Customers have been going online more since the pandemic began, but retailers cannot take their digital business for granted.
According to consumer credit reporting platform Experian’s latest “Global Insights Report,” 60% of surveyed consumers have higher expectations of their digital experience than before COVID-19. One in three respondents are only willing to wait 30 seconds or less before abandoning an online transaction.
While half of the businesses surveyed have either mostly or completely resumed operations since COVID-19 began, only 24% are deliberately making changes to their digital customer journey.
The study also found that two-thirds of consumers globally have remained loyal to their favorite brands during the pandemic.
Additional consumer findings from the report include:
• 61% of consumers surveyed now regularly order groceries or food delivery online. This is a seven-point increase since July 2020.
• 77% of consumer respondents said they feel most secure when using physical biometrics, and 62% of consumer respondents said it improves their customer experience when managing finances or payments online.
• For the past three years, consumers have trusted payment system providers (e.g. PayPal, WePay, Apple Pay) the most for consistently providing a secure and convenient digital customer experience.
• Adoption of mobile wallets has jumped 11% since July, as consumers continue to increase their online activities and contactless in-person transactions.
Additional business findings from the report include:
• Three of the top five solutions businesses are using to help improve the customer journey are designed for driving insights into faster customer decisions, including on-demand cloud-based decision apps.
• 70% of businesses are focused on fraud prevention over generating revenue, increasing measures to protect consumer’s online transactions.
• 40% of businesses are doing better communicating how customer data is used to enhance the customer experience, protect consumer information and personalize products and services.
To develop the study, Experian interviewed 3,000 consumers and 900 businesses across 10 countries around the world, including Australia, Brazil, France, Germany, India, Japan, Singapore, Spain, U.K., and U.S.