When it came to earning trust, consumers said that protecting their data and information was most important (63 percent). Although Millennials were the generation least concerned about data protection, it still ranked high as a priority for earning their trust (cited by 56 percent of Millennials, 66 percent of Gen Xers and 71 percent of Baby Boomers).
Negura notes: “While most companies are of course making a concerted effort to protect their customers’ personal information, frequent media reports on data breaches around the world continue to make consumers anxious and keep the issue in their minds.”
Keeping consumers loyal
Excellent customer support was the number one loyalty-earning attribute, cited by 65 percent of the respondents. The second-most successful loyalty strategy was providing exclusive promotions and offers (cited by 45 percent), followed by loyalty or membership programs (37 percent). These top three loyalty drivers were consistently effective across all generations, with Baby Boomers placing a higher importance on customer support (74 percent) than Gen Xers (66 percent) or Millennials (59 percent).
Taking a deeper look at the differences by generation, younger consumers tend to be more loyal to companies that offer personalized interactions (customized promotions, anticipation of needs, having a sense of community, one-on-one engagement in social media, online games and other interactive experiences, as well as concierge services).
“The more traditional attributes like excellent consumer support, loyalty offers and membership programs will remain important for all companies to consider as part of their mix. The challenge will be for companies to find ways to also offer more personalized services to satisfy Millennials who, in 10 years, will be the mainstream consumer. One-on-one engagement will become an expectation for the majority of the market,” adds Bumbacea.
Rise of sharing feedback online
Overall, 31 percent of the consumers responding to the KPMG survey said they shared a product review online. The Millennials were the most likely to post a review (34 percent) followed by Gen Xers (29 percent) and Baby boomers (28 percent). Furthermore, nearly all (92 percent) reported reviews were positive.
Kruh observes, “The growing trend for consumers to post positive reviews is driven by factors including the rise of social media, where consumers subtly compete with their peers by publicly sharing their latest purchases and experiences, the rise of bloggers, whose business models are based on providing product reviews that drive affiliate clicks, and sellers, who proactively solicit ratings from happy customers.”
Consumers responding to the survey said they were most likely to post feedback directly to sellers’ websites (47 percent) followed by posts on Facebook (31 percent) then on a manufacturer’s or the brands’ websites (18 percent). This was consistent across all age groups, with Millennials also frequently posting on WhatsApp, Instagram and Twitter.
“The implication for companies is that user-generated reviews are being posted on sites that are increasingly out of their sphere of control or influence. Companies need to integrate these social media sites into their marketing and customer strategy,” Kruh concludes.
About the KPMG International survey “The truth about online consumers”
KPMG International commissioned Intuit Research to conduct a survey of global online shoppers about their purchase behavior, purchase drivers, and perceptions and attitudes towards online shopping.
The sample consisted of consumers aged 15 to 70 years old that made at least one online purchase in the past 12 months and who were within the top 65 percent of income earners in their country.
The survey was conducted using an online questionnaire. A total of 18,430 qualified responses were received from 51 different countries. Within each country, the sample was weighted to the same age distribution to ensure that country comparisons showed behavioral differences rather than those caused by differences in demographic make-up of the population surveyed in each country.
The full report can be found at http://www.kpmg.com/onlineconsumers