The Psychology of Waiting: The Business Impact of Diminishing Consumer Patience
EXECUTIVE SUMMARY
People don’t just buy products or services, they buy experiences. Everything bought and sold in today’s digital world of instant access and same-day delivery requires an increasing amount of speed, relevancy and timeliness to cut through the noise of options and gain consumer loyalty. In essence, real-time is now critical for successful customer experiences.
Real-time requires data — lots of it — to assess and deliver the optimal experience that will encourage an individual to
make a purchase or come back to a brand. We know that deliver- ing real-time services and experiences is complicated on the business side, but how significant is it in the eyes of consumers?
This independent study, conducted by research firm Vanson Bourne and sponsored by VoltDB, assesses the business impact of real-time experiences. The data dives into the amount of time consumers are willing to wait for certain actions that are dependent on accurate and consistent real-time analysis. The survey also looked at our psychological need for immediacy across generations and specific services like gaming, financial services, digital advertising and telecommunications, as well as how we react when tasks take longer than we anticipate.
The findings were clear. Immediacy, accuracy and relevancy are crucial and already expected in the eyes of consumers, and the results of not delivering on that expectation will cost brands their customer base.
2,000 adult consumers in the United States were interviewed in July and August, 2017. Respondents were 50 percent male and 50 percent female.
Download ebook as PDF: ebook-Psychology-of-Waiting-VoltDB-Oct2017
Sponsored by VoltDB