Digital experience is a key priority for the post-Covid consumer
Article by Sisca Margaretta, Chief Marketing Officer, EMEA & APAC, Experian
After years of no travel, eating in, and saving money while borders remained closed, many people are ready to ‘revenge spend’. It’s no secret that today’s consumers have increased their online spending and with a surge in online transactions across the Asia Pacific since the start of the pandemic – but they also expect more when it comes to their digital experiences.
As consumers spend more time online, there is a rising gap between consumer expectations and the digital experience businesses can offer. For example, Experian’s latest research found only 1 in 5 Singaporean consumers feel that businesses have completely met their expectations for digital experiences.
This is a clear sign that businesses need to double down to offer more secure and seamless experiences that meet the level of service today’s digital-savvy consumers expect.
The call for convenient digital services is on the rise
Consumers want fast, frictionless, and convenient online services – and they will not hesitate to veer away from brands unable to provide this. Experian’s data found less than one-third of consumers surveyed across Australia, China, India, Indonesia, Malaysia, and Singapore are only willing to wait up to 30 seconds before abandoning online transactions.
Convenience is king for modern digital consumers, as seen in the latest trends of online behavior. The increased use of embedded payments is one example, as mobile wallets have now overtaken credit cards as the most-used payment method in several key APAC markets such as China, India, Indonesia, and Malaysia. This is likely due to the ‘one-click’ experience these payment modes offer and their integration with various services and apps.
81% of global consumers surveyed by Experian say a positive online experience makes them think more highly of the brand, so offering a seamless digital experience is more important than ever.
Security and privacy are key concerns
Digital consumers are not only more engaged online, but they’re also more clued in when it comes to online safety. Experian’s research found consumers surveyed in the six APAC markets are now more concerned than ever about their online activities in the last 12 months – with some of the biggest concerns including their identity theft and credit card information being stolen.
Security and privacy are the top priorities for online experience amongst APAC consumers, and almost 80% expect businesses to take the necessary steps to protect them online. Many are also willing to share their personal data with businesses in exchange for better and more secure services.
Businesses must tap on technology to meet expectations of digital experience
It has become crucial for businesses to address specific consumers’ needs and expectations to stay competitive. There is a growing demand for better, more integrated platforms and touchpoints that help consumers save time, increase convenience, and maximize security in their online experiences and transactions.
To keep up, businesses need to build better automated platforms and solutions that are not only intuitive but can also be personalized and adapted to all kinds of customer scenarios. Tapping on technology is crucial to help them address different consumer needs and be able to realize them in an increasingly competitive online landscape.
The pandemic may have catalyzed the adoption of digital technologies for several years – and these changes are here for the long haul. As consumers continue to embrace online interactions, with 53% expecting to increase their online activity in the next few months, creating a seamless, integrated, and secure digital experience should be a top priority for businesses that want to stand out in a digital era.
The views in this article is that of the author and may not necessarily reflect the views of Tech Wire Asia.
- Can cross-border drone deliveries between Malaysia and Singapore work?
- Maxis and Huawei set a new benchmark with 5.5G trial in Malaysia and Southeast Asia
- Five ways a comprehensive Business Spend Management platform can unlock growth for your business
- Law enforcement strikes back with rewards: the fall of a major cybercrime syndicate, LockBit
- Google Gemma: An open source AI model for everyone?