Outsourced customer service is a vital resource for Small, Medium and Large companies alike. The global customer service market is worth £270bn, of which 25% is currently outsourced, and is growing at a 6% CAGR. The UK Customer Service market alone employs 780,000 agents, of which 120,000 are outsourced.
In a post-COVID world, outsourcing of Customer Service will be even more attractive as companies become more sensitive to costs, uncertainty and customer sentiment.
But the traditional model of delivering Customer Service is broken. Whether in-house or outsourced to a 3rd party, the traditional Customer Service model suffers from inflexibility, low quality agents and high costs.
While Odondo competes with a number of outsourcers both onshore and offshore, who vary in size and focus, our gig economy proposition is unique, offering a higher quality, more flexible service at a lower cost to traditional outsourcers.
As we continue to roll out developments through our platform, we will look to offer a self-service model to the long tail of SME clients currently priced out of the outsourced market, opening up new opportunities from those that want to benefit from an autonomously operated, cost-effective and flexible customer service function.
Outsourcing of customer services is not unique to the UK market, and our model will work well in a large number of different geographies and territories. In the near term, we anticipate expanding overseas, and today already provide outsourced support to non-UK clients, as well as clients that operate outside the UK.