Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

One in three consumers won't wait 30 seconds to buy online

Online sellers must invest more in the customer journey

High expectations for security and convenience, compounded by the increased demand for online payments, banking and shopping, are pushing businesses to re-imagine the customer journey and the investments needed to drive future growth.

In fact, the study found that one in three consumers are only willing to wait 30 seconds or less before abandoning an online transaction, specifically when accessing their financial accounts. 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.

"Not only have more consumers embraced digital transactions out of necessity during the pandemic, they're having a positive experience, and their needs and expectations are rapidly growing," said Steve Wagner, global managing director of Decision Analytics for Experian. "To win, business must invest now in their digital experience. The cost of doing nothing is greater than investing in the customer journey."

The study also found that two-thirds of consumers globally have remained loyal to their favorite brands during the pandemic. However, the research shows that loyalty may not be a given going forward, and businesses will need to work to improve their digital transformations.

Now more than ever the integration of data, analytics and technology can enable businesses to quickly adapt decisioning strategies to minimize risk, preserve valuable relationships, and remain fair and compliant.

The top five initiatives amongst retail banks, payment providers and retailers to help with digital transformation accelerated by Covid-19 include:

1. Use of AI to improve customer decisions
2. Strengthening security of mobile and digital channels
3. Increasing digital acquisition and improving engagement
4. Automating customer decisions
5. Understanding customer profiles (e.g. affordability, preferences, behaviors)

Additional consumer findings from the report include:

• 61% of people surveyed now regularly order groceries or food delivery online. This is a 7-point increase in this type of online payment since July.
• 77% of people said they feel most secure when using physical biometrics, and 62% of people said it improves their customer experience when managing finances or payments online.
• For the past 3 years, consumers trust 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, United Kingdom and United States, on insights related to consumer and business economic outlooks, financial well-being, online behavior and more.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)