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Last Updated:[07-10-2013 00:29:50 EDT] Zoom in Zoom out Back to Tradenews

Service Trumps Price in Asia

tradenews The stereotypical representation of a typical Asian- an individual, who lives a minimalistic existence, is very concerned about the bare iota of spending and thinks highly of strategic investments. Maybe, this image will retain for the rest of the world a while longer, however, in light of Asia’s growing dominance as an emerging market, the average Asian is evolving too. According to the latest survey conducted by the global analytics firm Verint, the average Asian is putting quality and service before the actual retail price. And companies that fail to read this rule are likely to suffer irreparable losses.

The whole of Asia has enjoyed decades of economic renaissance, improving living conditions and courtship from some of the biggest multinational brands from across the world. Consequently, consumers are getting more demanding and absolutely non-tolerant to the general lack of quality and/or shabby standards of customer service. If there is a promise of good customer experience, the consumer is likely to pay more for the associated product/service even though an equivalent, cheaper, similarly functional competitor might exist.

Verint confirms that while the consumers are moving forward, the companies are failing to catch up with them. Clients are lured by encouraging infomercials that focus on quality and reliable customer service backup; however they are met in actuality by inflexible regulations, rude and self-absorbent staff who are not very helpful, imposing and often rude. While exceptions exist to this rule, their numbers are still too small to make any real impression. An average consumer appreciates personalised support, a creative approach that goes beyond the guidelines listed in the book. However, very few companies actually invest in building and maintaining such an ecosystem.

As part of this survey, Verint spoke to more than 5,800 people from Australia, India, Japan, China, Indonesia and Hong Kong in relation to such essential spheres of business as Finance, Travel, Hotel, Retail, Telecom and Utilities. An impressive 45% of the respondents were willing to pay extra if better customer service was assured, a mere 24% valuing price over the quality of service. Over 50% of the people recalled atleast one instance wherein they faced uncooperative personnel, slow service or total disregard for customer satisfaction. Companies beware, a staggering 53% were so annoyed with their experience that they posted a detailed review of their experience, online on social media websites like Facebook and Twitter. Bad press spreads like wildfire- Companies need to understand these risks and better their services accordingly.

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