The new Kantar CX+ report evaluates the CX performance of companies in the Telecom, Media and Technology sectors
According to the report, 82% of Indian millennials prefer to spend money on experiences over things
82% of Indian millennials prefer to spend money on experiences over things, according to the new Kantar CX+ study. The new CX+ TMT report released by Kantar on Wednesday evaluates companies in the telecom, media and technology sectors based on a unique combination of their experience scores, and on dimensions that are critical to the customer’s journey.
According to the report, 91% of CEOs believe customer centricity is essential to driving business growth, in this era of experience. However, there is still a big gap between ambition and reality; while nearly all CEOs in India see the need to become customer-centric, just 37% of consumers believe companies offer truly customer-centric experiences.
Yet, a few companies have managed to make a mark in the customer experience journey, highlights the report. For instance, in the Kantar’s CX+ Media Streaming Platforms list, Netflix has emerged on the top followed by Amazon Prime. Interestingly, some of the audio streaming platforms like Amazon Music, Spotify and Apple Music also emerged as those providing a great customer experience. “When we talk about video streaming or music streaming, the experience is still the content. What consumers want is that the viewing experience should be good; they should have enough width of content that is available to them. Globally, consumers are asking for tailored recommendations,” Soumya Mohanty, chief client officer, South Asia, Insights Division, Kantar, told BrandWagon Online. Meanwhile, Jio and Airtel topped in the telecom network providers category while Tata Sky retained the top spot in the Satellite service provider. In the handheld devices category, Apple ranked first followed by Xiaomi and OnePlus and Samsung tied for the third place.
The landscape across the TMT sectors has changed drastically over the last one year, Sushmita Balasubramaniam, domain lead for CX and Commerce – South Asia, Insights Division, Kantar said. “Consumers’ adoption of and dependence on digital, whether for basic everyday living, working, studying or entertainment has presented enormous challenges to companies in these sectors. And, the changes in usage of products and services will also mean that customer priorities on the kind of experience they are seeking will be different from the pre-COVID era,” she added.
As per Mohanty, in the current scenario, with tech convergence and emerging global media giants, the world will see vigorous competition in the TMT sector. “This is an arena where tech credentials will become increasingly hygiene, CX will be critical. As network services providers, handheld device brands and streaming media providers, all will leverage customer data to build personalised journeys, CX and owning the relationship with the end user will become increasingly important,” she explained.