In a changing world, customer expectations are shifting. Economic shifts and technological advances are redefining what customers want from businesses. The driving forces behind this change are personalization, as customers increasingly seek tailored experiences, and the need for faster service in our fast-paced world.

Notably, 81% seek faster service due to technology's rapid progress.

Salesforce's latest 'State of the Connected Customer' study, conducted across 25 countries and six continents, engaging with 11,000 consumers and 3,300 business buyers from May 3 to July 14, 2023, unveils the fascinating evolution of customer needs and desires.

Source: Salesforce

According to Michael Affronti, SVP & GM, Commerce Cloud

Customers demand fast, consistent, and personalized interactions everytime they
interact with a company. They’re seeking brands that offer exceptional products
and services, and are loyal to those that deliver.

In this blog, we'll explore these insightful findings, providing a roadmap for businesses to successfully navigate these shifting expectations. Now, let's dive into the survey's key takeaways:

Customers are reevaluating their priorities

Consumers increasingly favour brands due to attractive deals, quality products, broad availability, diverse options, and changing expectations.

Responding to various factors, including technology, inflation, cost of living, well-being, climate change, and social justice.

Cost of living takes precedence as the primary factor shaping their priorities.

Rising living costs impact 82% of consumers, while 34% are influenced by technological advancements, and 44% are concerned about their personal well-being.

The Power of Personalisation

Many customers feel companies treat them as numbers rather than individuals. Smaller consumer transactions often receive less personalized attention compared to larger business deals.

Consumers anticipate businesses being responsive to changing requirements (61%).

A substantial 78% of business buyers emphasize the importance of companies staying in sync with shifting needs/preferences.

The perceived Gap in Personalization

An identical 66% of consumers share this sentiment.
46% of business buyers also echo this sentiment, to a lesser extent.

Favorite brand have a room for improvement

Favorite brands adapt to changing consumer needs 16% of the time, most other brands adapt to changing needs 12% of the time.

Data and Technology accelerating Customer Engagement

In our data-driven world, customers expect better, personalized experiences in exchange for sharing their data. Often, they value data-driven experiences more than cost savings.

With Technological Advances

Customers anticipate an 81% improvement in faster service.
They also look for a 73% enhancement in personalization.

Data Sharing

They seek a remarkable 74% increase in personalization.

Spending More

Customers spending more also expect improvements:

65% for faster service.
64% for personalization.

Customer Data in the Digital Age

In an era of data privacy concerns, customers are vigilant about their pers

Customers are more comfortable when companies collect first-party data directly from their platforms (e.g., website clicks) rather than relying on third-party data from data brokers.

79% are protective of their data.
71% trust companies with their data if its use is clear.
51% feel companies don't benefit them with their data.
44% are comfortable with brands collecting first-party data, but only 30% are comfortable with brands collecting third-party data.

Customer Expectations at a glance

Modern Customer Expectations:

Seek more than just products and services.
Crave transparency, speedy service, and personalisation.
Factors reshaping customer thoughts and desires:- Economic shifts, Technological advancements, Climate concerns and rising living costs.

Key Imperatives for Companies:

Shift focus to customer-centric experiences.
Adapt, innovate, and prioritize evolving needs.
Blend technology, transparency, and customer understanding for success in a changing landscape.

References

Dive deeper into the "State of Connected Customer" survey at - https://www.salesforce.com/content/dam/web/en_us/www/documents/research/State-of-the-Connected-Customer.pdf

Customer-Centricity in a World of Flux : Key Insights