Outsourcing customer support has become increasingly popular over the last few years due to several macroeconomic trends driving the need for businesses to remain agile in an ever-changing environment. According to Frost & Sullivan, about 1 out of 3 financial services and insurance companies feels impacted by the current macroeconomic environment and have accelerated their plans for outsourcing and offshoring, and 20% of retail companies plan to accelerate plans for outsourcing. In this article, we will explore the top macroeconomic trends impacting the need for companies to outsource customer support.
Remote Work and Work Without Boundaries
The rise of remote work and digital collaboration tools has made it possible for workers to be more productive than ever before — regardless of their location or time zone. This trend has enabled businesses to tap into a much larger pool of talent, while also reducing overhead costs associated with office space or other physical infrastructure. As a result, outsourcing customer support services can help companies fill skill gaps with experienced professionals who may not be available locally.
Gig Working Being Utilized by Top Organizations
The gig economy is becoming increasingly popular as more individuals and companies embrace flexible working arrangements. By outsourcing customer support services, businesses can benefit from having access to talented professionals who are available on an ad-hoc basis without having to commit to long-term contracts.
Frost & Sullivan’s research shows that 7 out of 10 companies already use Gig Workers and that, within 18 months, this is expected to increase to 9 out of 10 companies. Using Gig Workers is currently already considered an essential part of the operations of a third of financial services and healthcare organizations and 20% of retail organizations.
Read our blog “Why Every Company Needs Gig CX”
Shifting Consumer Demographics
As the global population continues to age, consumer needs and expectations have changed. The demand for customer support has increased significantly as more people look for personalized services that are tailored to their individual needs. Companies that outsource customer support can help ensure they meet these demands and provide the best possible experience for their customers.
Increased Economic Uncertainty
Outsourcing customer support services can help companies reduce costs while also ensuring that they have access to experienced professionals who can provide quality service when needed.
Going Green
Outsourcing customer support services can help businesses reduce emissions associated with physical infrastructure or transportation costs associated with commuting. This can lead to significant cost savings while also helping them achieve their sustainability goals.
Geo-political Risk
Currently, 40% of all customer support comes from outside the United States. If you are outsourcing customer support services to professionals located in different countries, you will want to ensure they are familiar with the local laws and regulations. Additionally, due to certain geo-political risks, others may choose to keep customer support operations in the United States.
Growth Pressures
After 10 years of revenue growth, Wall Street’s pressure for earnings growth is intensifying. Outsourcing customer support services can provide access to experienced professionals who can take on additional tasks and help businesses scale up quickly without compromising quality.
Global Pandemic
Outsourcing customer support services can provide access to experienced professionals who can provide high-quality customer service remotely, enabling businesses to continue operations and maintain customer satisfaction during uncertain times.
Conclusion
Outsourcing customer support services can be a cost-effective way for businesses to remain competitive in an increasingly digitized economy. By leveraging the expertise of experienced professionals, businesses can take advantage of top macroeconomic trends impacting their need to provide reliable customer service and maintain customer satisfaction.
