BUSINESS NOTES Customer Experience Scores Took a Dive
According to Forrester’s U.S. Customer Experience Index rankings, customer service quality fell for 19 percent of brands in 2022, the highest proportion of brands to drop in one year since the inception of the survey seven years ago. Forrester’s Customer Experience Benchmark Survey, which collects data to calculate CX Index scores, is based on more than 96,000 U.S. customers across 221 brands and 13 industries. The investment industry is the only industry to see customer-service improvement in 2022. Emotion continues to be a key driver for delivering high levels of customer experience performance. Fifty-four percent of customers who report positive emotions (feeling happy, valued, and appreciated) are willing to forgive brands that make mistakes. Also, the quality of brand interactions is integral to building customer trust. In 2022, an average of 59 percent of customers trust the brands they interact with; 2 percentage points higher than the 57 percent of customers who trusted brands in 2020.
Congress Calls for Swipe Fee Reform Swipe fees, a retailer’s highest cost after labor, have more than doubled over the past decade, says the National Retail Federation. They rose 24 percent last year alone to reach to an all-time high of $137.8 billion. And, since swipe fees are a percentage of the transaction, they automatically go up when prices increase, acting as a multiplier that drives inflation even higher. Visa and Mastercard centrally price-fix the swipe fees charged by the banks that issue their cards. They have been criticized in the past year for a growing string of anticompetitive practices that allows them control of 80 percent of the credit-card market. Seeking badly needed relief for small businesses and consumers, a bipartisan group of lawmakers this spring asked Visa and Mastercard to withdraw plans for a $1.2 billion increase scheduled for April. They refused. Senate Judiciary Committee Chairman Richard Durbin promised to continue the conversation. Potential swipe-fee solutions could include transparency to show consumers the now-hidden fees on their monthly credit card bills, he said, and noted that credit card companies should not be allowed to charge swipe fees on sales tax. Senator Durbin also called for elimination of exclusivity rules that keep Visa and Mastercard credit cards from being processed over independent networks – networks that charge less and offer better security – and said central price fixing of fees by Visa and Mastercard should end.
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32 June 2022 — EducationalDealerMagazine.com
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