In a time of budget cuts, research from FullStory reveals the strong link between digital experiences and business profitability
Despite the cost-of-living crisis, over half of UK consumers (59%) would be willing to pay more for a product of service if it guaranteed a positive digital experience. That’s according to new research from FullStory, the leader in Digital Experience Intelligence (DXI).
The research examines the link between digital experiences (DX) and profitability, incorporating data from over 7,000 consumers across multiple industries in the UK, USA, Germany, The Netherlands, Australia, Singapore, and Indonesia.
Of those who would pay extra, almost a third (29%) will pay up to +5% more as a result of a great DX. A fifth of consumers (21%) will pay up to +15% more, while one in ten will spend a massive +25% more if they receive a good digital experience.
UK consumers were also more likely to pay extra to ensure great digital experiences than those in Germany, America or the Netherlands.
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The research also highlights what consumers consider to be a great experience, with the top factors including:
– Being able to quickly accomplish what they came to do (77%)
– Having personal information remain private and secure (68%)
– Receiving a regularly evolving and improving experience (47%)
– Receiving a personalised experienced tailored to their needs (38%)
In times of economic crisis and budget reductions, this data shows a strong link between a business’s investment in great experiences and its customers’ willingness to spend.
As Andrew Fairbank, FullStory’s Vice President of EMEA comments, “In today’s digital world, customers are so compelled by great online experiences that they’re even willing to spend more on goods and services to ensure them.
“This should act as a reminder to brands that great digital experiences are not just a nice-to-have; they’re a vital part of a business’s bottom line. That’s why it’s essential that, despite the economic turmoil, businesses continue to invest in building and improving their online experiences – because you can’t have a beloved brand without it.
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“To achieve this, brands not only need to find and fix negative UX issues, they also need insight into what a great experience looks like for their customers. Frustration signals like ‘rage clicks’ are a great way to see where experiences are suffering, while conversion impact analytics can show businesses exactly how much these bad experiences are costing them in terms of revenue.”
FullStory’s digital experience intelligence 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 London and privately held with backing from Permira, Kleiner Perkins, GV (formerly Google Ventures), Stripes, Dell Technologies Capital, and Salesforce Ventures.
