80% of entrepreneurs and 77% of future entrepreneurs believe that consumer expectations have increased over the last five years. According to those who already run their businesses, the answers to these requirements include efficient customer service and the personalization of the offer. In addition to issues related to profitability, meeting these expectations is one of the key challenges in business development – this is the result of an opinion survey for ING Bank Poland.
The research was conducted on two groups of respondents – experienced entrepreneurs who have been running their businesses for over five years and those who are just planning to start their businesses or are at the initial stage of this path. The Bank examined what business challenges entrepreneurs identify at different stages of business development and how they perceive changes in customer requirements over the last five years.
Technological development is at the top of the list of customer requirements
Greater customer expectations are a clear trend observed by 80% of entrepreneurs. 51% of them note that new technologies influence such a change at various stages of the transaction – from the presentation of the offer to the payment process.
Customers increasingly expect personalized offers tailored to their individual needs, which 58% of entrepreneurs notice. Additionally, cashless payments are becoming increasingly popular, as indicated by 55% of respondents.
Remote service is becoming more and more important
Another trend is the growing importance of remote service. Every third person planning to start their own business and every fifth entrepreneur notice that customer expectations regarding the provision of online services have significantly increased. High availability of products and services and ease of communication are key factors influencing customer satisfaction.
“New technologies are a challenge for businesses because customers expect a higher standard of service and communication, but also new perspectives and opportunities for development. With the Moje ING application, we provide entrepreneurs with digital solutions tailored to their expectations. In the application, they will not only open a business account but also handle most banking matters. Entrepreneurs can lease a car and launch other services that can be used by their customers on the first day of running their business – these include POS on the phone and e-commerce payments. We want our solutions to help entrepreneurs serve customers efficiently from day one and build long-term relationships with them,” – said Ewa Łuniewska, Vice President of the Management Board at ING Bank Poland.
About challenges
The results show that the perception of business challenges varies depending on the entrepreneur’s experience. Beginners are most afraid of the formalities associated with setting up and running a business, while experienced ones realize that the changing environment shapes new needs and expectations of consumers, which poses new challenges for them.
According to the research, apart from the issue of business profitability, acquiring new customers is the greatest difficulty for 86% of experienced entrepreneurs.
Modern customers are increasingly demanding, and meeting their expectations has become a key factor determining the further development of their businesses. More than half (52%) of survey respondents indicate that the majority of people using their services are regular customers. 49% of this group of respondents are also the source of a decisive part of revenues.
Positive feedback is a measure of success
Beginners note that obtaining positive customer recommendations can also be a challenge. 52% of experienced business owners admit that this is the basis. All entrepreneurs alike agree on the importance of customer service. They note that in the era of digital transformation and growing competition, customers are becoming more and more demanding. They expect not only high-quality service or products but also trouble-free service and fulfillment of their orders.
The research was conducted on the Ariadna panel at the request of ING Bank Poland on December 8–18, 2023, using the CAWI method.
Source: the Bank’s press release dated February 27, 2024
