With a difficult economy it’s easy to assume that customers only care about price. They don’t. In fact if shoppers think that the price is too low they get concerned that there must be a catch. Either the quality or the customer service is likely to be poor, or even worse – both. Therefore customers are willing to pay a premium price to reduce their risk, a bit like an insurance policy, and also get an improved customer experience.
Australia and UK
This trend is not a just in one country. Look at the numbers in 6 major countries from a suvey by SDL. Overall willingness to pay more for a positive customer experience stood at 60% in 2013 and increased by 10% in 2014 to 66%. The biggest year on year increase was in UK at 30% and 16% in Australia.
Retailers in those two countries need to ensure that every aspect of a shoppers’ customer experience is as positive as possible.