Half of Enterprises See Revenue Loss From Poor CX
Disconnected customer experiences are hitting half of all enterprises right in the bottom line. In a revealing research study commissioned among 550 senior business leaders, it was found that 50% of enterprises report revenue losses directly tied to these poor customer interactions. This underscores a significant challenge that enterprises face today: while scaling content has become increasingly feasible, especially with the rapid adoption of AI technologies, scaling customer experiences across diverse markets has not kept pace.
The demand for personalized customer experiences is clear, with a striking 95% of organizations identifying it as critical to growth. However, only 28% of these organizations succeed in delivering consistent personalization across various markets. The discrepancy between recognized importance and actual capability highlights a significant gap that enterprises must bridge to ensure successful market expansions. Moreover, the ambitions for global reach are loud and clear, with 89% of organizations planning to expand into new markets within the next five years. Yet this ambition faces practical challenges, as 91% acknowledge that penetrating a new market can take up to two years.
Pamela Ghosal, Director of Global Communications at Phrase, emphasizes this disparity by claiming, “The research shows that organizations have become very effective at scaling content, particularly with AI, but far fewer have figured out how to scale customer experience across markets." She further notes that merely increasing content volume is not the strategic edge it once was; rather, the ability to deliver nuanced and personalized customer experiences across borders is where future growth lies.
These insights signal a pressing imperative for enterprises to not only focus on content quantity but to develop robust strategies for enriching customer experience globally. Investing in scalable localization strategies and leveraging platforms like the Language Intelligence Platform could be pivotal in bridging the current gap. As businesses chart their path toward international expansion, the key takeaway from the research is clear: Enterprises must prioritize personalized and cohesive customer interactions to prevent revenue losses and truly capitalize on new market opportunities. For deeper insights into this industry challenge, a full view of these findings and their implications is available in Slator’s report.
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