Consumers want better experiences in 2022, and businesses are failing to respond – risking on average 9.5% of their revenue. It’s time to throw out the old business plans and try a different way of thinking.
Read on for top-level insights from our Global Consumer Trends 2022 report.
In partnership with Qualtrics XM Institute, we 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 – our report explains exactly what they want to see improved, and the steps businesses should take if they're to attract and retain customers moving forward.
Here are the top global consumer trends in 2022:
Trend 1: Consumers have had enough - and they’re willing to walk
Before 2021, customers might have been more tolerant of bad experiences - but in 2022, there won’t be any leeway for businesses that don’t 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’ve been loyal to - they can easily find another.
Up to 9.5% of your revenue is at risk by offering bad experiences to customers, meaning it’s more vital than ever to tackle your customer experience gaps and understand how to deliver what your customers expect.
Trend 2: Toss out the pre-2022 business plans
2022 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 be improved, 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.
Trend 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’s 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’re listening.
Trend 4: Treat customers as people, not commodities
Customers are more than data, but recent experiences have left consumers feeling like just another number. They’re re-evaluating the relationships they have with businesses and spending their money where they feel most valued.
Over 60% of consumers told us that businesses need to care more about them - and most importantly, that they’d 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 our research is that customers want to feel valued. They want better quality service, with a two-way relationship forged by feedback and action.
Read our report to discover what actions will convince customers to not only stay but spend more in 2022.
Content credit Qualtrics
Qualtrics, the world’s No. 1 Experience Management (XM) provider and creator of the XM category, is changing the way organisations manage and improve the four core experiences of business—customer, employee, product, and brand. Over 13,500 organisations around the world are using Qualtrics to listen, understand, and take action on experience data (X-data™)—the beliefs, emotions, and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platform™ is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love, and build a brand people are passionate about. To learn more, please visit qualtrics.com.