Saturday, 27 November 2021
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Facebook: Friction is costing Australian businesses $29 billion a year

Friction is costing Australian businesses $29 billion a year, according to Facebook head of global brand partnerships, Marco Corsi.

Speaking at today’s ADMA Global Forum, Corsi noted consumers want a level of convenience, speed and simplicity that didn’t exist a few years ago. As a result, any added friction will lead customers to either go to a competitor or abandon their purchase altogether. 

Therefore, a zero-friction future is where business needs to head, which is what Facebook is aiming to achieve with its offerings, as well as emerging virtual reality (VR) and augmented reality (AR) technology now and in the future.

Corsi said 44 per cent of consumers will stop doing business with a company due to poor communication experience, and 42 per cent will switch to a competitor.

“Customer experience is so important. The reality is, any form of friction will lead a consumer to go somewhere else. As much as technology has enabled consumer to talk to you, it has also enabled the consumer to go to a competitor quickly and easily. So you have to get the experience exactly right,” he said.

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