This blog was originally posted on Qualtrics.com.
Qualtrics, in partnership with the XM Institute, asked over 23,000 consumers across 23 countries about their experiences with businesses in 2021, and what they want from them in 2022. It's clear consumers expect better. Qualtrics' report explains exactly what customers want to see improved, and the steps businesses should take if they are to attract and retain customers moving forward.
Here are the top global consumer trends in 2022:
1. Consumers have had enough - and they are willing to walk
Before 2021, customers might have been more tolerant of bad experiences - but in 2022, there will not be any leeway for businesses that fail to meet expectations.
With the cost of switching rapidly reaching zero, consumers are aware that if they can’t get what they want from one business - even one they have been loyal to - they can easily find another brand.
Up to 9.5 per cent of your revenue is at risk by offering bad experiences to customers, meaning it is more vital than ever to tackle your customer experience gaps and understand how to deliver what your customers expect.
2. Toss out the pre-2022 business plans
2021 might have been the year we all expected life to go back to normal - we were wrong. What we buy and how we buy it has been drastically altered and looks sure to remain that way. Yet, even now, businesses are failing to respond.
Our survey found that 8 out of 10 people believe customer experience needs to improve in 2022, with areas such as prices and fees, customer service, product capabilities, and ease of use flagged as problematic.
It’s clear major improvements need to be made not only to impress new consumers but to hold onto your existing customer base.
3. Consumers will stop engaging - unless you take action
An astonishing two-thirds of consumers think that companies need to be better at listening to feedback. Customers feel disillusioned and ignored - and brands that don’t make the effort to act on feedback meaningfully will lose their business.
It is harder than ever to get feedback in the first place - meaning that if your customers are making the effort to air their concerns, you need to demonstrate you are listening.
[inlinead-1]
4. Treat customers as people, not commodities
Customers are more than data, but recent experiences have left consumers feeling like just another number. They are re-evaluating the relationships they have with businesses and spending their money where they feel most valued.
Over 60 per cent of consumers told us that businesses need to care more about them - and most importantly, that they would buy more as a result. Companies that show they genuinely care about their customers will come out on top in 2022 - and businesses that don’t tailor their approach to every customer will struggle to build loyalty moving forward.
Global consumer trends 2022: forging human connections
The overriding message from the research is that customers want to feel valued. They want better quality service, with a two-way relationship forged by feedback and action.
Read the full report to discover what actions will convince customers to not only stay but spend more in 2022.