Customer care outsourcing utilizes third-party services to manage customer interaction in the pre-buying, buying, and post-buying stages. The customer care BPO Industry caters to customer queries through various channels, such as website, email or messaging, phone, live online chat, social media, and text or messages—these multi-channel solutions aid outsourcing companies in delivering services efficiently.
Alorica, Inc., TTEC, Teleperformance, Concentrix Corporation, TELUS International – Prominent Market Participants in Customer Care BPO Market
Customers, nowadays, scrutinize businesses and their offerings more intensely. They compare their experiences with other brands for easy, thorough, fast decision-making and personalized experiences. Customer satisfaction, essential for keeping current and retaining new customers, is the key to customer loyalty. As a result, organizations nowadays are increasingly focusing on enhancing consumer satisfaction.
The term BPO in the IT sector specifically refers to outsourcing noncore business processes such as human resources, finance, accounting, customer relationship management (CRM), and supply chain management. Moreover, the role of IT has changed with the rise of digital transformation and businesses moving online. Instead of merely delivering technology services, IT service providers are now expected to act as strategic partners to help businesses enhance their revenues. Business processes such as help desk support, IT infrastructure management, application development and management, business continuity and disaster recovery, digital marketing, data entry and processing, and customer relationship management can be outsourced. With the growing dependence of businesses on technology, the demand for BPO services will continue to grow in the future.
The COVID-19 outbreak dramatically impacted the global economy during its peak in Q1 and Q2 of 2020, and the crisis has hampered business activities in various industries. Governments of various countries imposed stringent regulations on human mobilization and trade activities. The global economy witnessed a paradigm shift toward work-from-home culture and a change in consumer buying behavior, such as increased online shopping. As a result, customer queries related to product information, processing, and orders increased, propelling the demand for customer care services. Furthermore, the COVID-19 outbreak has significantly impacted organizations’ revenue in various industries such as manufacturing, automotive, IT & telecom, and BFSI. As a result, companies strive to stabilize their financial position by outsourcing noncore operations such as customer care services.
Impact of COVID-19 Pandemic on Customer Care BPO Market Growth
The COVID-19 outbreak dramatically impacted the global economy during its peak in Q1 and Q2 of 2020, and the crisis hampered business activities in various industries. Governments of various countries imposed stringent regulations on human movements and trade activities. The global economy witnessed a paradigm shift toward work-from-home culture and a change in consumer buying behavior, such as increased online shopping. As a result, customer queries related to product information, processing, and orders increased, propelling the demand for customer care services. Furthermore, the COVID-19 outbreak significantly impacted the revenue of organizations in various industries such as manufacturing, automotive, IT & telecom, and BFSI. As a result, companies strove to stabilize their financial position by outsourcing noncore operations such as customer care services.
The top five companies in the market are Alorica, Inc., TTEC, Teleperformance, Concentrix Corporation, and TELUS International. The above listing of key players is derived by considering factors such as overall revenue, current well-completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
