LEHI, Utah, Dec. 14, 2023 /PRNewswire/ — In the 2024 Experience Strategy Trend Report, Stone Mantel asked over 3,200 customers and 200 experience strategists between 2021-2023 about how brands can create more value and cultivate brand loyalty. Here are key takeaways.
As time scarcity expands, demand for home-based services continues to increase.
Compared to pre-pandemic data, 54% of consumers say their shopping habits are different, with the majority shopping online more often. Post-pandemic, 68% of consumers say they prefer shopping online. 25% say they now buy online and pick up in the store.
Only 20% say they temporarily changed habits, and 16% say they shop online less and more in-store.
| Delivery speed & flexibility | Low prices | Product selection | Loyalty programs | Customization | |
| What mattersmost when shopping online | 85 % | 62 % | 46 % | 11 % | 5 % |
As customers demand more home-centric solutions, strategists must ask: Is this experience time well spent?
“People have many instantaneous options, but what no one has more of is time. The power of measuring Time Well Spent, compared to a metric like NPS that statically evaluates loyalty, is that you can focus on solution improvement, which leads to more valuable experiences,” Dave Norton, founder of Stone Mantel, says.
Customers want transparency from AI
Customers are becoming more comfortable and less anxious with AI but only when accompanied with transparency and smart solutions.
| Scan job postings | Monitor/ protect privacy | Pay bills | Schedule appointments | Order groceries | |
| Comfort | 36%(+9 pts 2021) | 44%(+17 pts 2021) | 40%(+11 pts 2021) | 39%(+11 pts 2021) | 38%(+11 pts 2021) |
| Anxiety | 29%(-2 pts 2021) | 22%(-12 pts 2021) | 28%(-7 pts 202) | 24%(-4 pts 2021) | 28%(-4 pts 2021) |
Compared to 2021, there is more concern but also more excitement towards AI as a personal assistant.
| Very concerned | Very excited | |
| 2023: Excitement toward AI as a personal assistant | 11% (+4 pts) | 15% (+7 pts) |
“For years, we’ve aimed to build frictionless experiences. As we’ve reduced the frustration of menial tasks, human memory has also decreased. Companies will now be expected to support recall in order to offer value,” Norton says.
Read the full 2024 Experience Strategy Trend Report here.
About Stone Mantel
Stone Mantel is a research-led consultancy focused on experience strategy and design. They help companies like Coca-Cola, Clayton Homes, and Truist Bank deliver on Time Well Spent. Visit stonemantel.co.
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SOURCE Stone Mantel