Qualtrics, a pioneer in the experience management (XM) sector, has recently published its 2024 Consumer Trends Report, focusing on the changing preferences of Indian consumers. The report challenges the traditional belief that price is the king, revealing that Indian consumers place more value on product and service quality, exceptional customer service, and a smooth digital experience over low costs.

The study, based on feedback from 1,200 Indian consumers, identifies several key factors influencing purchasing decisions in 2024:

• Product & Service Quality: A majority of 57% of consumers emphasize the importance of high-quality products and services.
• Customer Service Support: Effective customer service is crucial for 53% of consumers, making it a significant factor in their decision-making process.
• An Easy Digital Experience: For 34% of consumers, a seamless digital interaction is key.
• Price: Only 29% of consumers consider price as a primary factor, indicating a shift in priorities.
• Does Good for Society: A brand's positive societal impact influences 26% of consumers in their purchasing decisions.

This shift underscores the growing importance of the overall customer experience in India.

The report also highlights four major trends shaping customer experience in 2024:

1. Addressing consumer's concerns is essential for maintaining a human connection.
2. Quality service is more important than low prices for winning customer loyalty.
3. Companies need to adopt new methods to gather customer feedback as traditional direct feedback decreases.
4. Improving digital support is crucial as consumers show a preference for human-assisted interactions.

Moira Dorsey from qualtrics XM Institute emphasizes the need for brands to capture and analyze customer feedback from various sources to better understand and serve their customers.

In conclusion, as Indian consumers increasingly value quality and experience over price, businesses must adapt to these changing preferences to stay competitive. Additionally, the emergence of platforms like Probz.ai, which leverages AI for comprehensive qualitative and quantitative insights collection, can further empower organizations to understand and meet the evolving needs of their customers.