KPMG explores behaviour and choices of customer in latest report

04 Dec,2018

By A Correspondent

 

KPMG International has launched the second edition of ‘Me, my life, my wallet’, that continues its exploration of the multidimensional  customer — what’s truly driving behaviour and choices — and how this is set to change as the customer of tomorrow emerges. This year’s edition is based on ethnographic interviews and an online survey, conducted during 2018, by GLG and Foresight Factory on behalf of KPMG International. The survey included nearly 25,000 consumers across Brazil, Canada, China, France, India, the UAE, the UK and the US.

 

The research explores six key themes of critical importance to organizations and institutions around the world, namely; trust, data, wealth and retirement, generational surfing, the customer of the future and the B2B customer. It also provides an in-depth look at STEP (Social, Technological, Economic and Political) events influencing consumers and highlights emerging patterns of behaviour around the world.

 

“The Indian consumer is difficult to understand, and as the online revolution progresses beyond the big cities and starts gaining momentum in the country’s heartland, they are getting more complicated still. The rewards for companies who take time to learn, though, are substantial,” noted Arun M Kumar, Chairman and CEO, KPMG in India.

 

A few interesting highlights for India include:

:: India, consumers trust technology companies (75 per cent), wealth management companies (62per cent), power & utility firms (62per cent), banking (75per cent) the most. The least trusted entity is the government at 51per cent, a high figure compared to the global average (37per cent).

:: 87per cent would trade their personal data to a company for:

o better customer experience and personalization – 26per cent

o better products and services – 24per cent

o better security – 21per cent

:: 58per cent will most likely view brands on social media that “offer deals or discounts”

:: 55per cent would rather lose their wallet than their phone

:: Globally, 66per cent of consumers are interested or very interested in technology – this leaps in the fast-growing economies of China (81per cent), and India (83per cent)

:: Globally, 38per cent of consumers are anxious about unauthorized tracking of their online habits by companies, governments, and criminals; 47per cent in India

:: Globally, 51per cent of consumers are anxious about identity theft; 52per cent in India

:: Globally, almost a quarter (24 per cent) of consumers say they would not trade their data, this falls to 13per cent in India

:: Consumers in India are more trusting with their data than consumers in other markets. Globally, 37per cent of consumers don’t trust anyone with their social media data, in India 13per cent. Globally, 31per cent of consumers don’t trust anyone with their mobile data, in India 10per cent.

 

Added Harsha Razdan, Partner and Head, Consumer Markets, KPMG India: “Consumers are anxious, with younger generations feeling it the most. They like new technology but are concerned about handing over personal data, and what that could mean for their privacy and security. Our research demonstrates that organizations should be aware of the heightened awareness people have about the value of their data; they want to feel that they are in control at every stage of the business relationship. Many companies haven’t yet fully grasped the concerns consumers have about sharing their data, or how this could affect consumer loyalty. Yet more and more businesses are looking to monetize the data they hold – whether that’s what we put in our shopping basket, how many times a week we exercise, or what we choose to watch. Consumers are more aware of the value of their data, and businesses need to be responding to this new, tech-driven, data-savvy type of customer.”

 

 

Post a Comment 

Comments are closed.

Videos