According to new research from Accenture, consumers who had a frustrating shopping experience are three times more likely than satisfied consumers to not buy from the retailer or brand again, while companies that consistently exceed customer expectations could significantly increase revenues by charging a premium for the experience.
More than 20,000 consumers across 19 countries in North America, Europe, Asia, South America and Africa took the survey. Forty-two percent, or roughly 9,000 respondents, found dissatisfying recent shopping experiences frustrating.
Nearly half (47 percent) of frustrated consumers say they would avoid doing business with the same retailer or consumer goods brand. The same number said they would be willing to pay more for an experience that exceeds their expectations every time, with frustrated customers almost twice as likely as satisfied consumers to do so. Frustrated consumers overall were far more likely than satisfied consumers to say they’d be willing to pay more for such an experience (62 percent vs. 36 percent, respectively).
“Despite digital technologies fueling an explosion in opportunities to engage and interact with consumers throughout their browsing and shopping experience, many retailers and brands still struggle to deliver a seamless experience across the integrated marketplace,” says Laura Gurski, senior managing director and head, Accenture Consumer Goods and Services. “Meeting or exceeding expectations calls for a complete rethink, all the way from developing new concepts through manufacturing to the store shelf and beyond. And with so many consumers willing to pay more for an experience that exceeds expectations, there’s a potential pot of gold for those that get it right.”
Respondents in China were the most likely to say that they’re willing to pay more for an experience that exceeds their expectations, with 81 percent of them indicating such willingness, while those in the U.S. and U.K. were the least likely to say they’d pay more for such an experience (31 percent and 28 percent, respectively).