tech

SAS, one in four people is ready to spend more after the vaccine

Please wait in 10sec ...

In addition to positive spending intentions, research reveals that one in two consumers has changed brands during the pandemic

The positive indication comes from a research conducted recently by SAS:people are readyto lean more once the vaccine is spread. A quarter (25.1%) of respondents answered affirmatively to the question of a possible increase in their purchases once vaccines are available, compared to just under a tenth (7.8%) who said they will reduce spending.

Going into detail of the research,conducted last February on a sample of about 10,000 people in numerous countries including Italy,almost half (49.8%) of respondents said that they are ready to abandon a brand following one or two negative experiences. While four out of five (81.6%) think the customer experience has improved since the beginning of the pandemic, three out of five (62.9%) still preferred to switch to another brand during the pandemic. Low prices and special discounts alone will not be enough to prevent customers from changing brands.

While a quarter (27%) of people switched brands in favor of lower prices and better discounts, 17% switched to a provider that offers a simpler and more intuitive online experience. In addition, a tenth (12%) decided to change for faster or cheaper delivery options, and another 14% switched brands as a result of a negative shopping experience. Respondents were also asked to list the three main components of the customer experience,and the results highlighted that more than half (54%) of customers see low prices and special discounts as one of the top three priorities;

half (50%) rate convenience as a key component of the customer experience; for almost half (48%) it is important that companies act fairly and responsibly; and finally, 41% cite the availability and quality of the product or service as a key area of the customer experience.

To help businesses provide a more personalized customer experience, customers are now more willing to provide personal data to businesses. More than a third (36%) of customers said they were more likely to share personal data with businesses than before the pandemic, while 20% are less inclined to do so. A third of the people most likely to share their data said they would do so in exchange for a better customer experience.

However, companies must also take into account that customer awareness of the risk of fraud has increased significantly during the pandemic. 64% of respondents are now more careful when it comes to fraud or have experienced it personally. In fact, 18.6% reported an increase in malicious messages received. Research shows that businesses need analytics to provide effective protection against fraud while maintaining a quality customer experience. It is now clear that the pandemic will change customer behavior permanently: only 26.3% will return to the same pre-pandemic shopping habits. Two-thirds (63.3%) of all customers will not return to “normal”,and 28.5% of these say they will use online and digital apps even more than they currently do.

“The pandemic has had a big impact on consumer behavior, who are now much more demanding.

The customer experience is becoming increasingly important, it is in fact much more likely that a customer will interrupt his relationship with a brand if he does not consider the shopping experience or the quality of the service received to be up to par. The data that most of all affects this aspect is the high number of customers who have moved to digital, about 40%. Research results in hand, companies must guarantee an excellent customer experience if they do not want to risk their customers knocking on the door of competitors. Cloud analytics play a critical role, helping companies anticipate their customers’ demands,”commented Luciano D’Arcangelo, Customer Intelligence Solutions & Analytics Senior Manager at SAS.