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The Digital Life Index

 

People Demand Seamless Experiences

The winners in the next digital economy will be the ones that build the digital business experiences.

 

The Digital Life Index is an ongoing global research initiative designed to help business leaders make people-first decisions to anchor their digital strategies.

 

The ability to quickly and effectively bank, shop and visit a doctor with the click of a button has radically shifted people’s preferences for how they spend their time and money.

 

As a result, there’s huge upside for brands that deliver convenience, ease and connectivity—in other words, experiences that are seamless—and huge downside for those that don’t.

 

The State of Digital

 

In markets around the globe, the diversity of digital experiences that consumers engage with has grown tremendously.

 

Digital interfaces are now overwhelmingly preferred to in-person interactions, especially when managing things like finances or travel reservations.1

 

And not only are people shopping online more than ever—they expect to do so even more in the future.2

 

However, consumers remain conscious about how and where they spend their money. Economic outlooks are cautious as people continue to navigate pandemic uncertainties.

 

The Need to Be Seemless

 

People aren’t just looking for a great deal. They’re increasingly prioritizing seamlessness—high-quality experiences that are connected, easy-to-use and convenient.3

 

In fact, it’s clear that the only brands that will thrive in the next digital economy will be the ones that build seamless experiences. To see why, let’s explore what consumer behaviors will look like in the future.

 

At first, consumers in developing countries and Gen Z’ers worldwide may seem like unrelated cohorts. What unites them is that they’ve developed digital recently ● and rapidly, leading the pack in smartphone usage.

 

It turns out that being digital first is an excellent indicator of one’s consumer preferences. These two cohorts are strikingly similar in their preference for experiences that are convenient, easy-to-use and connected, such as digital-only banking.

 

As more of the world’s consumers become digital first, their preferences will dictate which brands win and which ones lose. Building quality customer experiences that provide value and meet consumer needs will be key to brands’ survival in the economy of the future.

 

What Makes a Quality Customer Experience?

 

Individual industries provide compelling case studies on what makes for a great digital experience versus what doesn’t.

 

The industries that scored lowest on satisfaction, including Real Estate ●, Transportation ●, and Energy and Utilities ●, also had the lowest levels of adoption, suggesting that investments in seamless experiences need more work.4

 

Meanwhile, consumers are most satisfied with the quality of digital experiences delivered by Financial Services ● and we measure correspondingly high levels of adoption with those experiences.

 

So, what is Financial Services getting right? And what can others learn from their success?

 

Many of the experiences Financial Services firms have created are easy and accessible. As a result of this seamlessness, people are generally satisfied with the quality of Financial Services experiences.

 

By contrast, let’s look at the Telehealth industry. The COVID-19 pandemic prompted more people to try telehealth for the first time, and many patients remain open to using it.

 

But one thing that’s missing are tools that connect the entire patient journey, whether users are at the doctor’s office, at home or on the go. While people are satisfied with the experiences they have now, telehealth providers can offer even more connected services.5

 

The same can be said for most industries. The good news is people are open to digital experiences that make their interactions more seamless. But that means that it’s now on brands to deliver.

 

How to Win in the Next Digital Economy

 

Our advice: Focus on the customer.People want to use online channels and prefer them over in-person interactions. But slow, confusing or hard-to-navigate experiences leave consumers dissatisfied.

 

There’s room to grow even in an industry like Financial Services. Although most people prefer to bank online, a majority of consumers still want to speak to their financial adviser in person, meaning that it’s still not easy and effective to do this online.6

 

Retailers face a similar issue. People like to discover new brands online, but they’re less satisfied when managing returns, resolving customer service issues and trying on or trying out products digitally.7

 

It’s not about online versus offline—brands need to envision elevated experiences that seamlessly integrate every touchpoint.

 

The winners in the new digital economy will be the ones who can get customers what they want, when they want it, in a way that connects the entire customer journey.

 

The future is seamless, and it’s starting right now.

 

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MethodologyData were collected through an online survey sent to 9,300 people in 12 global regions, including the United States, Canada, the United Kingdom, Germany, France, Sweden, Denmark, Singapore, Thailand, Hong Kong, Australia and the United Arab Emirates. The survey was fielded in June 2021.

 

Footnotes

1 For the activities you mentioned doing online, what is your preferred method for completing it?

2 For the activities you mentioned doing online, what is your preferred method for completing it?

3 In the past year, about how often have you shopped online?

4 Think about the different brands and companies you have interacted with online and the industries they fall under. Please rate your digital interactions with these industries online (websites, apps, etc.) on a scale from 1-10. (Calculated net promoter score)

5 What types of services would you like your provider to offer to improve the telehealth experience? (multiple response)

6 Think about the different ways people interact with their bank. Which of the following do you prefer to do online or at a physical location?

7 When it comes to shopping, how satisfied are you with your ability to do the following online currently?