Roll-out of vaccines that influence consumer behavior and spending
According to research from data analysis company SAS, consumers are more likely to spend more if vaccines are rolled out more widely.
The research also suggests that some companies are at risk of missing out on this upcoming windfall, with more than half (51 percent) of customers saying they will leave a brand after one or two bad experiences, and 53 percent have sued.
this claim during the pandemic by switching providers. This is despite 82 percent of the opinion that the customer experience has improved since the start of the pandemic.
Meanwhile, a quarter (28 percent) will resist change once the pandemic subsides and returns to pre-pandemic buying habits. This still means that more than half (58 percent) will change forever, forcing companies to adapt quickly to their customers in the face of declining loyalty.
According to SAS’s global survey, nearly a fifth (17 percent) said they would do so when asked if they would increase their spending, compared with just a tenth (10 percent) who said they would cut spending once vaccines became goods.
Low prices and special discounts alone are not enough to prevent customers from switching brands. While a fifth (21 percent) of people switched providers for lower prices and better discounts elsewhere, 15 percent switched to a provider that offers a simpler and more user-friendly online experience.
Meanwhile, 11 percent switched to faster or easier delivery options and another 11 percent switched providers due to a negative customer experience.
When asked to list their three main components of the customer experience, the survey found:
- 47 percent of customers see low prices and special discounts as a top three priority.
- 49 percent value convenience as an important part of the customer experience.
- 42 percent ranked companies that act fairly and responsibly as a top three priority.
- 53 percent cited good customer service over lockdowns as an important part of the customer experience.
Compared to the previous consumer survey conducted by SAS in September 2020, the latest survey shows that price has less impact on customers, while other aspects of the customer experience are becoming increasingly important.
In six months’ time, the price has decreased in importance from 54 percent to 47 percent, while other aspects of the customer experience have increased in importance on average from 27 percent to 33 percent.
Tiffany Carpenter, Head of Customer Intelligence, SAS UK & Ireland, said: “Since the start of the pandemic, we have seen a significant change in customer attitudes and behavior.
Customers are demanding more from the customer experience than ever before, with prices and discounts becoming increasingly important.
When compared to other factors, they will happily switch providers after one or two bad experiences, and since 48 percent of all customers are now digital customers, switching providers has never been easier.
“With this survey, customers have presented a challenge to companies. Businesses now need to respond and provide a more personalized service to their customers so that the customer experience they provide is the best possible.
This can be achieved by leveraging the power of advanced cloud-based analytics that will help businesses gain a deeper, more personalized understanding of their customers.
Organizations that fail to take this opportunity will regret seeing their customers happily switch to those who do. “To help businesses deliver a more tailored customer experience, customers are now more willing to provide personal information to businesses.
30 percent of customers said they are more likely to share personal information with businesses now than before the pandemic, compared to 17 percent less likely Just over a third of people who would share their data more often said they would do so in exchange for an improved customer experience.
However, businesses should also keep in mind that customers’ fraud awareness has increased significantly during the pandemic.
62 percent are now either more vigilant about fraud or have personally experienced it, with 22 percent personally experiencing an increase in scam messages.
The report therefore states that organizations need advanced analytics to provide effective fraud protection while still delivering a seamless customer experience.
The pandemic appears to have permanently changed customer behavior: only 28 percent said they would return to the same purchasing behavior they had before the pandemic, while 58 percent will no longer be “normal”.Of the latter group, 26 percent say they will use even more online and digital apps than they do now.
The survey was conducted and statistics were compiled by 3Gem for SAS. Consumers completed an online questionnaire in February 2021 for a number of markets (UK, Germany, Italy, France, Spain, Netherlands, Poland, Sweden, Greece, Saudi Arabia and South Africa) representing a global sample of 10,000 adults over 18 years old. from 18.