Singapore firms lost $19b last year as customers switched companies

Customers seek companies that give personal data privacy or personalised shopping.

Poor personalisation and lack of trust cost companies about $19b last year, as 45% of consumers switched companies, Accenture revealed.

According to the annual Accenture Strategy Global Consumer Pulse Research, over half or 53% of Singaporean consumers are frustrated over companies due to concerns on personal data privacy.

About 48% are also frustrated when companies fail to deliver relevant, personalised shopping experiences.

"Without deeper customer insight, companies cannot deliver the experiences they crave," Accenture said.

Meanwhile, 42% said they are more likely to shop with companies that always personalise experiences, as long as their trust isn’t compromised. About 46% said they would find great value in services that intuitively learn about their needs over time to customise product, service or content recommendations.

A majority or 81% would use "smart-reordering" services where intelligent sensors in the home preempt when a product, such as a laundry detergent, is running low and automatically reorders it on their behalf.

Another 54% use digital assistants today. Whilst 81% are satisfied with the experience, 47% say it can feel slightly creepy when technology starts to correctly interpret and anticipate their needs.

"Digital trust remains a critical barrier to enabling hyper-relevant experiences," Accenture added.

Expectedly, 85% said that it is extremely important that companies protect the privacy of their personal information. Another 72% said it is frustrating to realise that some cannot be trusted to use it appropriately.

Half of Singapore consumers fear intelligent new services will come to know too much about them and their family. Overall, 61% companies to earn their trust by being more open and transparent with how their information is being used.