The research from Mastercard revealed that Australians are more likely to spend money with businesses that prioritise diversity (55 per cent), sustainability (59 per cent), and data security (69 per cent) in 2023, meaning businesses that don’t meet customer expectations in this area are at risk of losing customers and revenue.
According to Richard Wormald, division president, Australasia, Mastercard, the research is a reminder of the need for organisations to actively align business practices to both consumer expectations, and those of their employees, if they are to be successful.
“The past year has been challenging for businesses, emerging from the pandemic environment to heightened customer expectations and a changing economic environment. There’s been incredible resilience in the landscape, with 85 per cent of business leaders saying they are optimistic about the success of their business in 2023, but the message is clear that 2023 will be a year where businesses are rewarded for prioritising the things that are important for their customers and employees,” Mr Wormald said.
Additionally, an organisation’s accessibility and diversity initiatives will be key drivers for consumer purchasing choices in 2023. According to the research, 55 per cent of Australians are more likely to shop with a business that has more diversity in its workforce and 75 per cent agreed all businesses should be accessible to people with a physical, mental, sensory, or intellectual disability.
Nearly three-quarters (74 per cent) of Australians said they would be happy to see more accessibility built-in to products they use every day, for instance touch accessibility for people with vision impairments or better audio options for those who are hard of hearing. More than 65 per cent of Australian consumers said they would pay more for products if they knew they were accessible for people with disabilities.
While 85 per cent of Australian employees agreed their workplace is diverse, 50 per cent said they feel their employer could do more to foster diversity in the workplace and 76 per cent of all Australians said organisations could do more when it comes to work and career opportunities for people with a disability (either physical, sensory, or intellectual).
On a practical level, 74 per cent of Australian businesses said they have made accessibility modifications to their business premises in the last 12 months and a majority (73 per cent) claimed to have made the products they offer more accessible to consumers and clients with a disability; either by creating a new, accessible product (40 per cent) or making accessibility changes to existing products (55 per cent) or both.
