The majority (66%) of consumers are more interested in the experience than the price when making a brand decision, according to new research by Merkle.
The findings of the survey of 500 US consumers highlights that brands may need to rethink their strategies to meet consumer needs.
52% of online shoppers have previously stopped shopping on a website due to poor website experiences. For brands and retailers, the finding means that investment in well-functioning mobile and desktop websites has a profound effect on the consumer experience as well as sales.
Nike, Amazon and Apple are good examples of brands delivering personalised experience. For example, Amazon created Prime to cater directly to consumers’ needs and desires, removing shipping issues and associated costs.
Indeed, Amazon was cited by over half of respondents as the website with the best online experience, due to three major factors: ease of use, customer service and speed.
One of the main reasons for consumers not buying a product of a new brand appears to be unknown product quality. Brands which are trying to enter the market could benefit into adequate research on what drives their consumers.
At the same time, word of mouth from friends and family is the number one way to gain a prospective customer’s trust.
Customer experience has a direct impact on the bottom line. Experience translates to conversions, purchases and revenue and directly impacts advertising ROI. Marketers should develop experiences with customer value and business value at the centre, focusing on creating branded, personalised, relational experiences at each and every touchpoint. This starts with understanding the overall customer journey in order to recognise their needs, interests and pain points.