In its latest survey on consumer behaviour, Adobe which conducted a study with more than 5,000 Asia Pacific consumers and 900 senior business leaders found a strong correlation between brand trust and consumer behaviour.
Among the consumers, 66% say they will stop purchasing from brands that break their trust, while a majority plan to spend at least A$700 (RM2,000+) more each year with trusted brands – including 40% who intend to spend an additional A$1,400 (RM4,000+) or more per annum.
When asked whether they consider digital or in-person experiences to be more important in driving trust, more than a third of consumers (35%) favoured digital experiences. This compares to 23% who say that in-person experiences are more important as trust enablers, and 43% that say that both are equally important.
“The importance of digital experiences to a trust exchange has come into sharper focus, and the stakes are high. Done right, many consumers will reward brands with loyalty and spend,” says Simon Tate, President, Asia Pacific, Adobe. “When trust is broken, most consumers will walk away permanently.”
Despite the importance of building trust with consumers, the senior business leaders interviewed by Adobe suggest that earning trust is increasingly tricky, with almost nine in ten (87%) saying that it has become harder since the onset of the pandemic.
“APAC consumers’ experiences over the past two years and rise of the digital economy are combining to shift the fundamental drivers of brand trust. More than ever, trust relies on brands’ ability to make a positive impact, use data responsibly and deliver digital experiences on customers’ terms,” says Tate.
Bridging the data trust gap
Brands’ use of personal data is a key driver of mistrust among APAC consumers. The research reveals that 85% are concerned with how their data is being used, and almost half are ‘very concerned. Only 38% of consumers believe the benefits of providing their data to companies are greater than the risks.
The majority of consumers also say they’ll stop purchasing from brands if they experience data governance failures. This includes 68% who would stop purchasing from a company that used their data without permission and 67% who would do the same if they experienced a data breach.
Despite this clear message from consumers, 95% of APAC leaders believe consumers trust them to keep their data safe and use it responsibly, and 76% say the benefits customers receive from companies collecting their data outweigh the risks.
The role of technology in engendering trust
APAC consumers outline a number of factors that can both increase and decrease their trust in brands and enhance the digital experience, with technology playing a prominent role. Almost three in four (72%) say their trust in brands increases when technology is used to personalise their experience, far higher than the global average of 56%. However, a similar proportion (74%) say poor personalisation erodes trust, with top examples including ‘contacting me in a creepy way’ and sending irrelevant ads or offers.