Adobe has announced the findings of a study involving over 5,000 Asia-Pacific consumers and 900 business leaders, which reveals a strong correlation between brand trust and consumer behaviour. Sixty-six per cent of APAC consumers say they will cease purchasing from brands that violate their faith, while forty per cent intend to spend at least $1,000 more annually with trusted brands. Forty-eight per cent of Indian consumers say they will spend more than $1,000 on reputable brands, more than their counterparts in South East Asia (29 per cent), Australia (14 per cent), and New Zealand (11 per cent) (8 per cent).
When asked whether digital or in-person experiences are more important for fostering trust, slightly more than one-third of APAC consumers (35 per cent) favoured digital experiences over in-person ones (23 per cent). Compared to other APAC regions, India has the highest proportion of consumers (47 per cent) who prefer digital over in-person experiences.
Despite the importance of establishing consumer trust, 87 per cent of the APAC business leaders surveyed in the report believe it has become more challenging since the pandemic outbreak.
“In today’s digital economy, trust is a non-negotiable driver of brand growth,” said Prativa Mohapatra, Vice President and Managing Director of Adobe India.
“As consumer preferences and expectations have evolved, brands have become increasingly aware that every interaction has the potential to earn or lose customer trust and loyalty.” Personal customer experience inspires trust; therefore, brands must respect and protect customer data and use it judiciously to deliver relevant and individualized customer experiences.
Bridging the gap in data trust
The use of personal data by brands is a significant source of mistrust among APAC consumers. Eighty-five per cent of consumers are concerned about using their personal information, and nearly half are “very concerned.” Only 38% of consumers believe that the benefits of providing their data to companies outweigh the risks, with 50% of Indian consumers agreeing with this statement.
In addition, most APAC consumers say they will stop purchasing from brands if data governance failures occur. This includes 68 per cent who would stop buying from a company that used their information without permission and 67 per cent who would do the same if their data was compromised. Over sixty per cent of Indians said they would stop purchasing from a brand if it fails to provide the personalized experiences they value.
Despite this clear message from consumers, 95 per cent of APAC business leaders believe consumers trust them to keep their data secure and use it responsibly, and 76 per cent believe the benefits of collecting customer data outweigh the risks.
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