Retailers need to ensure their digital communications make customers happy, according to a new survey from Broadridge Financial Solutions.
The survey of 3,004 consumers in the U.S. and Canada shows that more than one-third (35%) of respondents say the companies they patronize need to improve communication experiences. Twenty-five percent of all respondents, and 35% of surveyed Millennials, have stopped doing business with a company specifically due to poorly personalized communications.
The survey also specifically examined consumer attitudes toward communication experiences involving statements and bills. One in five consumers has purchased a new product or service because they received a message in a bill or statement.
In addition, 69% of consumers are likely to convert to paperless billing if providers make digital experiences more engaging. Most consumers (62%) have converted at least one bill or statement to paperless delivery within the last year, with Millennials and households with children leading the migration. And if a company's mobile device experience is poor, more than half (57%) of respondents said they would be less likely to go paperless. More than one-third (36%) of consumers want to view all bills and statements in one digital location.
However, 50% of consumers say that printed bills and statements are important or vital to them, and one-third (34%) believe that print will maintain this importance to them over the next five years. If companies ceased mail communications and completely converted customers to digital channels, this would upset or annoy 49% of Baby Boomers and 38% of Millennials.
The survey also found that Millennials prefer to receive payment reminders via text, email or mobile app notifications. In the next wave of digital communications, consumers would be interested in customizing the layout of their bills and statements themselves, incorporating touch ID and facial recognition into mobile experiences, leveraging AI in customer service to get more immediate responses to simple questions, and adding personalized informational videos in digital communications.