New VoltDB Study Reveals Business and Psychological Impact of Waiting
Looking across generations and industries, 63 percent of consumers feel delays and lack of real-time experiences negatively impacts their relationship with a brand
BEDFORD, Mass., Oct. 11, 2017 /PRNewswire/ — VoltDB, the enterprise-class translytical database that powers business-critical applications, today announced the results of its Psychology of Waiting survey. The study crossed generations and industries to reveal that consumers are responsive to relevant real-time offers, but the consequences of untimely and irrelevant offers can be catastrophic to today’s organizations. To download the eBook summarizing the full results of the survey, please click here.
Expectations for Accurate Real-time Communications
Real-time offers are a staple of the ongoing digital transformation. According to an independent survey of more than 2,000 consumers, respondents receive an average of five real-time offers every day from sources such as online purchases, advertisements and gaming applications. However, most of these offers miss the mark, with consumers claiming that only 28 percent of real-time offers are relevant to them.
The need for accurate real-time communication transcends beyond marketing to operational areas, including transaction and usage monitoring in industries such as banking and telecommunications. Nearly three quarters (74 percent) of consumers expect their financial institution to catch a fraudulent transaction as soon as it occurs and 78 percent of mobile phone users have experienced ‘delayed dial rage’ when there is pause before outgoing calls are connected.
Business Impact of Real-time Data
Nearly two thirds (63 percent) of consumers feel that waiting for something that they expect to happen instantaneously negatively impacts their relationship with the brand responsible. When looking at the business impact across vertical markets:
- 61 percent of consumers will leave their bank if the bank fails to report a fraudulent charge before they do.
- 50 percent of consumers are less likely to play an online game again after receiving untimely or irrelevant offers.
- 51 percent of consumers say inaccuracies in real-time usage or network delays could cause them to change network providers.
The survey also revealed several generational differences in the impact of real-time communications and monitoring. For instance, baby boomers are least likely (41 percent) to leave a financial institution for not catching a fraudulent charge before they reported it, compared to the majority (76 percent) of millennials. In fact, only 33 percent of baby boomers have taken advantage of a real-time offer compared to 75 percent of millennials and 68 percent of generation Z.
“The study results highlight the undeniable fact that organizations continue to struggle with delivering real-time, personalized information, offers and visibility to their customers, and it’s having a negative impact on their brand,” said David Flower, president and CEO of VoltDB. “With data streaming into organizations at unprecedented speeds and from a myriad of directions, it is difficult to sift through the noise to deliver value when and where your customers need it and before they jump to a competing brand. With the right processes and tools, organizations can analyze and act on data simultaneously, ensuring that customers receive the right offer at the right moment.”
The study was conducted in the summer of 2017 by independent research company Vanson Bourne, which surveyed 2,000 adult consumers, split equally between males and females and across four generations.
VoltDB provides the only in-memory translytical database for applications that require an unprecedented combination of data scale, volume, and accuracy. Unlike other databases, including OLTP, Big Data, and NoSQL, only VoltDB supports all three modern application data requirements: VoltDB processes data points from millions of users and sources; ingests, analyzes, and acts on data in milliseconds; and data managed by VoltDB is accurate all the time, for all decisions. Organizations rely on VoltDB to modernize their applications. VoltDB was founded by a team of world-class database experts, including Dr. Michael Stonebraker, winner of the coveted ACM Turing award.