According to PwC’s Voice of the Consumer Survey 2024, trust is crucial for both consumers and companies, especially amidst overlapping disruptions such as financial, ecological, and technological challenges. Shoppers today prioritize reassurance and reliability from the brands they engage with, a trend highlighted by insights from a survey involving over 20,000 consumers across 31 countries.
Trust Gap
There is a significant gap between the trust executives believe consumers have in their companies and the actual trust consumers feel. To maintain and grow market share, companies need to build trust across multiple dimensions, addressing this disparity.
Importance of Trust and Reputation
Senior executives emphasize the strategic importance of trust and reputation for growth. Trust in business remains higher compared to other institutions, with consumers valuing responsible data use and ethical practices. According to Esi Eggleston Bracey, Unilever’s Chief Growth and Marketing Officer, people trust brands they love and companies that handle their data responsibly.
Six Consumer Trust Imperatives
- Eco-conscious Engagement
- Health and Wellness Products
- Social Media Balance
- Data Security
- Value for Money
- AI Integration
Eco-conscious Consumers
A significant portion of consumers report experiencing climate change impacts firsthand and show a willingness to pay more for sustainable products. Companies must balance environmental impact with affordability, innovating in packaging and sourcing to meet consumer demands.
Health and Nutrition
Consumers are increasingly focused on health and sustainability, showing interest in fresh produce and plant-based diets. Food producers and retailers have an opportunity to align consumer health interests with sustainable practices, bridging the gap between consumer intent and sustainable food production.
Social Media Use
Social media is a crucial platform for purchases and brand discovery but is also the least trusted industry. Brands need to create authentic and engaging content while safeguarding consumer data to strike the right balance on social media.
Data Protection
Protecting personal data is paramount, with many consumers expecting privacy and security assurances. Companies are leveraging first-person data for personalization and must maintain ethical standards in data use. This social contract involves consumers sharing their information in exchange for valuable incentives like promotions and exclusive offers.
Managing Price Expectations
Inflation is a top concern globally, with consumers showing little tolerance for price increases post-COVID. Companies need to manage pricing effectively while securing their finances and maintaining consumer trust. Balancing volume growth and pricing strategies is crucial to navigate the current economic landscape.
AI and Human Element
While consumers are cautious about AI, they trust it for simpler tasks but prefer human interaction for complex issues. Companies must integrate AI responsibly, blending it with human intelligence to enhance consumer trust. The receptivity towards AI has grown, with brands like Unilever seeing increased acceptance of AI among employees and consumers.
Overall, the emphasis on trust, a mix of online and offline experiences, responsible practices, and innovation in response to consumer demands can help companies navigate the complex landscape of consumer expectations and market challenges while driving brand loyalty.
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