A recent report by Harvard and Mastercard, Business Innovators Index 2022:Trust Gives Businesses in Australia and New Zealand a License to Innovate, shows what consumers are wanting more trust when it comes to innovation heading into the new year.

Surveying 397 business leaders and 1011 citizens across Australia and New Zealand, the most significant finding shows that consumers trust is the key to success in business.

“As consumers look for reliability, trust gives organisations a license to innovate,” says Dan Martin, Mastercard’s Vice President and Head of Digital Partnerships in Australia and New Zealand.

“They have shown that it isn’t always the latest tech that excites them, but rather those solutions that are easy to use and understand, prioritise their safety, and come from organisations that have earned their trust, time and time again.”

The report reveals 68 percent of those surveyed place a high degree of importance on brand trust when it comes to purchasing goods and services.

Seventy-five percent claim they won’t spend money on a business they don’t trust.

When it comes to innovation, consumers are looking for produces and services that are low priced, prioritise the safety of consumers, offer convenience and ensure data security and information privacy.

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While the least appealing to consumers being the most up-to-date technology, personalisation and customisation and virtual human interaction.

“The most powerful innovation you can deliver right now is one that delivers more value to consumers,” says Martin.

“After a couple of years where ‘digital transformation’ were the two words on almost every business agenda, what’s needed now is to meet consumers where they are – prioritising health and safety, making their lives easier and ensuring the security and privacy of their information.”

Looking to 2023, the innovators who are set to see the most success are likely to be those who continue to create the best basics as 78 percent of consumers say they don’t trust brands that are unreliable.

And with 45 percent of consumers evaluating their trust with any interaction or experience with the brand, businesses need to be doing it right every time.

Other key findings from the report reveal the increasing concern from consumers regarding privacy, with 56 percent saying they only purchase from companies using secure technology.

“This report reminds us that when it comes to innovation organisations should be looking to add value, build trust and ultimately, improve people’s lives. In today’s market climate, if you lose sight of this core objective, you’re limiting your ability to make an impact.”