In a revealing new report from Qualtrics, a staggering $1.3 trillion could slip through the fingers of organisations hesitant to embrace artificial intelligence in their customer experience strategies. As executives waver, early adopters stand poised to reap the rewards of a rapidly evolving market.
While 72% of senior leaders acknowledge that AI will dramatically change customer interactions in the next three years, only 15% aspire to take the lead in this transformation. This reluctance threatens to stifle innovation and hinder growth in an era where AI could generate an estimated $860 billion in annual revenue and cost savings across industries.
The potential gains are particularly pronounced in sectors like business and professional services, consumer retail, and retail banking, each projected to benefit immensely from AI-driven enhancements. For instance, the business services sector alone could see an injection of $150 billion, while both retail categories are on track for $100 billion boosts.
Missed opportunities and market share
According to the report, companies that prioritise customer experience are not only more likely to succeed but also more likely to adopt AI strategies. Market leaders are reported to be more than twice as focused on improving customer experiences compared to their competitors, setting the stage for a widening gap between innovators and laggards.
To harness the $860 billion opportunity, organisations must navigate three key areas: boosting productivity through automation ($420 billion), driving topline growth ($260 billion), and streamlining processes to solve customer issues ($180 billion). However, only 12% of executives report having a comprehensive strategy to implement AI effectively.
Qualtrics outlines seven essential steps for organisations eager to capitalise on AI’s potential. These include defining a clear AI ambition, establishing ethical guidelines, and fostering a culture that embraces AI as a fundamental component of customer engagement.
AI: A game changer for customer experiences?
Executives are optimistic about the impact of AI on customer satisfaction, with 45% believing it will enhance product quality and delivery. Additionally, 44% expect improvements in customer support, while 39% foresee gains in personalisation and empathetic engagement.
To implement AI effectively, companies must adopt a holistic approach, led by centralised leadership rather than fragmented initiatives. This strategy is especially crucial as nearly half of executives expect measurable results from AI adoption within two years.
“Companies that deliver great experiences build deeper relationships with their customers, and AI is transforming these interactions, going beyond measuring experiences to closing the loop with customers in the moment to make every connection count,” said Qualtrics CEO Zig Serafin.
As the AI landscape develops, Qualtrics is also stepping up its game with the introduction of Experience Agents, specialised AI entities designed to deliver outstanding customer and employee experiences at scale.