New Delhi, 31 July: According to a recent report, the Indian economy suffered a significant loss of 15 billion hours and an estimated $55 billion in economic output due to customers being put on hold during service calls. On average, an individual spends more than one day each year waiting on hold to address their complaints or issues, which equates to about 30.7 hours.
This slow service not only affects the customers but also results in an average employee spending 3.9 days to resolve each customer issue, creating further strain on businesses.
The report also highlighted that Indian businesses are at risk of losing two-thirds of their customer base by 2024 if they do not improve their service solutions. The main reasons for these long wait times are identified as inefficient internal communication and lack of decision-making power among customer service staff.
As a result, more and more customers are turning to AI-powered self-service options for faster and more efficient solutions. The study also showed that there is a growing trust in AI, with two-thirds of Indians expressing confidence in its ability to deliver good customer service.
To stay competitive in this rapidly changing landscape, businesses must invest in AI technologies to drive growth and improve customer experiences.
The top priorities for customers are faster resolution times and reducing the time spent on hold, highlighting the need for businesses to take action and improve their customer service processes.
