New York — Consumers that have frustrating shopping experiences are three times more likely than satisfied shoppers to never buy from the retailer or brand again, according to Accenture PLC, which notes companies that consistently exceed consumers expectations can increase revenues by charging a premium for the experiences.
While 47 percent of shoppers say they would avoid a certain brand or retailer after a frustrating experience, the same percentage report a willingness to pay more for an experience that exceeds their expectations every time, according to Accenture. Further, frustrated consumers are almost twice as likely to say they would pay more for experiences that surpass their expectations.
“Despite digital technologies fueling an explosion in opportunities to engage and interact with consumers throughout their browsing and shopping experience, many retailers and brands still struggle to deliver a seamless experience across the integrated marketplace,” says Laura Gurski, senior managing director and head of Accenture’s consumer goods and services practice. “Meeting or exceeding expectations calls for a complete rethink, all the way from developing new concepts through manufacturing to the store shelf and beyond. And with so many consumers willing to pay more for an experience that exceeds expectations, there’s a potential pot of gold for those that get it right.”