Customers are carefully considering what retailers to shop with.
Consumers are reassessing their retail spending, but will shop at retailers that provide the right type of customer experience.
According to a new global survey of 5,000 consumers from Salesforce, 81% of respondents said they will reassess their budget over the next 12 months. Seventy-nine percent of respondents specifically said they will reassess their spending with retail brands over the coming year.
Despite economic difficulties affecting many retailers, 52% of respondents expect a better experience from their favorite brands as a result of the current fiscal climate. More than seven in 10 (72%) said they will remain loyal to companies that deliver faster service, and almost two-thirds (65%) will stay loyal to a company offering a more personalized customer experience.
Other factors that will drive customer loyalty in the current economic climate include:
Three-quarters (76%) of respondents said that companies that provide data security will encourage their loyalty.
More than six in 10 respondents want companies to react instantly with the most up-to-date information when transferring across departments.
On the flip side of the coin, top factors that respondents said the factors that produce a poor customer experience include:
Disconnected experiences (40%).
Being asked questions they have answered before (35%).
Being offered products that are not personally relevant (33%).
According to 52% of respondents, poor quality service is the primary reason that prevents them from making a repeat purchase.
“To retain market share and drive revenue growth amid macroeconomic uncertainty, brands need to ensure their offerings stand out from their competitors,” said Matt McLarty, global field CTO of Salesforce subsidiary Mulesoft. That requires more than just a great product at a low price. Today’s consumers want personalized experiences and faster service, and they’re ready to shop around if their expectations aren’t met.
Study: Customers find these technology tools helpful
According to a recent Harris poll of more than 2,000 U.S. consumers sponsored by Ricoh, although only 12% of respondents retrieved a package from an intelligent locker during the last year, 77% would consider using one.
In addition, nearly three in four respondents (73%) overall said they would find special online tools or applications that help envision what a product would look like in the actual home or worn on the body helpful when making online purchasing decisions. One in four respondents would find special online tools or apps very helpful.
Salesforce conducted a global survey in partnership with Survey Monkey in December 2022. The total sample size was 5,038 adults: U.K. (1,015 adults), U.S. (1,008 adults), Canada (1,006 adults), Australia (1,005 adults), and Singapore (1,002 adults). The figures are representative of adult populations (aged 18+).