Brand reputation could suffer because of falling living standards
KPMG’s Global Customer Experience Excellence Research 2023-2024 report has summarised the experiences of more than 81,000 customers in 21 countries. The survey covers around 3,000 brands.
This article is available for reading in Trade magazin 2024/5
All indicators measuring customer satisfaction have fallen over the past year. Consumers feel brands aren’t fully meeting their expectations, but this symptom is the result of a complex set of effects. Customer experience has been positively influenced by the pandemic, but now service providers are back to pre-pandemic business as usual, which may disappoint many customers.
Rising inflation has had a huge impact on consumers worldwide, with the survey finding that inflation and the rising cost of living has affected the purchasing decisions of 97% of shoppers, with one in four being very much affected. Despite this a significant proportion of people are still willing to pay more for products from companies that share their values: 48% say they are would pay more to ethical companies, and despite growing price sensitivity only 7% say they don’t care about this factor at all.
Personalisation is more than contents or tailoring products to customer needs; it is about making them feel valued, important and unique. “In KPMG’s CEO Outlook 2023 survey, 7 out of 10 business leaders have identified AI as a top investment target, with a significant proportion of these expected to be in the customer service area”, added Erika Halász, KPMG’s head of strategy and operations management consulting. //
Related news
KPMG: Stricter rules are coming in the area of sustainability and human rights
The European Union directive on corporate due diligence related to…
Read more >KPMG: AI is no longer just knocking on the door, it has knocked it down
The experts of KPMG Hungary, which is 35 years old…
Read more >Supporting the sense of responsibility in players overrides profit expectations!
Our magazine sat down for a chat with Zsófia Bánhegyi,…
Read more >Related news
Valeo Foods Completes Acquisition Of Appalaches Nature
Valeo Foods Group has completed the acquisition of Appalaches Nature,…
Read more >Carrefour grows in France and Brazil, lags behind in rest of Europe
Carrefour says it is rather pleased with its financial results…
Read more >Food and beverage innovation plunges nearly 50% since 2007: Mintel
The market research firm said about a quarter of items…
Read more >