We are never, ever getting back together

After courting consumers feverishly during the Covid pandemic, businesses across the globe are now cutting back their customer experience expenditure. Is this the end of a wonderful romance?

01 February 2024

Dawood Patel, Helm Africa

The Covid pandemic sent businesses chasing after their customers like Swifties scrambling for Tay’s concert tickets. Banks, insurers, retailers and utilities across the world spent fortunes on customer experience (CX) technologies to secure closer ties with consumers, many of whom were confined to their homes at the start of the pandemic. As global sales of CX products surged, reaching close to $640 billion last year, customer-centric marketing dominated corporate agendas.

Now, it seems, the corporate romance with customers is cooling.

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