"They should be prepared to invest in agents by raising pay packets to stem the 42 percent attrition rate and attract new staff, [then] use these extra staff for pro-active customer courtesy calls."

Brooks said real-time communication such as IM should be integrated into company Web sites to meet the expectations of Generation Y which demands an immediate response.

"Business will invest greatly in Web sites which can be accessed freely and unemotionally by customers," he said. "America First (US mortgage broker) leveraged this market by offering IM and 'click to call' to allow clients to talk immediately with consultants [while] the products they view can be tracked to offer a more relevant service."

In a prerecorded interview broadcast to attendees, Telstra CEO Sol Trujillio said Web-based customers, who account for 87 percent of online shoppers, represent an untapped market.

"I see a lot of potential for using the Web [to improve sales]," Trujillio said. "You have to create an experience to make customers loyal, for instance Telstra is creating a one-stop visit experience which combines IVR, SMS and IM."