Boost for economy: Customers expected to increase spending as immunization increases (new global survey)
A new survey by SAS shows that customers intend to increase their spending as immunization rates improve. Participants were invited to complete an online questionnaire in August 2020 in a number of markets around the world (Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Romania, Russia, Saudi Arabia, South Africa, Turkey and United Arab Emirates).
A global sample of 6000 adults was used. Specifically, 19% of survey respondents said they would increase their spending compared to just 10%, who said they intended to cut spending as immunization rates improve.
It is evident that the pandemic will lead to a permanent change in consumer behavior. Additionally, 62% of all customers don’t think they will return to ‘normalcy’, with 28% noting that they will use even more digital channels and online applications in the future than they do. are currently doing.
However, low prices and special offers are no longer enough to retain customers. And while 23% of those surveyed switched providers due to lower prices and better discounts, 20% preferred someone who offered a simpler, easier way to use the online experience. Meanwhile, 16% of those surveyed changed their options for faster or more convenient delivery solutions and 13% changed due to a previous negative experience.
When participants were asked to rate the top three drivers of customer experience, the survey showed that just over half of customers (60%) rate low prices and discounts as the top three priorities. In addition, 55% see convenience and comfort as a key factor for the customer experience. Two-thirds (48%) ranked companies that practice fair and responsible policies among the top three priorities. Finally, 46% of those polled said that good service during lockdowns played a major role in the customer experience. While the majority of those surveyed, 60%, see low prices and discounts as a priority, the pandemic highlights the fact that not every price dictates consumer behavior. The above results show that in addition to price, there are other areas of customer experience that are starting to play a big role in shaping satisfaction.
Another important finding from the survey is that customers are now more willing to provide personal data to businesses to help businesses deliver a more personalized service experience. For example, 33% of customers said they were more likely to share certain personal data with businesses right now, compared to the pre-pandemic era. At the same time, 20% of respondents said they were less likely to do so. A third of those who said they were more likely to provide their data said they would only do so in exchange for an improved service experience.
Businesses should also keep in mind that customer awareness of fraud issues has also increased significantly during the pandemic. According to the survey, 69% of those polled said they were either more careful about scams or had been cheated. In fact, 16% said they noticed a sharp increase in fraudulent messages. As a result, research shows that businesses need advanced analytics solutions to provide effective fraud protection and at the same time a seamless service experience.
From the above, it can be concluded that the flexibility of the business process in the post-pandemic era requires the transition of the majority of B2C operations into the digital world. Thus, companies should carefully consider integrating and adopting analytics into their digital channels, as these channels can cause problems or congestion for consumers.