In the second edition of 'Me, my life, my wallet,' KPMG continued its exploration of the multidimensional customer - what's truly driving behaviour and choices - and how this is set to change as the customer of tomorrow emerges. The report is built on the first edition's unique and multilayered research methodology developed by KPMG Innovation Labs, with an even more ambitious research endeavour drawing on new insights from across the KPMG network.
This year's edition is based on ethnographic interviews and an online survey, conducted during 2018, by GLG and Foresight Factory on behalf of KPMG International for 'Me, my life, my wallet'. The survey included nearly 25,000 consumers across Brazil, Canada, China, France, India, the UAE, the UK, and the US.
The research explores six key themes of critical importance to organisations and institutions around the world, namely - trust, data, wealth and retirement, generational surfing, the customer of the future, and the B2B customer. It also provides an in-depth look at STEP (Social, Technological, Economic and Political) events influencing consumers of today, tomorrow and highlights emerging patterns of behaviour around the world.
Commenting on the report, Arun M. Kumar, chairman and CEO, KPMG India, says, "The Indian consumer is difficult to understand and as the online revolution progresses beyond the big cities and starts gaining momentum in the country's heartland, they are getting more complicated still. The rewards for companies, who take time to learn, are substantial."
• In India, consumers trust technology companies (75 per cent), wealth management companies (62 per cent), power & utility firms (62 per cent), banking (75 per cent) the most. The least trusted entity is the government at 51 per cent, a high figure compared to the global average (37 per cent).
• 87 per cent would trade their personal data to a company for:
better customer experience and personalisation - 26 per cent
better products and services - 24 per cent
better security - 21 per cent
• 58 per cent will most likely view brands on social media that "offer deals or discounts"
• 55 per cent would rather lose their wallet than their phone
• Globally, 66 per cent of consumers are interested or very interested in technology - this leaps in the fast-growing economies of China (81 per cent ) and India (83 per cent )
• Globally, 38 per cent of consumers are anxious about unauthorised tracking of their online habits by companies, governments and criminals; 47per cent in India
• Globally, 51 per cent of consumers are anxious about identity theft; 52 per cent in India
• Globally, almost a quarter (24 per cent ) of consumers say they would not trade their data, this falls to 13 per cent in India
• Consumers in India are more trusting with their data than consumers in other markets. Globally, 37 per cent of consumers don't trust anyone with their social media data, in India, it's 13 per cent.
• Globally, 31 per cent of consumers don't trust anyone with their mobile data, in India 10 per cent.
Harsha Razdan, partner and head, consumer markets, KPMG in India, says, "Consumers are anxious, with younger generations feeling it the most. They like new technology but are concerned about handing over personal data and what that could mean for their privacy and security. Our research demonstrates that organisations should be aware of the heightened awareness people have about the value of their data; they want to feel that they are in control at every stage of the business relationship."
Razdan adds, "Many companies haven't yet fully grasped the concerns consumers have about sharing their data or how this could affect consumer loyalty. Yet more and more businesses are looking to monetise the data they hold - whether that's what we put in our shopping basket, how many times a week we exercise or what we choose to watch. Consumers are more aware of the value of their data, and businesses need to be responding to this new, tech-driven, data-savvy type of customer."
According to Abhijeet Ranade, partner and head of customer and channels, Management Consulting, KPMG in India, "With digital services moving from the big cities into India's heartland, the type of growth that we will witness will change. The consumer in a second-tier city will be very different to the one in Mumbai and the rural consumer is different again. This makes the Indian market more complex."
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