For the third consecutive year, the report presented by Broadridge Financial Solutions shows that consumers are looking for better experiences.

The “2023 CX and Communications Consumer Insights” survey shows that 69% of more than 4,000 consumers interviewed consider that the CX of their favorite brands needs improvement.

Confirm the details of the investigation:

As consumer expectations continue to increase

The report has been made since 2019, with the exception of 2020, and shows a constant evolution of consumer discontent not referring to consumer experience:

According to the majority of the interviewees (69%), companies are not offering a good experience and they agree that they need better. This is a post-pandemic movement that has seriously affected the market and, compared to the pre-pandemic period, the number of dissatisfied consumers has doubled in 2019 (35%).

Furthermore, there is unanimous opinion among consumers (92%) about the need to simplify communication in the channels used by brands, but only 35% say that some brands manage to deliver this communication.

What does a Personalized Experience Mean for Consumers?

This is the question that another recent investigation gives SurveyMonkey tentou reply too reveal the preferences of consumers in relation to personalizationhighlighting the impact that this approach has on customer loyalty and satisfaction.

The research showed that consumers do not only value personalization, but also We hope that the brands are more proactive in providing recommendations and experiences aligned to your individual interests.

Data from the investigation indicate that:

• 60% two consumers are more likely to become loyal customers of brands that offer personalized experiences.
• 45% two interviewees said that Personalization increases your trust in the brand.
• 71% of consumers expect brands to offer Personalized suggestions based on your preferences and purchase history.

Most consumers prefer personalized offers that add direct value to their purchasing behavior.

What are the consequences of delivering a lower-than-expected experience to consumers?

68% two consumers claim to have lost trust in brands as they have more experience, whether during a purchase or in communication with the company.

The report still shows that companies that fail to meet the expectations of consumers and deliver a good experience are suffering from financial prejudice. Quase two thirds (65%) two consumers interviewed said they would cut expenses with companies that do not serve the customer experience (CX) standards, in the absence of continued economic uncertainty.

This means that consumers are choosing better brands that they want to relate to and “spend their savings”, opting for those that offer a more complete service and experience.

Will Consumers Pay More for Personalized Products?

Complementing the previous topic, another study conducted by Ipsos research or how much consumers are willing to pay more for personalized products and servicesrevealing important trends about the impact of personalization on purchasing habits.

The study sought to explore the relationship between personalization and willingness to spend more on products that serve the specific needs of consumers. The investigation indicated that 58% two consumers would pay more for a personalized experienceespecially when it involves higher quality items or services adapted to your preferences.

• 40% two consumers will affirm that I would pay 10% more for personalized products.
• Personalization also impacts retention, as 67% two interviewees saying they would be willing to buy from a brand that offers that type of experience.
• O estudo apontou that o fashion and electronics segment are the most valued consumers when it comes to personalization.

This trend reflects the growing demand for exclusive and adapted to the lifestyle of two consumers, something that can be exploited by brands to increase the perceived value of their products and justify higher prices.

What prevents companies from meeting consumer expectations?

A large majority of the consumers interviewed, regardless of their identity, are looking for brands that have a more personalized strategy. According to the report, younger people are more likely to leave a brand that does not personalize their communication, but this is spreading to all ages.

The data shows that the percentage of users who stopped doing business with companies that poorly personalize their communication and/or experience, based on age, is:

• 63% for consumers of Geração Z;
• 59% for Geração Y consumers (Millennials);
• 54% for consumers of Geração X;
• 45% for Geração Baby Boomers consumers.

Mostly, consumers (81%) consider that companies need to improve their personalization based on user consumption data, both in communication and in the experience on their sites and other resources. However, only 28% consider what companies are achieving.

Merkle’s latest report, the “Customer Engagement Report: Q3 2022”, gives companies insight into the problems in personalization and shows why these companies are “packed” in personalization at scale. Click here and check all the details in our complete article!

Even with the difficulties, companies must invest in better personalization strategies in 2023 if we want to meet consumer expectations this year.