Poor quality service is the number one reason consumers will stop purchasing from a company, according to new research released by customer relations management company Salesforce.
The Real-Time Connected Customer Trends 2023 survey of 5,000 consumers worldwide, including 1,000 consumers in Australia, highlights consumer sentiment on spending and what it will take to earn consumer loyalty in 2023.
The survey found that Australians demand improved brand experience in exchange for loyalty. Nearly half of the consumers said they would cut ties with a brand due to poor quality service over high prices, despite consumers reconsidering spending in line with economic pressures.
Tied to this demand, the data also revealed disconnected purchasing experiences were the top complaint by consumers when shopping with a brand, followed by being asked questions asked previously and offered irrelevant products.
With two-thirds of Australian consumers (66%) expecting companies to react instantly with up-to-date information related to past purchases and previous shopping behaviours, real-time data sharing is essential if retailers are to meet ever-increasing consumer expectations.
Providing some relief for retailers, consumers are increasingly willing to ‘play their part’ to receive an enhanced customer experience, with three in five Australian consumers (60%) confirming they will share relevant personal information if it results in instant personalised experiences.
Privacy concerns and cyber security threats are also top of mind, with around three in four (76%) Australians saying they will remain loyal to retailers who can provide better data security.
Jo Gaines, Area Vice President for Retail and Consumer Goods at Salesforce, says the survey findings show that a personalised customer experience is essential for customer retention.
“This data shows that personalised customer experiences are not a ‘nice to have’; they are essential to competing in a changing economy.”
“Customer retention has never been more critical. While brands have struggled with inflation and staff shortages, customer expectations haven’t lowered. In fact, they expect a better experience.
“Real-time data offers a path for companies that want to compete and meet the customer service and personalisation expectations of today’s more demanding customer.”
