FullStory Second Annual U.S. Digital Experience Survey Reveals Consumer Behavior Shifts Due To Inflation
Friday, June 24, 2022
Americans are more positive about their online experiences this year vs. last-but brands are vulnerable as frustrations and price sensitivity abound
ATLANTA, June 21, 2022 /PRNewswire/ -- FullStory, the leader in Digital Experience Intelligence (DXI), today released the results of its second annual Digital Experience Consumer Survey. The study finds that consumers, who shifted to digital in record numbers during the pandemic, are now transacting online less frequently and changing their behavior in a wide variety of ways in light of inflation.
Nearly two-thirds (64%) of Americans report that they have cut back on purchases, and a majority (51%) are researching online more carefully before they buy. Despite fewer digital interactions, frustrations remain prevalent. The majority of survey respondents (55%) have experienced a digital issue or glitch in the past six months, threatening sentiment and sales. Three in four consumers (75%) are likely to abandon a transaction when they experience a digital experience issue, highlighting the ability of a glitch or bug to quickly unravel hard-won brand preference and loyalty.
"Brands need to support consumers in making more considered purchases-and they have fewer chances to get it right today versus just a few months ago," said Kirsten Newbold-Knipp, CMO of FullStory. "With market dynamics in flux, digital experience success depends on paying close attention to actual consumer behavior in real time, questioning assumptions, and addressing the unknown unknowns in order to drive engagement and sales."
Consumer behavior shifts again in 2022
With in-store shopping and travel back in swing and inflation rising, consumer behavior this year looks much different than last.
-- 33% of consumers transact online at least once a day in 2022-a decline
of 8 percentage points from 2021.
-- In addition to researching more carefully online, consumers currently
use coupons and discount codes (42%) and switch to lower-priced or
discount brands (33%) to combat inflation.
-- Buy-Now-Pay-Later financing is the least popular tactic for combating
inflation, with only 13% of consumers opting for it.
Rage clicks and digital frustrations remain common and costly
The study finds that a variety of issues continue to plague the digital experience, compromising trust and sales.
-- More than 60% of Americans report that they have repeatedly clicked or
tapped (rage-clicked) in frustration on a site or app.
-- Nearly six in 10 (55%) are unlikely to return to a site or app after
experiencing a struggle or frustration.
-- The top issues that cause consumers to leave a site or app include: page
too slow to load (57%); broken links (47%); buttons don't work (38%);
broken forms (38%).
-- A majority of consumers (54%) said they trust a brand less after they
experience a digital issue.
Digital improves, but excellence elusive
While consumers report that industries have improved digital experiences this year over last, work is still required to move from mediocre to great experiences.
-- On a scale from one to five, consumers ranking experiences a three or
higher increased an average of 18 percentage points across industries.
-- However, consumers rating their experiences a five out of five increased
only four percentage points.
-- The top three industries with the most consumers rating their digital
experiences as excellent are banking (30%), healthcare (22%) and retail
(21%).
-- The bottom three industries when it comes to digital experience
excellence are quick-service restaurants/QSR (13%); airlines (15%) and
grocery (16%).
Retail is a bright spot
The study finds that when it comes to discretionary income, consumers are least likely to cut back on retail purchases.
-- With back to-school and early holiday shopping ahead, a full two out
three Americans (65%) state they plan to purchase the same or more at
retailers in the next three months.
-- While travel has been popular of late, the data suggests consumers may
curb spending here in coming months, as respondents cited hotels,
airlines, and sit-down dining as the top places where consumers are
cutting back instead.
-- Nine in 10 consumers (91%) rate their online retail experience three or
higher-the highest of all verticals surveyed.
FullStory conducted an online survey of more than 1,500 U.S. consumers in June 2022.
FullStory's Digital Experience Intelligence (DXI) platform enables businesses to continuously improve their digital customer experience across sites and apps. The platform proactively surfaces actionable insights from billions of data points, helping thousands of companies, including Fortune 100 companies and the world's most innovative consumer brands, make evidence-based digital improvements that reduce costs and reclaim revenue. The company is headquartered in Atlanta and privately held with backing from Permira, Kleiner Perkins, GV, Stripes, Dell Technologies Capital, Salesforce Ventures, and Glynn Capital. For more information, visit fullstory.com.
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SOURCE FullStory
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