Indian customers spent 15 bn hours ‘on hold’, making for a $55 bn loss in 2023

Bengaluru: Indians spent over 15 billion hours on hold in 2023 leading to a staggering economic loss output of $55 billion, according to a report by AI platform ServiceNow. 

“Indian businesses are at risk of losing two-thirds of their customer base in 2024 due to slow service solutions. Consumers will wait for a maximum of three days for a solution before taking their business elsewhere,” said Sumeet Mathur, Senior Vice President & Managing Director, ServiceNow India Technology & Business Center.

More than 50% of survey respondents said that the waiting time has increased as compared to the previous year with the report stating that an average person spent around 30.7 hours on hold to address an issue.

The report highlighted that ‘structural problems’ are pushing the wait time, fueled by inefficient internal communication as well as lack of decision making power. 

“41% respondents think that issues with internal systems are some of the main reasons for delay in resolving their issues which can be easily fixed with strategic interventions,” added the report.

In the view of a lagging traditional in-person customer support, more than half of the respondents switched to self-service options in 2023 coupled by a boosted trust in chatbots (55%) and self-help guides (56%). 

“In an era where customer retention is increasingly challenging, it is time for enterprises to put AI to work and drive growth, improve efficiency, and deliver superior customer experiences in a competitive business landscape,” added Mathur.