Category: United States

Broad Brush Results: Digital is Critical to Drive Demand and Traffic to Stores and Brands

2019-04-02

jdp-root

COSTA MESA, Calif.: 3 April 2019 — Although a majority of paint customers are making purchases in-store, according to the JD Power 2019 U.S. Paint Satisfaction Study, Generation Y and Z¹ customers are more likely to make their paint purchases online than Boomers or Pre-Boomers and satisfaction among those who purchase online is higher than those who went in-store for purchases.

“Paint brands are challenged by the need to provide consultative experiences for in-store customers, while catering to the technologically reliant younger generations who want to buy paint online,” said Christina Cooley, Director of the At-Home Practice at JD Power. “Channeling more resources into their websites—while maintaining current in-store experiences—will only help paint brands in the long run.”

Study Results

BEHR and Sherwin-Williams rank highest in a tie in the interior paint segment with a score of 852. Valspar ranks third with 851.

Benjamin Moore ranks highest with a score of 858 in the exterior paint segment. Sherwin-Williams (854) ranks second and BEHR (848) ranks third.

Sherwin-Williams ranks highest in the exterior stain segment with a score of 837, while BEHR (823) ranks second.

Sherwin-Williams ranks highest in the paint retailer segment with a score of 855, followed by Menards (851) and Lowe’s (841).

The 2019 Paint Satisfaction Study is based on responses from 5,884 customers who purchased and applied interior paint, exterior paint and/or exterior stain in the past 12 months. The study was fielded in January 2019.

For more information about the U.S. Paint Satisfaction Study, visit http://www.jdpower.com/business/resource/paint-satisfaction-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

¹JD Power defines the generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976);
Gen Y (1977-1994); and Gen Z (1995-2004).

JD Power and Uptake Create New Benchmarking Products that Leverage Artificial Intelligence

2019-04-08

jdp-root

COSTA MESA, Calif., and CHICAGO: 9 April 2019— JD Power, the leading global provider of customer satisfaction research, has signed an agreement with Uptake Technologies, an industrial AI and IoT software leader, to develop new analytics products for the automotive industry, as well as for the utilities and telecommunications sector.

The alliance between JD Power and Uptake will allow original equipment manufacturers (OEMs) and operators in these three industries to gain actionable intelligence from millions of newly connected devices, including manufacturing plants, vehicles, smart meters and network devices. Leveraging JD Power’s research and industry expertise along with Uptake’s industry-specific insights and industrial IoT platform, JD Power and Uptake will provide independent industry benchmark studies, innovative data and analytics products, and customized advisory services.

“This breakthrough collaboration with Uptake gives JD Power instant access to Uptake’s advanced IoT analytics software platform, and a portfolio of applications that we will jointly harness to provide insight into the behaviors and failure modes of millions of connected devices in the industries we serve,” said Dave Habiger, President and CEO of JD Power. “By adding these capabilities to our analytics, we will provide our customers with real-time insights that open new horizons of opportunity in the design, manufacture, service and insurance of vehicles.”

The collaboration will also include smart home and connected real estate insight for utilities and power generation firms, as well as connected device efficacy insight and optimization benchmark surveys for mobile network operators.

“Utilities are continuously challenged to differentiate their energy offerings with elevated service and efficiency strategies which optimize the value provided to their customers,” said Bernardo Rodriguez, Chief Digital Officer at JD Power. “Adding to our AI capabilities, we will leverage Uptake’s IoT AI and machine learning platform to access previously untapped data with advanced technology that will provide automotive, telecom and utility companies with new insights around customer-centric opportunities.”

Included in the alliance is the use of Uptake’s Industrial AI and Machine Learning Platform, which leverages data science to turn large amounts of untapped IoT data across enterprises into actionable insight. For vehicle OEMs and drivers, this creates even higher levels of manufacturing quality, vehicle efficiency, dealer service and customer experience. Using AI and machine learning, Uptake’s technology enriches raw data to generate actionable recommendations, enabling users to quickly make intelligent business decisions that are linked to financial outcomes. 

“This alliance augments the rich heritage of JD Power’s independent industry benchmark studies and leading data analytics solutions by adding the power of Uptake’s advanced AI and machine learning software, said Brad Keywell, Founder and CEO of Uptake. “The result is new data-informed AI-based insights and benchmarks made possible in this age of pervasive sensors and hyperconnected industry.  Together with JD Power, we are creating a new category of industry-specific insights and benchmarks, which we believe will make visible the path towards ever higher levels of quality, productivity, and customer satisfaction.”

JD Power is a global leader in consumer intelligence, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Uptake is a leading provider of artificial intelligence and IoT software for industrial companies. We combine data analytics and machine learning with deep industry knowledge to create valuable outcomes like increased reliability, productivity, and safety. Headquartered in Chicago with locations in Silicon Valley, Washington D.C., Toronto and Dubai, Uptake is used by global industrial customers of all sizes to leverage data, creating newfound efficiencies and competitive advantages. Learn more at www.uptake.com.

Media Relations Contacts
Geno Effler, JD Power; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]
John Gallagher, Uptake; Chicago, Ill.; 415-935-4457; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

Updating Websites for Convenience Would Reward Wireless Carriers, JD Power Finds

2019-01-30

jdp-root

COSTA MESA, Calif.: 31 Jan. 2019 — If wireless carriers focus more resources on improving their website, they will see an improvement in customer satisfaction, according to the JD Power 2019 U.S. Wireless Customer Care Full-Service Performance StudySM—Volume 1 and the JD Power 2019 U.S. Wireless Customer Care Non-Contract Performance StudySM—Volume 1.

“We found that nearly one-third of full-service wireless carrier customers who sought help via their carrier website experienced an issue and nearly half of customers had to use another channel to solve their issue,” Ian Greenblatt, Managing Director at JD Power. “Simplifying and refining websites to make it easier for wireless customers to get quicker answers to their questions is one of the fastest ways to improve customer satisfaction.”

Study Results

For full-service carriers, T-Mobile ranks highest with a score of 833. Verizon Wireless (812) ranks second and then AT&T (799) ranks third. The full-service segment average is 803.

For non-contract full-service carriers, Cricket ranks highest with a score of 815. Metro by T-Mobile (811) ranks second and Boost Mobile (808) ranks third. The segment average is 809.

For non-contract value carriers, Consumer Cellular ranks highest with a score of 868. Straight Talk Wireless (788) ranks second and TracFone (750) ranks third. The segment average is 788.

The 2019 U.S. Wireless Customer Care Full-Service Performance Study—Volume 1 and the 2019 U.S. Wireless Customer Care Non-Contract Performance Study—Volume 1 is based on responses from 13,109 customers who contacted their carrier’s customer care department within the past three months. The studies evaluate customer care experiences across 12 different customer care channels: phone customer service reps; in-store contact; online chat; email; social media post; carrier app question post; automated telephone systems; website search; social media search; user forum; video from carrier; and carrier app search.

The studies were fielded from July through December 2018.

For more information about the U.S. Wireless Customer Care Full-Service Performance Study and the U.S. Wireless Customer Care Non-Contract Performance Study, visit https://www.jdpower.com/business/resource/us-wireless-customer-care-performance-study

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

Insurers Come Up Short for Independent Agents Despite Critical Role Agents Play in Driving Business, JD Power Finds

2019-01-30

jdp-root

COSTA MESA, Calif.: 31 Jan. 2019 — The more satisfied independent insurance agents are with a carrier, the more business they will conduct with that carrier. Despite this fact, which is clearly evident in the JD Power 2019 U.S. Independent Insurance Agent Satisfaction Study,^SM overall agent satisfaction with the service they receive from insurers is among the lowest of business relationships measured by JD Power.

The second annual study, which was developed in alliance with the Independent Insurance Agents & Brokers of America (IIABA), evaluates the independent P&C insurance agent’s business outlook, management strategy and overall satisfaction with personal lines and commercial lines insurers in the United States.

“Each of the highest performing carriers in our study have taken different approaches to the market – some have focused on regional success, while others have emphasized price or service,” said Tom Super, Director, Property & Casualty Insurance Practice at JD Power. “What they all share is a common understanding of the linkage between agent satisfaction and improved business outcomes—recognizing what drives agent satisfaction, then being laser-focused on getting that right.”

Following are key findings of the 2019 study:

• Independent agent satisfaction with carriers linked to placement rate: There is a strong relationship between higher levels of independent agent satisfaction and a greater number of business relationships with insurers. Likewise, independent agents that are more satisfied with the service they receive from insurers are more likely to recommend that carrier and place a greater number of products with that insurer.

• Independent agents cite low satisfaction with carriers: Overall independent agent satisfaction with personal lines insurers is 735 (on a 1,000-point scale). For commercial lines, that score falls to 720. These are among the lowest overall satisfaction scores in any business study currently conducted by JD Power, lagging even financial advisors (737).

• Support/communication and quoting are keys to agent satisfaction: As the most important factors in determining agent satisfaction, the support/communication factor in personal lines and the quoting factor in commercial lines are key areas for insurers to focus to increase satisfaction.

“A strong partnership between Trusted Choice independent insurance agents and their carriers is critical to achieving a great consumer experience,” said Bob Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America. “Carriers that focus on ease of doing business achieve high satisfaction scores from agents. Ultimately, carriers that invest in their agent platforms benefit from a distribution force that has more time to spend providing value-added service to customers rather than back-end administrative tasks.”

Study Rankings

Auto-Owners Insurance ranks highest among personal lines for the second straight year, with an overall satisfaction score of 800. Progressive (762) ranks second while Safeco and Travelers rank third in a tie with 737.

Liberty Mutual performs highest among commercial lines for the second straight year, with an overall satisfaction score of 749. Chubb and The Hartford rank second in a tie with 720.

The JD Power 2019 U.S. Independent Insurance Agent Satisfaction Study^SM surveyed 1,466 P&C insurance independent agents for a total of 1,561 evaluations of personal lines insurers and 1,193 evaluations of commercial lines insurers that they had placed policies with in the prior 12 months. The study was fielded from September through November 2018.

For more information about the U.S. Independent Insurance Agent Satisfaction Study, visit https://www.jdpower.com/business/resource/us-independent-insurance-agent-satisfaction-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

Most Owners Still in Love with Their Three-Year-Old Vehicles, JD Power Finds

2019-02-12

jdp-root

COSTA MESA, Calif: 13 Feb. 2019 — It’s a continuing love story for most owners and their vehicles as overall dependability for three-year-old vehicles improves 4% from last year, according to the JD Power 2019 U.S. Vehicle Dependability Study^SM (VDS).

“Vehicle dependability continues to improve, but I wouldn’t say that everything is rosy,” said Dave Sargent, Vice President of Global Automotive at JD Power. “Vehicles are more reliable than ever, but automakers are wrestling with problems such as voice recognition, transmission shifts and battery failures. Flawless dependability is a determining factor in whether customers remain loyal to a brand, so manufacturers need to help customers who are currently experiencing vehicle problems and address these trouble spots on future models.”

The study, now in its 30^th year, measures the number of problems experienced per 100 vehicles (PP100) during the past 12 months by original owners of three-year-old model-year vehicles. The 2019 study measures problems in model year 2016 vehicles. A lower score reflects higher quality, and the study covers 177 specific problems grouped into eight major vehicle categories.

Highest-Ranked Brands

Lexus ranks highest in overall vehicle dependability among all brands, with a score of 106 PP100. This is the eighth consecutive year Lexus ranks highest. Porsche and Toyota rank second in a tie with 108 PP100 each. Chevrolet and Buick round out the top five.

Chrysler is the most-improved brand, with a reduction of 65 PP100 since 2018. Other brands with strong gains include MINI (improvement of 34 PP100) and Subaru (improvement of 31 PP100).

General Motors Company receives five segment awards for the Buick LaCrosse, Buick Verano, Chevrolet Equinox, Chevrolet Silverado HD and Chevrolet Sonic.

Toyota Motor Corporation receives four segment awards for the Lexus ES, Lexus GX, Toyota Camry and Toyota Tundra.

Following are additional key findings of the 2019 study:

• Vehicle dependability improves but at a slower rate: The industry average for 2019 is 136 PP100, an improvement of 6 PP100 from last year, which is a lower rate of improvement than the 14 PP100 in 2018 compared with 2017.
• Mass market brands outperform luxury brands in dependability for first time: Model year 2016 mass market brands average 135 PP100 compared with 141 PP100 for luxury brands.
• German brands show notable improvement: Audi, BMW, Mercedes-Benz and Volkswagen all improve this year. Along with Porsche, all Germany brands are better than the industry average, the first time this has happened in the 30 years of the study.
• Most Dependable Model: The Porsche 911 is the highest-ranked model in the 2019 study. This is the first year that a Most Dependable Model has been awarded.

JD Power analysis shows that vehicle residual values can be significantly affected by long-term quality.

“The used-vehicle market is where dealers can see increased profits this year,” said Jonathan Banks, Vice President of Vehicle Analysis and Analytics at JD Power. “Stocking dealership lots with vehicles having strong dependability scores will help support new-vehicle sales in the future, create a positive brand perception and drive foot traffic.”

The 2019 U.S. Vehicle Dependability Study is based on responses from 32,952 original owners of 2016 model-year vehicles after three years of ownership. The study was fielded in October-December 2018.

For more information about the U.S. Vehicle Dependability Study, visit  http://www.jdpower.com/resource/us-vehicle-dependability-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Media Relations Contacts
Geno Effler; Costa Mesa, Calif.; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

Wireless Purchase Experience Customer Satisfaction Increases Across the Board, JD Power Finds

2019-02-14

jdp-root

COSTA MESA, Calif.: 14 Feb. 2019 —Customer satisfaction has increased among all sales channels since last year, according to the JD Power 2019 U.S. Wireless Purchase Experience Full-Service Performance Study^SM—Volume 1 and the JD Power 2019 U.S. Wireless Purchase Experience Non-Contract Performance Study^SM—Volume 1. Specifically, the largest customer satisfaction improvement is with phone sales representatives.

“Wireless customers calling carriers’ sales representatives have purchase intent; having knowledgeable reps and decreased hold times has a real measurable effect on both satisfaction and sales made,” said Ian Greenblatt, Managing Director at JD Power. “If these companies can maintain a focus on customer care, satisfaction can only continue to improve.”

Study Results

For full-service carriers, T-Mobile ranks highest with a score of 854 followed by AT&T (846).

For non-contract full-service carriers, Metro by T-Mobile ranks highest with a score of 857. Cricket (851) ranks second.

For non-contract value carriers, Consumer Cellular ranks highest with a score of 873.

Now in the 16th year of publication, the U.S. Wireless Purchase Experience Full-Service Performance Study and U.S. Wireless Purchase Experience Non-Contract Performance Study evaluate the wireless purchase experience of customers who use any one of three purchase channels: phone calls with sales representatives; visits to a retail wireless store; or online/website. Overall purchase experience satisfaction with both full-service and non-contract carriers is measured in six factors (in order of importance): store sales representative; website; phone sales representative; offerings and promotions; store facility; and cost of service. The studies were fielded from July through December 2018.

For more information about the U.S. Wireless Purchase Experience Full-Service Performance Study and the U.S. Wireless Purchase Experience Non-Contract Performance Study, visit 
https://www.jdpower.com/business/resource/us-wireless-purchase-experience-performance-studies

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

JD Power-LMC Automotive Forecast February 2019

2019-02-25

jdp-root

The Retail Forecast

New vehicle retail sales in February are expected to fall from a year ago. Retail sales are projected to reach 946,600 units, a 2.4% decrease compared with February 2018. The seasonally adjusted annualized rate (SAAR) for retail sales is expected to be 12.6 million units, down 0.3 million from a year ago.

The Takeaway

Thomas King, Senior Vice President of the Data and Analytics Division at JD Power: 
“The year is off to its slowest start since 2014 with the industry set to post sales declines again in February. While retail sales through the first two months will be down more than 4%, it’s important to note that January and February are among the lowest volume sales months of the year.” (Last year the two months combined to account for only 13.5% of the annual total.)

Looking ahead to the coming months, the industry should expect to receive a slight boost with the recovery of any lost sales due to inclement weather.

—–

Elevated transaction prices remain a bright spot for the industry and continue to help manufacturers maintain profitability amidst reduced sales volumes.  The average transaction price in February is on pace to reach $33,267, the highest level ever for the month.

As a result, consumers are on pace to spend more than $31 billion in autos in February, which is up slightly from last year.

—–

Incentive discipline also continues, as spending is expected to decline year-over-year for the eighth consecutive month. February to-date spending is $3,721 per unit, down $161 from the same time last year.  Spending on cars is down $379 to $3,540, while spending on trucks/SUVs is down $66 to $3,797.

“One risk to higher spending in the coming months is the need clear out old model-year inventory,” King said. “The model-year transition is currently the slowest on record and could pose a risk for manufacturer profitability if it continues to lag behind prior years.” Vehicles that are 2018 model year and older still account for more than 20% of sales in February, up from 17.4% for the same period last year. Spending on old model-year vehicles is $4,927 per unit, up $141 from February 2018.

Sales & SAAR Comparison

JD Power and LMC Automotive U.S. Sales and SAAR Comparisons

¹Figures cited for February 2019 are forecasted based on the first 14 selling days of the month.

²February 2019 has 24 selling days, the same as February 2018.

The Details

• The average new-vehicle retail transaction price to date in February is on pace to reach $33,267.  The previous high for the month of February—$32,144—was set last year.
   
• The record prices reflect higher prices trending for both cars (up 2% to $26,763) and trucks/SUVs (up 3% to $35,987).
   
• Average incentive spending per unit to date in February is $3,721, down from $3,882 during the same period last year.
   
• Consumers are on pace to spend $31.5 billion on new vehicles this month, up $300 million from last year’s level.
   
• Truck/SUVs account for 70.2% of new-vehicle retail sales through Feb. 17, the highest level ever for the month of February.
   
• Days to turn, the average number of days a new vehicle sits on a dealer lot before being sold to a retail customer, is 73 days through Feb. 17, up 3 days from a year ago.
   
• Fleet sales are expected to total 341,200 units in February, up 3.4% from February 2018.  Fleet volume is expected to account for 26% of total light-vehicle sales, up from 25% last year.

Outlook for the Year

Jeff Schuster, President, Americas Operations and Global Vehicle Forecasts, LMC Automotive:
“Tariff risk on automotive imports from outside North America and South Korea is once again clouding an otherwise stable U.S. auto market. Last year, 23% of U.S. sales were sourced from outside of North America, 47% from Japan and 32% from Europe. A tariff of 25% could significantly raise prices and lower U.S. demand by as much as 700,000 units in 2019 as consumers delay purchases and shift to the used car market. The risk is real.”

Providing there is not a material tariff effect, LMC’s forecast for 2019 total light-vehicle sales rounds up to 17.0 million units, a decline of 1.9% from 2018. Retail light-vehicle sales is projected at 13.6 million units, a decline of 1.8% from 2018. Despite the buzz and model activity, full battery-electric vehicles are expected to account for only 1.5% of the total market in 2019, or 260,000 units.

Media Relations Contacts
Geno Effler; JD Power; Costa Mesa, Calif.; 714-621-6224; [email protected]
Emmie Littlejohn; LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

About LMC Automotive www.lmc-auto.com

Banks Outperform Fintechs and Scale Processors in Merchant Services Customer Satisfaction, JD Power Finds

2019-02-25

jdp-root

COSTA MESA, Calif.: 26 Feb. 2019 — With fewer consumers in America than ever before making purchases with cash,[1] the market for merchant services providers—those that supply businesses with the technology and processing capabilities they need to accept credit and debit cards and other forms of digital payments—has become increasingly competitive. According to the JD Power 2019 U.S. Merchant Services Satisfaction Study,^SM large banks have emerged as the leaders in merchant services customer satisfaction with small businesses, outperforming a field that includes a dozen fintech companies and scale processors.

The inaugural study evaluates small business satisfaction with 19 merchant services providers and explores the key variables that influence customer choice, satisfaction, and loyalty based on four factors (in order of importance): cost of service; service interactions; payment processing; and equipment & technology. Four peer groups of merchant services providers were evaluated: Bank Acquirers (BB&T, Capital One, Chase); Bank/First Data Joint Ventures (Bank of America, Citibank, PNC, Wells Fargo); Fintechs (Intuit, PayPal, Square, Visa); and Scale Processors (Elavon, First American, First Data, FIS, Global Payments/Heartland, North American Bancard, TSYS, Worldpay/Vantiv).

“Whether they are selling goods online, through retail locations or in business-to-business markets, small businesses in America are being required to accept a range of card and digital payment options, and merchant services providers are a vital partner in that process,” said Paul McAdam, Senior Director of Banking Intelligence at JD Power. “While overall satisfaction with merchant services providers is strong, there is room for improvement in the areas of helping businesses understand the pricing of merchant services and in providing consistent technology training and support.”

Following are key findings of the 2019 study:

• Banks outperform fintechs and scale processors: On a peer group basis, merchant services offerings from Bank Acquirers have the highest levels of overall satisfaction, scoring 863 (on a 1,000-point scale). They are followed by Bank/First Data Joint Ventures (847), Fintechs (843) and Scale Processors (806).
   
• Banks benefit from having deeper customer relationships: Small business customers of large banks are more likely to use additional financial and business services, have assigned account managers and receive proactive contact about their payment needs than are customers in other peer groups. The proportions of small businesses that use other financial and business services with their merchant services provider are strikingly different by peer group: 97% for large banks, 75% for fintechs and 52% for scale processors.
   
• Technology engagement drives higher satisfaction: Satisfaction is higher for new technologies (e.g., cloud-based POS and mobile card readers) than established technologies such as countertop card readers and payment gateways. Small business satisfaction with equipment and technology increases the more they are used beyond payment acceptance, and especially if business tools associated with inventory and sales tax management, employee payroll and invoice generation are used.
   
• E-commerce merchants much more satisfied than card-present merchants: Small businesses that conduct sales online using a website or mobile app have far higher overall satisfaction with merchant services providers (849) than their counterparts in physical/card-present locations (809), which is due to higher satisfaction with cost of service and technology. However, satisfaction among e-commerce small businesses with annual sales less than $500,000 is 823, while satisfaction among those with sales above $500,000 is 857. Technology plays a role, as 31% of businesses below $500,000 use a cloud-based, dedicated or customized POS payment processing system vs. 51% of those above $500,000.
   
• Lower satisfaction with cost of service hurts scale processors: Given the prevalence of outsourced processing relationships, and at times having less control over pricing and servicing due to ISO relationships, it is not unexpected that scale processors achieve lower satisfaction. Also, many of the large banks and fintechs profiled in the study are strategically partnered with scale processors.

The JD Power 2019 Merchant Services Satisfaction Study is based on responses from 3,544 small business customers of merchant services providers. The study was fielded in October-November 2018.

The 19 brands evaluated in the study include:

• Bank of America
• BB&T
• Capital One
• Chase
• Citibank
• Elavon
• First American Payment Systems
• First Data
• FIS
• Global Payments/Heartland
• Intuit
• North American Bancard
• PayPal
• PNC
• Square
• TSYS
• Visa
• Wells Fargo
• Worldpay/Vantiv

For more information about the Merchant Services Satisfaction Study, visit https://www.jdpower.com/business/resource/us-merchant-services-study

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Media Relations Contacts
Geno Effler, JD Power; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

[1] https://news.gallup.com/poll/193649/americans-using-cash-less-compared-five-years-ago.aspx

Money-Saving Solution: JD Power Launches Inventory App that Integrates NADA Values and Predictive Analytics

2019-02-25

jdp-root

COSTA MESA, Calif.: 26 Feb. 2019 — Buying the right used vehicle inventory at the right price that optimizes profit and turn rate is a constant challenge for automotive dealers. JD Power, with a partnership with CarStory, has developed a solution that provides insight on used vehicle market prices and inventory decisions in our new MarketValues application.

The all-inclusive app can be used by scanning a VIN or input year, make and model details to get the NADA Values of wholesale, trade-in, retail and loan autos while also allowing for AutoCheck or CARFAX account integration to provide vehicle history report information.

The MarketValues application integrates CarStory’s sophisticated machine learning techniques and current market data to determine how much a vehicle will sell for and when. The application considers market factors like supply levels, shopper demand, competitive vehicles and dealership performance to predict how a potential acquisition fits into the market and how it will sell.

“This app was created to provide dealers with a comprehensive tool to quickly see very accurate vehicle valuations, history and features while also providing market and competitive insight to ensure they have all pertinent information in one convenient place,” said Jonathan Banks, Vice President of Vehicle Valuations at JD Power. “With the help from CarStory, MarketValues gives the dealer the power to make better buying decisions.”

“With interest rates on the rise, dealer margins are under extreme pressure. Knowing how fast a car will sell for and when is now a requirement. Combining NADA’s market value data with our predictive analytics, JD Power dealers now have access to dealer-specific predictions, helping them make the best possible decisions when acquiring vehicles,” said John Price, CEO of CarStory.

For more information on the MarketValues app please visit: www.nada.com/marketvalues.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Used by over 16,000 dealers, CarStory combines artificial intelligence (AI) and the industry’s largest database of inventory and shopper insights, to help dealers sell more cars and make more money. As the pioneer of Inventory Intelligence, CarStory’s predictive AI sets a new standard for transforming analytics into answers. Their VINspect^TM data platform ensures dealers and partners have the most accurate view of a vehicle possible. To learn more visit: www.carstory.ai.

Media Relations Contact
Geno Effler; JD Power; Costa Mesa, Calif.; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

Utilities Continue to Lag in Offering Superior Digital Services, JD Power Finds

2019-02-25

jdp-root

COSTA MESA, Calif.: 27 Feb. 2019 — Utilities continue to struggle to get digital right. According to the JD Power 2019 Utility Digital Experience Study,^SM released today, there is an improvement in overall satisfaction from last year, but although utilities still lag behind other industries when it comes to delivering a satisfying digital customer experience, there remains a path forward for them to further improve.

Now in its second year, the study assesses how customers interact with their utility based on their perceptions of the available websites and mobile apps as well as the social, email, chat and text functions of the 67 largest electric, natural gas and water utilities in the United States. A mobile channel is necessary to be ranked in this study. Centric Digital, a leader measuring digital intelligence, collaborated on this study by contributing a Digital Intelligence Benchmark powered by its DIMENSIONS™ platform, that includes digital experience analysis and cross-industry insights.

“Utilities that remain digital laggards are passing up a prime opportunity to make their operations more efficient and to reduce costs,” said Jon Sundberg, Senior Digital Manager at JD Power. “Customers will choose the option that resolves their problems quickly, which in many cases will be via an online site or an app. Connecting with a utility representative via phone shouldn’t be a default, but it can often become one when digital capabilities aren’t strong. That can raise costs.”

Following are some of the key findings of the 2019 study:

●    Utilities remain among lowest-performing industries in digital: When benchmarked against other consumer-facing industries, utilities continue to offer one of the worst digital experiences, according to the Centric Digital IQ Score, which is used to benchmark digital intelligence. The utility industry scores 512 on a 1,000-point scale, a near 60-point decline from last year. The retail sector, in comparison, scores 694.

●    Overall customer satisfaction increases: The industry average for overall satisfaction is 844, a five-point increase from last year (839). Driving this increase is a surge in satisfaction with apps, which increases 33 points to 873 from 840 last year. Mobile web satisfaction increases to 838 from 829, and desktop satisfaction increases to 844 from 843.

●    What apps do well: Apps have completely changed the way many companies interact with customers. Apps can provide a more tailored user experience with key functionality/design elements that increase the ease of use.

●    Issue resolution of assisted online channels is high—but…: Usage of assisted online channels is low. However, among those customers who do use such channels, issue resolution on the first attempt averages more than 80%.

●    Digital laggards:Only 29 of the 67 utilities included in the study currently offer a mobile app, and only 12 utilities redesigned their website in the past year. Utilities should place more emphasis on expanding their digital offerings, then reviewing and refining more frequently to ensure they are meeting customer expectations. Compared with other industries, utilities are updating their digital properties at a slower pace.

Study Results

SRP ranks highest in overall satisfaction with a score of 882. AEP (877) ranks second and SMUD (876) ranks third. The industry average is 844.

The 2019 Utility Digital Experience Study is based on evaluations from 15,894 customers of the 67 largest electric, natural gas and water utilities. To be included in the study, utilities must serve 540,000 or more customers. The study was fielded in November-December 2018.

For more information about the JD Power Utility Digital Experience Study, visit
https://www.jdpower.com/business/resource/utility-digital-experience-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, South America, Asia Pacific and Europe.

Centric Digital’s intelligence platform, DIMENSIONS™, measures capabilities across an enterprise’s core digital footprint—web, mobile, social, etc.—and compares them to industry standards and market leaders. Insights from Centric Digital IQ data powers partner solutions, informs investors and guides C-suite executives through frontline managers to optimize business performance. Over 15,000 brands worldwide and across industries are tracked including the S&P 500. To learn more, please visit centricdigital.com.

Media Relations Contacts
Geno Effler, JD Power; Costa Mesa, Calif.; 714-621-6224; [email protected]
John Roderick; St. James, N.Y.; 631-584-2200; [email protected]
Brian Manning; Centric Digital; 646-875-8751; [email protected]

About JD Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info