Have you seen The Marketing Operations Playbook?

Learn the insider's tricks and techniques to super-charge your company's marketing operations, build up your market share, make more sales through repeat business and customer loyalty, and prove your marketing's true worth through analysis and reporting.

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 Marketing Operations Playbook?

Learn the insider's tricks and techniques to super-charge your company's marketing operations, build up your market share, make more sales through repeat business and customer loyalty, and prove your marketing's true worth through analysis and reporting.

The Marketing Operations Playbook walks you step-by-step through the techniques, metrics, reporting, analysis, marketing models, technologies, tools and innovations for successful marketing strategies - both traditional and emerging - with expert guidance from thought leaders in every major market.

Find out the best ways to gather, analyse, and act on customer data to increase profitability, build your brand, empower your customers, beat the competition, reduce churn, and increase customer profitability. This is the marketing book you can't afford to be without.

Find out what works - and what doesn't - and who's succeeded, and how they did it. See how the world's top brands keep their competitive edge against all odds.

This comprehensive and practical guide to the latest ideas in marketing operations hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

This book aims to hand you all the facts, figures and research data you need for the best decisions for a more profitable, more engaging marketing strategy. It also highlights all the facts, forecasts and trends identified by our experts from the global Marketing Factbook's vast database of market data, news, studies, research and articles, and presents you with an invaluable library of ideas and practical support you can call upon at will.

With The Marketing Operations Playbook at your side, you'll gain to a true goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, research and market data, plus all the supporting arguments you need to build a solid, profitable marketing strategy: All the know-how, strategies and ideas you need to get your own Marketing Playbook right, first time.

Get it on Amazon (Kindle/Print)