THE SWITCHING ECONOMY
Friday, May 16, 2014
Due to the proliferation of digital media and consumers making use of the Internet to air their views and complaints, it comes as no surprise that the world is stepping into a culture of switching brands and services. Loyalty is no longer the most important factor in client-brand relations. Carl Louw, Chief Marketing Officer at hippo.co.za the comparison website says, “Consumers across the globe are realising how easy it is to switch, especially online.”
Louw says, “The switching economy places the power in the hands of the consumer. Hippo.co.za helps them utilize that power to make better financial choices by comparing quotes and benefits from a range of insurers and other financial service providers.”
Accenture research recently found that customers in emerging markets are more likely to switch providers due to poor service – particularly within the retail, financial, ISP and mobile provider industries. Unlike respondents in other emerging markets, South Africans were more likely to switch despite being offered preferential treatment or rewards for their business. The research revealed that 76% of SA consumers switched service providers in the past year due to poor customer service.
“This is where the benefit of comparing costs and features online becomes crucial. It can be quicker to switch financial service providers on hippo.co.za than to lodge a complaint,” says Louw, “Over 90 000 people visit the hippo.co.za site to compare quotes and benefits of financial services every month. It is positive to see how many South African consumers are using their power to switch.”
The information provided in this document is not, and does not constitute or intend to constitute financial advice or any Intermediary service as referred to in the FAIS Act.