Introducing 'return on experience' – a consumer-centred metric
In PwC’s 10th annual Global Consumer Insights Survey (GCIS) we’ve captured the sentiments of over 21,000 online consumers in 27 territories. We found that consumers today are indeed the strongest link in the economic chain: they are in a position where they can demand a tailored, channel-agnostic, socially-conscious and social media-powered shopping experiences.
Introducing return on experience
Consumers are not only on the lookout for products or services anymore, but also on the experiences that they go through when purchasing them. That’s why companies should measure their return on experience, or ROX, to help them understand the return on investments that they made into the parts of the organisation which directly impact customer experience (CX) with the brand.
The Fourth Industrial Revolution is already having a massive impact on business and society, and it’s an area where business can make a real difference. Equipping people with the skills they’ll need and preparing future generations for the changing world of work is crucial, and it’s also a theme that resonated strongly with the CEOs that took part in our 22nd annual survey of business attitudes.
PwC's Global Consumer Insights survey found shared behavioural and attitudinal attributes among consumers across different industries. Integrating these characteristics with demographical data can help in creating a rich, detailed consumer profile.
Interested in shopping exclusively online across all product categories, mainly books, music, movies and video games.
Influenced by digital forms of advertising. Such as interactive social media.
Seek technology (VR/AR) and customisation to enrich in-store shopping experience.
Tend to be cashless consumers. Most are currently performing financial activities online and are more likely to trust an online financial adviser.
Early adopters. More likely to own smart home devices. Enthusiastic about future trends such as driverless cars.
Most likely shop exclusively online. More comfortable accessing healthcare using non-traditional channels.
Almost a third have carried out over four digital financial activities online.
Believe technology and virtual experience with products/services can enhance physical shopping experience.
Tend to be cashless consumers; half have made mobile payments. Open to investing in digital currencies.
Tend to track energy usage. Half are planning on purchasing smart home energy meter.
Don't use technology to shop. Favour traditional shopping and human contact in retail.
Over half don't shop exclusively online, prefer shopping for groceries in-store.
Not interested in smart technology: few own smart home devices and are not planning on purchasing them.
Value conventional touch-points with knowledgeable sales associates.
Less inclined to show interest in sustainability.
Will do their shopping exclusively online. Willing to access healthcare from non-traditional providers.
Likely to go grocery shopping in daily microtrips. Influenced by interactive forms of advertisements.
Pursue exclusive services and individualised offers in-store and technology to enhance their shopping experience.
Make shopping decisions guided by sustainability. Purchase brands that support sustainable practices.
A hybrid path to purchase; shopping online but paying in advance via mobile and placing personalised orders.
Expect ordering and payment to be quick and easy; more likely to be influenced by advertising while on the move.
Consume on-the-go- using smart wearableables or smartphones as shopping channels.
Expect convenient navigation in-store and quick and easy payment methods.
Own and use smart devices as a way of life.
Undertake digital financial activities regularly.
Either own or plan to own the latest smart devices and usually shop using this technology.
Mostly shop online for retail and entertainment products and services. More likely to invest in bitcoin currencies.
Usually take sustainability into consideration when making a purchase.