Majority of Aussie consumers will switch businesses due to ‘disconnected’ experience

Small Business | Tech

By Loren Webb

A new global study carried out by MuleSoft, a software company for building application networks, shows that four out of five consumers are receiving ‘disconnected’ experiences from businesses.

In Australia, 79% of consumers believe organisations in at least one of the five sectors surveyed – banking, insurance, retail, healthcare and public sector – provide a disconnected experience, failing to recognise preferences across touch points and provide relevant information efficiently.

This figure indicates only an incredibly small improvement in customer experience compared to last year (84% in 2018). This lack of an integrated service is pushing customers to seek out other providers.

To receive a more personalised experience, 55% of consumers would be willing for service providers.

Based on the findings from the Customer Experience and the Connectivity Chasm report, it is clear that organisations must deliver the connected experiences consumers expect or risk losing their loyalty and business.

“Globally, consumers are feeling the effects of data silos that create disconnected experiences,” said Simon Parmett, CEO, MuleSoft.

“To meet consumer expectations, organisations must integrate disparate data sources to better understand their customers and make every touchpoint an opportunity to earn loyalty and add value.

“With the help of APIs and API-led integration, brands can position for future innovation, create more meaningful relationships and earn customer trust.”

Although more than half of consumers (52%) says they have become more wary of sharing personal data over the past 12 months, 73% of 18-34 year olds – millennials and Generation Z – indicated that they would be willing to share their relevant personal information with partners and trusted third parties to receive a more personalised experience.

The report shows that across industries, consumers’ expectations continue to evolve, but getting the basics right is vital to maintain customer satisfaction and loyalty.

The top ‘disconnected’ reasons why consumers switch service providers

  • 80% of consumers say out-of-date or inaccurate data (e.g., inventory availability, delivery tracking information) would make them more likely to shop with an alternative retailer next time
  • For retail, customer loyalty depends on cost (72%), in-store customer experience (50%), the accuracy of inventory availability / real-time delivery information (42%), and consistent experience across in-store, online and mobile (37%)
  • 17% of people have switched or considered switching their bank in the last 12 months in order to receive a better digital experience

MuleSoft’s Anypoint Platform™ allows organisations to create composite applications that connect apps, data, and devices through API-led connectivity to form a flexible application network.

This global survey was commissioned by MuleSoft and independently carried out by Opinium Research.

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