DX matters more during shifting market dynamics—here’s why
3 min read

DX matters more during shifting market dynamics—here’s why

The FullStory Team
Posted June 21, 2022

Digital interactions soared during the COVID-19 pandemic, making a perfect digital experience (DX) more important than ever. In fact, according to a FullStory survey from 2021, 8 in 10 consumers (81%) planned to increase or maintain their online usage, even when in-person activities resumed. 

But with the rise of inflation in recent months, consumer plans and behavior continue to shift.

Our second annual digital experience consumer survey revealed that while DX is getting better across the board, all industries have room to improve in the eyes of users. With consumers online less frequently and researching each purchase more diligently than ever, the margin for digital error is razor-thin. Brands have to act fast to eliminate digital frustrations and struggles. 

Here are key takeaways you can’t afford to miss as market dynamics continue to evolve.

1. Customer experiences vary widely by industry

Compared to the results in 2021, the way consumers perceive digital experiences has improved across the board in 2022, with banking and retail getting high marks from consumers. On the other end of the spectrum, the airline and QSR industries have improved their digital experiences, but work remains to keep digital customers satisfied and engaged. 

Key findings:

  • On a scale from one to five, the number of consumers ranking experiences a three or higher increased an average of nearly 20 percentage points across industries this year over last.

  • However, the number of consumers rating their experiences a five out of five increased only four percentage points.

  • Both banking and retail maintained good marks, with 65% and 60% of consumers respectively rating these digital experiences as excellent.

  • Conversely, only 39% of consumers rate airline DX as excellent, and only 41% feel QSR DX is excellent. 

2. Fewer digital interactions means little margin for error

Citing surging inflation, consumers are changing their purchase habits. Nearly two-thirds (64%) report they have cut back on purchases in the last 30 days, and 51% say that they’re researching more carefully online before they buy. 

These changes, combined with fewer digital interactions overall, makes each digital experience more important than ever. Brands need to support consumers in making more considered purchases–and they have fewer chances to get it right today versus just a few months ago.

Key findings:

  • 33% of consumers transact online at least once a day in 2022–a decline of 8 percentage points from 2021.

  • 42% of consumers currently use coupons and discount codes to combat inflation.

  • 33% are switching to lower-priced or discount brands.

3. Digital frustrations continue to be common–and costly

More than half (55%) of survey respondents have experienced a digital issue in the past three months–a threat to both sentiment and sales. 

Additionally, the study shows that rage clicks are common, with 60% of consumers reporting that they’ve repeatedly clicked or tapped in frustration on a site or app. The study also identifies multiple friction points in digital experiences. 

Key findings:

  • 75% are likely to abandon a transaction when they experience a digital experience issue.

  • 55% are unlikely to return.

  • 54% will trust a brand less, highlighting the ability of glitch or bug to quickly unravel hard-won brand preference and loyalty.

While it’s no shock that digital behavior and preferences are changing in light of inflation, there is no one-size-fits-all path to DX excellence.

Companies should support a wide variety of digital journeys, and with fewer chances to get it right, pay close attention to real consumer behavior—not assumptions. 

Curious how a Digital Experience Intelligence solution can increase conversion rates?

Request a demo or take a tour of FullStory.

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The FullStory TeamContributor

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Our team of digital experience intelligence experts shares tips and best practices.

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