Intelligent technologies and services designed
to anticipate consumer needs driving growth in new era of
‘hyper-relevance’, but digital trust remains an issue
U.S. consumers are locked in a vicious circle with brands over
customer experience, according to new research from Accenture
(NYSE:ACN). While 44 percent are frustrated when companies fail to
deliver relevant, personalized shopping experiences, nearly half
(49 percent) are concerned about personal data privacy as they
subscribe to intelligent services designed to understand and
anticipate their needs. Poor personalization and lack of trust cost
U.S. organizations $756 billion last year, as 41
percent of consumers switched companies. Without deeper
customer insight, companies cannot deliver the experiences they
crave.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20171205005263/en/
U.S. consumer digital trust deficit cost
companies $756 billion last year (Graphic: Business Wire)
The thirteenth annual Accenture Strategy Global Consumer Pulse
Research gauged the attitudes and expectations of more than 25,000
consumers around the world, including 2,000 U.S. consumers, about
their appetite for more intuitive, technology-driven brand
experiences. As organizations strive to become ‘living businesses’
– companies that are extraordinarily pre-emptive and responsive to
changing customer needs – the study revealed a significant digital
trust deficit that must be addressed before true customization can
be delivered.
“As technologies such as artificial intelligence, machine
learning and digital assistants become more sophisticated and
mainstream, companies are creating new touch points, offerings and
services that intelligently anticipate and flex to their customer’s
precise needs, offering a level of hyper-relevance not experienced
before. Those that succeed will hit a ‘sweet spot’ whereby U.S.
customers will be willing to share more personal insights into
their world in return for greater value and the confidence that
their data is protected,” said Robert Wollan, senior managing
director and Advanced Customer Strategy global lead at Accenture
Strategy.
Tweet: U.S. consumer digital #trust deficit
cost companies $756 billion last yearvia @AccentureStrat’s latest
#GCPR #CX
U.S. consumer appetite for hyper-relevant experiences
Forty-three percent of U.S. consumers are more likely to shop
with companies that always personalize experiences, as long as
their trust isn’t compromised. Nearly a third (31 percent) say they
would find great value in services that intuitively learn about
their needs over time to customize product, service or content
recommendations.
Nearly half (48 percent) of U.S. consumers would use
‘smart-reordering’ services where intelligent sensors in the home
pre-empt when a product, such as laundry detergent, is running low
and automatically re-orders it on their behalf. Another 36 percent
use digital assistants. While the vast majority (89 percent) are
satisfied with the experience, 40 percent say it can feel slightly
creepy when technology starts to correctly interpret and anticipate
their needs.
Digital trust deficit
Digital trust remains a critical barrier to enabling
hyper-relevant experiences. Expectedly, a clear majority (92
percent) of U.S. consumers say that it is extremely important that
companies protect the privacy of their personal information.
Another 79 percent say it is frustrating to realize that some
cannot be trusted to use it appropriately.
Forty-three percent of U.S. consumers fear intelligent new
services will come to know too much about them and their family.
Overall, 66 percent want companies to earn their trust by being
more open and transparent with how their information is being
used.
Building digital trust
“Digital trust will become increasingly challenging for
companies to achieve as they look to capture new categories of
customer data, such as biometric, geo-location and even genomic
data, in their drive for greater relevance. Customer concerns will
inevitably rise, so it’s critical that companies have strong data
security and privacy measures in place, they give customers full
control over their data, and are transparent with how they use it,”
said Kevin Quiring, managing director, Advanced Customer Strategy
North America lead, Accenture Strategy.
Hyper-relevance is the next wave of growth for companies
operating in consumer industries, but it cannot be achieved without
engendering digital trust. To pivot to hyper-relevance, companies
should consider:
- Giving customers full control over
their data – As customers demand greater control over how
companies use their personal information, organizations must become
more transparent. Customers must be given full access to, and
control over, their data which will demonstrate responsible
stewardship and ethics. Furthermore, they must ensure the
appropriate safeguards are in place to protect it.
- Creating new customer value –
Companies that distinguish themselves with hyper-relevant
experiences look beyond the traditional customer journey. They
prioritize areas where they can dynamically deliver something that
customers value, at the right moment every time.
- Investing in precise insights –
Hyper-relevant companies invest in predictive analytics,
collaborate with an ecosystem of partners to capture real-time
customer insight, and mine data in new ways to understand their
specific needs.
To find out more about the report, visit
www.accenture.com/GCPR-Hyper-Relevance. Join the conversation at
@AccentureStrat #GCPR #CX.
About the research
The thirteenth annual Accenture Strategy Global Consumer Pulse
Research (GCPR) surveyed more than 25,000 consumers from around the
world about their appetite for more intuitive brand experiences.
The survey included online responses from respondents in:
Argentina, Australia, Belgium, Brazil, Canada, China, Czech
Republic, Denmark, Finland, France, Germany, India, Indonesia,
Ireland, Italy, Japan, Malaysia, Mexico, Netherlands, Norway,
Philippines, Poland, Russia, Singapore, South Africa, South Korea,
Spain, Sweden, Thailand, Turkey, UAE, United Kingdom and the United
States. The survey was fielded in June – July 2017.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
425,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
Accenture Strategy operates at the intersection of business and
technology. We bring together our capabilities in business,
technology, operations and function strategy to help our clients
envision and execute industry-specific strategies that support
enterprise wide transformation. Our focus on issues related to
digital disruption, competitiveness, global operating models,
talent and leadership help drive both efficiencies and growth. For
more information, follow @AccentureStrat or visit
www.accenture.com/strategy.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171205005263/en/
AccentureLucy Davies, +44 777 3044
808Lucy.d.davies@accenture.com
Accenture (NYSE:ACN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Accenture (NYSE:ACN)
Historical Stock Chart
From Apr 2023 to Apr 2024