As businesses continue to navigate macroeconomic challenges in 2022 – from supply chain disruptions, through rising costs, and labor shortages – customer experience will firmly be in the spotlight. However, new research from Qualtrics shows that nearly 9 in 10 Aussies were dissatisfied with their experiences as customers in 2021.
Based on insights from 1,000 consumers in Australia the study found:
- 86% of people believe customer experiences need to be improved
- 42% of customers would buy more from a company if they treated them better
- Half of Australian respondents said businesses need to care more about them (49%) and get better at listening to their feedback (47%)
- Customer service support was the second most common area consumers wanted businesses to improve, behind prices and fees. Making products and services easier to use was also called out for improvement.
Commenting on the study, Vicky Katsabaris, Director of XM Solutions Strategy at Qualtrics said: “Customer experience will be in the spotlight as consumers will not only demand higher quality support and services in response to the higher costs or longer wait times they might be facing, they will actively seek out and reward those companies able to meet and exceed their expectations. It’s a reality that means businesses across Australia will have to continually address customer service gaps that might emerge by finding new and sustainable ways to deepen relationships with customers.”
The implications of shifting market dynamics can impact bottom lines. A recent Qualtrics XM Institute study found that 52% of Australian consumers have cut spending after a single bad experience with a company.
In contrast, 42% of consumers said they would buy more from a company if it treated them better. After a good customer experience consumers are also 3.1x more likely to purchase again, 6.6x more likely to recommend a friend, and 5.3x more likely to trust the brand.
“The last two years have affected just about everyone at home and at work, pushing consumers to re-evaluate many of their relationships. They are actively looking to do more with organisations that put their needs first,” said Bruce Temkin, Head of Qualtrics XM Institute. “Given this shift, it’s more important than ever for businesses to continually listen to and understand the needs of their customers, and then rapidly adapt to those signals. Those that can make ongoing use of customer insights will differentiate themselves going forward.”
Read the full 2022 Global Consumer Trends report to learn more, including how businesses can create better experiences for their customers moving forward.