchase intent, mask policies and in-store shopping factored third and fourth in considerations, underscoring customers’ desire for safe in-store shopping options.

Forty-four percent of customers who made a return in the last 30 days said returns were easier than last year – an important finding given that easy and free returns rank high among factors impacting future shopping decisions.

Over three-quarters (76%) of customers who called a retail contact center tried first and failed to complete their task digitally. By converting just one-quarter of those to digital self-service, retailers could save up to $1.7 million per one million calls.

Download the Verint Experience Index: Retail report for the full rankings and more insights, including details on the omnichannel customer journey, generational data, and best practices for improving fulfilment and customer support. A three-part webinar series will be held in March to explore retail customer experience in 2021, discuss the findings of the report, identify how the retail purchase journey has changed and more. Register here.

Survey Methodology

The Verint Experience Index: Retail edition ranks the omnichannel experiences of the top 25 retailers in the U.S. based on revenue as determined by National Retail Federation’s STORES annual ranking (not including quick-service restaurants). The Index features a panel sample of 6,462 respondents in total, representative of the U.S. general population, with at least 250 responses per brand. Responses were collected from Nov. 25 through Dec. 4, 2020. The Verint Experience Index is an episodic study including respondents who interacted with the brand in the last 30 days, scores are not comparable to continuous studies.

Learn more at Verint Experience Management.

About Verint

Verint^® (Nasdaq: VRNT) helps help the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement^™ to help customers close the engagement capacity gap.

Verint. The Customer Engagement Company^™. Learn more at Verint.com.

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2020, our Quarterly Report on Form 10Q for the quarter ended October 31, 2020, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

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FAQ

What did the Verint Experience Index report reveal about customer satisfaction for VRNT?

The report ranked Costco, Amazon, and Apple highest in customer satisfaction among the top 25 retailers, indicating strong performance in trust and online purchasing satisfaction.

How many respondents participated in the Verint Experience Index survey?

The survey included 6,462 respondents, providing a comprehensive view of consumer satisfaction.

What factors contribute to higher purchase intent according to the Verint report?

Customers who reported a great experience exhibited a 90% higher intent to purchase online and a 71% higher intent to buy in-store.