Updated: Feb 9, 2021
Customer Expectations Hit All-Time Highs
Customers are actively pushing companies to do better. Customers expect a lot from companies, but don’t have faith for them to deliver, much less in a principled fashion. Reports show that don’t believe companies have their best interest in mind. Data analyzed by consumers of the United States show that sixty-five of all customers say that their standard for good customer experiences are higher than ever.
Companies Face a New Connected Mandate
United States consumer data also show that seventy-seven percent of all customers say that the experience a company provides is as important as its products/services. To support this expectation fifty-seven percent of customers have stopped buying from a company because a competitor provided a better experience. Eight-two percent of buyers reported that they want the same experience as when they’re buying for themselves. Personalization is another common thread that customers say is important. Even if a customer hasn’t interacted with a company they still want to feel known and valued.
Technology Sets New Benchmarks for Innovation
As technology evolves, customers have been conditioned to expect better experiences. AI driven experiences are truly winning customers over. The United States consumer data reflects that Forty-Five percent of business buyers say that AI is already or actively transforming their expectations of companies. Forty-two percent of consumer stated that a company’s cutting-edge digital experience is what keeps business. Educating customers about technology will be critical as companies explore new ways to differentiate with AI.
Customers Balance Personalization and Privacy Amid a Crisis of Trust
Consumers are even willing to swap data for a better experience. Data shows that customers are fine with companies using their personal information for the stated purpose of meeting their elevated expectations. Seventy-nine percent of customers are willing to share relevant information about themselves in exchange for contextualized interactions in which they’re immediately known and understood. United States consumer data show that a lot of consumers are confused as to how companies use the data provided. Companies must develop strong privacy policies and demonstrate a commitment to safeguarding data which shows that they have the customers best interest at heart.
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