Poor experiences from brands, or failure to improve, will drive over half of consumers to shop around and avoid repeat purchases, according to a new survey from global leader in CRM, Salesforce.
The survey found Australians demand improved brand experiences in exchange for their loyalty. Nearly half will cut ties with a brand due to poor quality service over high prices, despite consumers reconsidering their spending in line with economic pressures. Poor quality service was the number one reason consumers will stop purchasing from a company.
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 being 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.
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 would 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.
“This data shows that personalised customer experiences are not a ‘nice to have’, they are essential to competing in a changing economy,” Salesforce area vice president for retail and consumer goods, Jo Gaines said.
“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.”