Consumers' Online Activity Still High, but Loyalty Waning: Report
Businesses had a 25% increase in online activity since the beginning of the COVID-19 pandemic, a level that's holding steady, said Experian Tuesday. “The increase in digital activity has remained persistent, and consumers are staying online even with the return…
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of physical shopping and banking,” said Steve Wagner, Experian’s global managing director-decision analytics. Consumer loyalty is weakening, with 61% of consumers staying with the same online service provider they used before the pandemic, down 6% from a year ago, which could cause revenue loss, Wagner said. Businesses have to find ways to improve digital engagement and customer acquisition, he said. Experian data shows 90% of companies are investing in business automation, 76% are improving analytics models and 65% plan to allocate more to fraud budgets.