Experian’s latest Global Insights Report suggests that consumers have less patience for poor user experiences. The report specifically found that 60 percent of the respondents expect more from a digital experience than they did before the onset of COVID-19, with a full third of all consumers only willing to wait 30 seconds before abandoning an online transaction.
That can create potential problems for businesses that fail to adapt. In that regard, Experian found that only 24 percent of businesses are taking deliberate steps to improve the digital experience for their customers. Those that don’t risk losing customers, even though two-thirds of those customers have displayed brand loyalty during the pandemic.
According to Experian, the rising standards reflect people’s growing use of (and comfort with) online shopping platforms. For example, 61 percent of the respondents now order food and groceries online on a regular basis, while the number of people with a mobile wallet has gone up 11 percent since July. The study itself is based on the feedback of 3,000 consumers and 900 businesses from 10 countries around the world.
“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 Experian Decision Analytics Global Managing Director Steve Wagner. “To win, business must invest now in their digital experience. The cost of doing nothing is greater than investing in the customer journey.”
Experian went on to explain that businesses that want to deliver a better digital experience need to improve their security on mobile and digital channels, and use AI to automate and/or streamline various aspects of the customer decision-making process. They should also work to boost engagement and acquisition rates, and develop customer profiles that give them more insight into people’s preferences and behaviors.
Consumers had a high level of trust in payment solutions like PayPal and Apple Pay. 77 percent of the respondents felt the safest when using physical biometrics to verify their identity, while 70 percent of businesses are currently prioritizing fraud prevention over revenue generation in their efforts to improve their platforms.