More than half, 69%, of consumers want retailers to improve their customer experience, a hefty jump from 35% in 2019 and just about the same number, 61%, judge a retailer’s innovativeness based on its communications.
Those are top findings from the fifth annual CX and Communications Consumer insights survey from fintech company Broadridge Financial Solutions Inc.
The survey analyzes ways for companies to prioritize every aspect of CX and communications, according to a press release.
“As we face continued economic volatility, it has never been more important for companies to consider the critical role that communications play in how consumers perceive their overall experience with businesses,” Matt Swain, head of communications insights and experience at Broadridge, said in the release. “With consumers increasingly signaling that companies need to improve their CX, investments in communications technology and innovation are critical for our clients to improve customer loyalty, personalize experiences at scale and advance digital engagement.”
Broadridge research found companies that offered the best experience are doing the following:
- Making it easy to navigate account details online (43%).
- Communicating clearly (43%).
- Allowing customers to select how they want to receive communications (25%).
Over half of consumers (54%) have stopped doing business with a company due to a poor job personalizing the experience, according to the survey data, and the number is higher for Gen Z (63%) compared to Boomers (45%).
To improve the digital experience, 74% of consumers prefer to receive a more personalized summary that provides an update on performance related to their goals, key activities, recommendations and relevant links. This is up 13% since 2021. If companies made the digital experiences more engaging, 82% of consumers would go paperless — up 11 percentage points from 2022.
Sixty-five percent of consumers want the companies they do business with to improve the digital experience — up five percentage points from 2022., and 42% of consumers have stopped doing business with a company because of a hack that exposed customer data. Over two in three consumers (68%) have lost trust in a company after a poor experience or communication.