To access the March 2018 Letter to Shareholders
What does China’s rapidly growing economy mean for sectors like health insurance, e-commerce, online travel and energy? One of the biggest consequences of China’s recent economic growth is the presence of a more sophisticated Chinese consumer. Increased competition has led to the emergence of alternatives within all major industries thanks to a more diverse marketplace – and that means customer service must step up its game. Teleperformance’s analysis of customer service across different sectors in the Chinese marketplace reveals areas of strength and opportunities for improvement in catering to global customer behavior, with a focus on identifying major drivers of satisfaction across customer service channels in different sectors, geographic regions and generations.
The research found that when it came to Chinese consumers’ loyalty to brands, sentiments were positive overall as levels of loyalty (on a scale of 1-10) came in between a range of 7.05 for console games and 8.75 for the energy sector. 2015 stood out, though, as loyalty in sectors like pay-TV, energy and health insurance was high (with scores of 7.69, 8.75 and 8.27, respectively), while brand advocacy in the same sectors was found to be quite low (-12, -11 and -11 percent, respectively). The sectors with high brand advocacy (airlines, OTAs and e-retail) were generally those with more competition, meaning that when presented with many options, people stick with brands that they are willing to recommend.
In terms of customer satisfaction, scores were generally high, with scores between the low 7s and lower 8s across all industries. But satisfaction points generally went down in all categories in the last 2 years, suggesting that the Chinese consumer has become harder to please as he or she becomes exposed to more alternatives and develops higher expectations in a more global market.
In general, the results from the Teleperformance CX Lab’s survey of China reveal the complexity of each individual sector, and declining customer satisfaction should have brands from all sectors looking for ways to meet the needs of Chinese customers that have become more particular and sophisticated in taste. Brands should incorporate this type of customer feedback when devising a strategy for building long-lasting relationships through customer service.
For more information on the CX Lab’s research on Chinese customer perceptions, read our white paper
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