Consumers have always had expectations of companies, such as strong customer service and quality products, but consumer expectations have shifted and grown in recent years, reflecting the increased access to information through the internet and changing values. Today, consumers are more informed than ever, drastically impacting what they expect from the companies they use daily—from their banks to their grocery stores.
For businesses, understanding these expectations is crucial to success. It allows them to better serve their customers and nurture a strong, long-lasting customer relationship—especially if they can proactively meet them. Below, we’ll delve into how consumers approach purchases today and the shifts in modern consumer expectations to help businesses build a proactive plan for long-term success.
The Rise of the Informed Consumer
With search engines, social media, and other online tools at their fingertips, consumers have new approaches to conducting pre-purchase research, making them more empowered, discerning, and demanding of companies.
More than half of consumers (55%) turn to search engines to guide their decision-making. They use shopping comparison tools like Google Shopping to actively compare product specifications, watch demos, review photos, and evaluate company ethos before making a final decision. Younger generations are also increasingly making purchasing decisions via social media, with influencers and customer feedback guiding their decision process.
These online avenues of information collection shape the expectations of modern consumers, leading to a desire for more transparent information from any company they choose to purchase from.
Key Expectations of Modern Consumers
As consumers have more information at their disposal, they expect more from companies across a broad range of decision-making factors. These factors extend beyond product and service pricing, though pricing is still relevant. The expectations of modern consumers have grown to encompass everything from detailed product specifications and social proof to ethical and sustainable practices that align with their personal values. Here are six key qualities modern consumers expect from companies:
1. Transparent Pricing and Fair Value
Offering a fair price has always been an important part of the customer relationship, and online tools have made this more competitive. Consumers expect transparent pricing with no hidden fees so they can assess their options and decide what suits them best.
Additionally, nearly 30% of consumers globally visit price comparison sites before making a purchase; some will even look at competitor prices while they’re in a store to see if there’s a better deal elsewhere. Modern consumers are deal-savvy and willing to look elsewhere for a better price, meaning companies should offer fair pricing or additional value to justify their higher prices and retain customers.
2. Comprehensive Product Information
Consumers want as much information as possible about their options before making a purchase decision. Consumers have come to expect detailed information in multiple formats, including written descriptions, infographics, and videos, to understand a product’s capabilities and what it can do for them. Because consumers can compare options side by side, companies should display their product offers in a comprehensive, easy-to-digest way.
3. Social Proof and Reviews
Social proof is evidence that real people have tried and used a product or service and liked it. Marketers have long seen it as a powerful way for businesses to build trust while marketing their offers. Seeing evidence of social proof in the form of reviews, ratings, user-generated content, and influencer partnerships has become an expectation for consumers. They’ll turn to social media, Yelp, Trustpilot, and other platforms to assess a company’s reputation and offerings—whether it’s an e-commerce shop selling handmade goods, a brick-and-mortar retailer, or an online games with the highest payout rate for online slot games.
4. Convenience and Speed
From loading times to mobile-friendly designs, convenient online experiences are essential for consumers. More than half of consumers (56%) conduct their pre-purchase research on mobile devices and expect websites and apps to support this method. They also don’t want to spend significant time looking for information and answers to their questions, so websites must be easy to navigate and user-friendly.
Consumers also expect convenience and speed when it comes to customer service. They want simple and easy ways to contact a company about a concern or a question, even if that means interacting with an AI-driven chatbot. By making it easy for people to find additional support, consumers are more likely to engage with a company.
Convenience and speed extend beyond the online experience. Consumers want fast and affordable shipping for physical items. They also want to know the return process, including how easily they can return items.
5. Ethical and Sustainable Practices
Increasingly, consumers are becoming value-driven in their spending habits, with topics like fair labor and environmental sustainability as top priorities. They want to shop from companies that align with their ethical and sustainable values, and they expect transparency on these subjects with a company’s production processes and material sourcing clearly communicated. These values are in such high demand that eight in ten consumers are willing to pay up to 5% more for a product if it’s sustainably sourced.
6. Personalized Experiences
As consumers spend more time online, they’re also growing accustomed to having tailored experiences that align with their interests and needs. Ads are more specifically targeted than ever, and social media leverages AI to deliver curated feeds that appeal directly to each user. This has developed an expectation that companies provide personalized experiences that assist consumers in their shopping journey with tailored product recommendations, custom offers, and personalized communications. These personalized elements help consumers connect more deeply with a company’s offerings, leading to consumers feeling valued and understood.
Implications for Businesses
Businesses that prioritize these growing consumer expectations can significantly influence their well-being. They will need to prioritize shaping a comprehensive, personalized online presence, deliver quality offers that inspire satisfied customers to leave positive reviews, effectively monitor their online reputation, and maintain competitive and fair rates. They’ll want to proactively address these consumer expectations to remain relevant in a competitive landscape. Meeting these expectations will require time and effort, but the benefits are well worth the investment.
