We live in a rapidly changing world and in a time when technology enables us to work and live faster than ever. Although it may seem like it has been this way for a long time, just ten years ago, things were much calmer. It is no surprise that customer expectations—and consequently their purchasing experience—have changed significantly during this time.

The buying process ten years ago was quite different from what it is today. Consumers made purchasing decisions based on available information: news, reviews, advertisements, and direct mail. We were more loyal to brands because switching providers was generally too demanding and time-consuming.

The power of the internet and the constant technological development we are witnessing have allowed us to transform the buying process over the last decade. We research products and services differently before buying, we think differently, and we purchase differently. Consumers are armed with infinite information accessible anytime, anywhere. Today, we, the customers, hold the power. If a company doesn't meet our expectations, another provider is often just one click, phone call, or visit away.

Let's look at three areas where the change in customer experience has been the greatest over the last decade.

1. An Always-Accessible, Infinite Source of Information

Today, before making a purchase, a customer has infinite information at their disposal regarding the products or services they need. They draw information from the web—from home or anywhere via mobile phone. They don't just check your website, but also social media; they look for other customers' experiences or ask you questions via various communication channels. Finally, they also gather information when visiting your company or branch.

All these channels can be an opportunity for you, as there are countless ways to establish contact with the customer and offer your products or services. On the other hand, your customers also have many avenues to express their satisfaction or dissatisfaction. And their experience has a very large reach and high credibility in the eyes of other customers.

2. Excellent Customer Experience Has Become the Biggest Competitive Advantage

Competition is fierce, which presents the biggest problem for generic products or services. In this environment, it is even more important for the customer to have an excellent shopping experience. This is what will differentiate you from the competition. When evaluating factors influencing the purchase decision, customers rank the shopping experience increasingly higher—even above brand reputation and the price of the product or service itself.

"Just" a good shopping experience is often no longer enough. The customer expects you to value them and consistently care for their needs at every step of their purchasing journey.

3. Switching Providers Is Becoming Increasingly Easy

A customer whose experience does not meet their expectations can quickly and easily switch providers. This applies not only to products, where a provider can often be replaced from the comfort of an armchair, but also to services. Even for services we once thought were the domain of a single provider, switching is fast and simple today. It is, therefore, very easy to lose a customer, and if they leave, you lose not only the value of that specific purchase but the value of all their future purchases.

You must be aware of the Customer Lifetime Value (CLV) and the importance of retention. Ensure they are so satisfied that they become your advocates or ambassadors. To do this, you must know your customers very well—know what they want and what they need.

What Can You Do to Gain an Advantage Over the Competition?

Customer expectations are much higher than they used to be. And not just expectations regarding product or service quality—that is taken for granted. Customers also expect an excellent shopping experience and consistent treatment throughout all touchpoints of their buying process.

Flexible and responsive companies will follow rising expectations and gain a significant advantage over companies that fail to do so. If you think your customers are satisfied but have never actually verified it, fix this mistake as soon as possible. Even if your customers are satisfied, don't rest on your laurels. The world is changing fast, and customer expectations will continue to rise. It will take more and more to meet them.

Get to know your customers' expectations. Check what their shopping experience is like. Find out if they are satisfied with their purchases. You can help yourself with customer experience management tools like Artur.com, which is already used by more than 180 companies in Slovenia and abroad.