--- description: With businesses buying new software to optimise their operations, how can they learn from past buyer regret and improve their software selection processes? image: https://gdm-localsites-assets-gfprod.imgix.net/images/capterra/og_logo-e5a8c001ed0bd1bb922639230fcea71a.png?auto=format%2Cenhance%2Ccompress title: 5 insights into consumer behaviour and software purchase regret --- # Understanding software purchases: 5 insights for UK businesses to prevent buyer's regret in 2024 Canonical: https://www.capterra.co.uk/blog/4356/Software-purchases-and-software-buyers-regret Published on 28/11/2023 | Written by Eduardo Garcia. ![Understanding software purchases: 5 insights for UK businesses to prevent buyer's regret in 2024](https://images.ctfassets.net/63bmaubptoky/1JhjtZFu3xpXeToO4aFl0d/c118596acb3679f0285fe855fc53bfda/Preventing_buyer_regret_for_software_buyers-UK-Capterra-Header.png) > As businesses look to buy new software to improve their business operations, how can they learn from past buyer regret? How can they effectively refine their software selection processes? We surveyed UK software decision-makers to gather five trends surrounding the software purchasing processes. ----- ## Article Content As businesses look to buy new software to improve their business operations, how can they learn from past buyer regret? How can they effectively refine their software selection processes? We surveyed UK software decision-makers to gather five trends surrounding the software purchasing processes.In this article1. Economic growth expectations and supply chain costs shape organisations' business goals2. Identifying, funding, and integrating technology are challenges for UK software buyers3. A majority of software buyers expressed confidence in their choices before purchase4. 68% of software buyers expressed regret after purchasing a software product5. 58% of software buyers plan to spend more on technology in 2024As part of their digital transformation or a need to adapt to new business continuity challenges, UK firms have shown commitment to their technology adoption strategies. However, along with the opportunities technologies can provide, at times, these purchases may not deliver the results businesses wanted, or buyers may encounter unforeseen challenges. Businesses must now deploy strategies or tools like Business Intelligence software to correctly analyse, assess and forecast their technology needs. We conducted a comprehensive survey with 350 software buyers or decision-makers in the UK —specifically, we screened for respondents who are responsible for or have some level of influence in the decision-making process for software purchasing decisions. The aim of this survey is to gain insights into how businesses and vendors can fully leverage the opportunities these technologies provide and reduce buyer regret. You can find the full methodology at the end of the article.1. Economic growth expectations and supply chain costs shape organisations' business goals A combined total of 82% of respondents anticipate accelerated or steady growth over the next 18 months. This indicates that many companies are positioning themselves for expansion and increased opportunities. With that in mind, when looking to deploy tools to reach organisational goals, businesses should adapt to external factors and challenges that can condition these objectives.In fact, according to 30% of respondents, a key challenge surveyed software buyers will face in 2024 is finding new customers and clients. Several factors can determine whether this objective is met or not. One is the economic growth rate, with 36% of respondents identifying this as a significant external factor affecting business goals.Tips for BusinessesCompanies should be agile in adapting to economic changes. By using tools like risk management software, they can help reduce exposure to operational risks. Business Intelligence (BI) tools can also help companies make informed, data-driven decisions based on collected economic data and market trends. Finally, accounting software and enterprise resource planning (ERP) software can help manage business processes to optimise operations during economic fluctuations.Additionally, over a third of respondents (36%) pointed to supply and general costs as significant external factors. This was coupled with a quarter of surveyed software decision-makers who said that supply chain challenges were one of the obstacles they would face heading into 2024.Managing costs and ensuring a stable supply chain can be challenging. However, supply chain management software can help businesses optimise their supply chain logistics. Such tools can aid in leveraging demand forecasting features to predict future demand, manage their inventory and warehouse levels, or use collaboration tools to improve communication and coordination with suppliers. 2. Identifying, funding, and integrating technology are challenges for UK software buyersPlanning investments in new software does not only involve selecting the right tools; it can also involve overcoming challenges that can impact the decision-making process. We asked our survey respondents the top challenges they faced when planning investments in new software, and these are the results:Clearly, a significant proportion of software buyers struggle to find the right technology to invest in. Companies should thoroughly assess their needs to identify the software that best aligns with their business goals.If businesses already have task management software or BI software, these tools can help identify areas that may be improved with new technology. Furthermore, companies can find the right software for their needs by carefully reviewing and comparing software tools on reputable comparison sites. Additionally, securing the financial resources required for software investment is also important. Careful budget planning is key, and businesses should allocate resources specifically for software investments to avoid being underfunded.Compatibility testing is crucial before purchasing softwareOver a third of respondents face issues related to the compatibility of new software with their existing systems. Seamlessly integrating software into existing technology stacks can be complex. Therefore, software buyers should conduct compatibility testing before implementing software.7 steps to ensure software compatibility Businesses can take several steps to make sure the software they buy is compatible with their existing systems, such as:Assessing current systems and IT infrastructure: this includes documenting the hardware, software, and systems in use. Companies should also consider the scalability and future needs of their business to accommodate growth and changes and justify their investment with the help of data analytics and reporting tools. Defining compatibility requirements: determine the operating systems, databases and other software the new solution must work with. Consult with IT professionals and software vendors: gather insights from IT experts who specialise in system integration. Businesses should then communicate their compatibility requirements to software vendors during the procurement process.Consider APIs and integration capabilities: companies should look for software that offers application programming interfaces (APIs) or system and data integration capabilities to allow for the sharing of information and business functions across multiple applications via a single point of access. APIs can enable different software applications to communicate with each other. Make regular updates: by carrying out patch management and regular updates, businesses can ensure ongoing compatibility while maintaining software security against possible cybersecurity threats. Provide training and support: businesses should train their IT staff and end-users on how to work with the new software. They should also offer support to address any compatibility issues that may arise during day-to-day operations. Monitor and review user feedback: companies should encourage users to provide feedback about their experience and actively monitor customer support inquiries and launch surveys to detect compatibility issues that may have been missed during development.3. A majority of software buyers expressed confidence in their choices before purchaseCan buyer sentiment before making a software purchase affect overall satisfaction levels with the tools they have bought? The majority of software buyers expressed confidence at the time of their purchase decision. Of these,  46% felt very confident, while 29% were ‘completely confident’. This level of confidence is a positive sign that can indicate well-researched decision-making. But does this confidence pay off? When evaluating overall satisfaction with the last software purchased, our survey showed that software buyers are predominantly satisfied. These high satisfaction rates suggest that businesses are confidently making investments that align with their needs and expectations. But, what are the factors that contribute to these satisfaction rates? We discuss this in the next section.Features and usability affect customer satisfaction in software purchasesWhen software buyers were asked about the product-specific reasons that contributed most to their satisfaction, 56% of software buyers liked software that is user-friendly and easy to use. This usability can ensure that employees can adapt quickly and utilise the tools efficiently. In turn, the effective deployment of technology can help deliver value for the investment made. Additionally, this can help businesses align with budget and expectations, which was a valued product-specific reason for 55% of software buyers.  When it comes to vendor-specific reasons, the software buyers who were somewhat or very satisfied with their last software purchase highlighted the importance of quick response times from vendors (61%). Additionally, 49% found satisfaction when a vendor’s customer support was responsive to their needs. This showcases the importance of deploying or receiving swift and efficient customer service. This also includes a comprehensive onboarding or implementation process as 47% of respondents value a smooth onboarding process to help the business transition to use the software.Customer reviews are the top source of information for software buyersSoftware decision-makers often require information from different sources to help them decide which technologies to invest in. The top source when it comes to our panel of software buyers is customer reviews.While businesses should seek tools that provide product demonstrations and trials, they can also combine customer reviews with product reviews and comparison websites to gain a holistic idea of the features of the software they are interested in.4. 68% of software buyers expressed regret after purchasing a software productNext, have software buyers ever regretted buying software? And how can businesses avoid making the same mistake in 2024? A combined total of 68% of surveyed software buyers expressed regret for at least one technology purchase in the past 12-18 months. While only 4% of this subgroup suffered grave business risk and/or immediate harm to their business due to this error, for 63% of the same group of software buyers, the impact on their annual or long-term performance was significant. Incompatibility and technology complexity can lead to buyer’s regretWhat led to this buyer’s regret? There have been product-related factors and vendor-related factors that come into play. Regarding product-specific causes, the most notable factors that led to buyer regret were: Incompatibility with existing systems (32%)Technology that is not user-friendly (30%)Technology which is too advanced or has surplus features (30%)Vendors should address these issues by providing guidance to businesses to ensure that they deploy these technologies effectively and check for compatibility well in advance. However, the most noted vendor behaviour that influenced buyer regret was that the vendor handoff between sales and implementation was problematic, as stated by 38% of affected software buyers. In order to mitigate their regret, 29% of these affected software buyers will ask the vendor to help them remedy the issue. The ability to assign a dedicated staff member to assist a customer is an expectation 45% of total software buyer respondents have regarding their vendors. Additionally, vendors should provide enhanced training and onboarding, as expected by 41% of respondents. However, for 29% of software buyers who have regretted their purchase, the damage has been done, and they will replace the technology with another from a different vendor who can meet their expectations.5 ways businesses can prevent buyer’s regretHaving analysed the processes, expectations, and challenges businesses face when deploying new software, what actions would software buyers take to prevent choosing the wrong software? We asked software buyers who had experienced buyer’s regret to state the changes they would make to their software selection process to avoid this regret in the future. These included:Secure budget early in the process: Businesses should avoid being constrained by financial limitations when making software decisions. 30% of software buyers who suffered buyer regret wanted to have the necessary budget to ensure they can invest in software that meets their needs.Perform a security review: As stated by 30% of affected software buyers, conducting a comprehensive security review can help identify potential vulnerabilities or risks associated with any new software. This can minimise the risk of purchasing software that can pose security threats. Improve stakeholder communication around decisions: 29% of these respondents want effective stakeholder management to ensure that everyone’s input is considered. This reduces misunderstandings, aligns expectations, and helps in selecting software that better matches business requirements. Clarify goals and desired outcomes: clearly defining the goals of the software purchase can help businesses select solutions that align with their objectives and budget. 28% of software buyers who regretted a purchase stated they will include this step in the future. Update or change the initial list of vendors: being open to revising the list of potential vendors allows businesses to adapt to new circumstances and market developments. This flexibility, considered by 28% of affected software buyers, can lead to better choices, as they can compare and consider vendors that offer improved features, pricing or support, reducing the chances of regret from missed opportunities.5. 58% of software buyers plan to spend more on technology in 2024Having seen the factors that can contribute to software purchase behaviours, what are the future software spending plans for UK businesses? A Capterra survey earlier this year showed that 62% of UK firms planned to spend more on technology in 2023 than in 2022. Additionally, ‘the software market is expected to reach more than US$1 billion by 2025, making it clear that demand for software isn’t going away’, says a Gartner report.Our survey indicates a positive outlook for software spending in the UK business landscape. A significant combined total of 58% of software decision-makers expressed their intent to increase software spending either much more or somewhat more in the upcoming year.Our study also shows a substantial portion (33%) are looking to maintain their current spending levels. This group may be more conservative in their approach, emphasising the need for some businesses to be more scrutinous in their software selection processes and to seek practical and cost-effective solutions. Cybersecurity, marketing, and accounting are top priorities for investment in 2024Seeing that over half of our surveyed businesses plan to increase their budget for purchasing software, what tools are these software buyers looking to invest in the coming year? IT security remains a top concern for many businesses. As a result of this, nearly three in ten software buyers will invest in cybersecurity and data protection in 2024.Despite high confidence levels among buyers, there is still a risk of buyer regret. Whether it is due to compatibility issues or vendor-related challenges, businesses should deploy strategies to optimise their software selection processes. This can be done in several ways, such as emphasising early budgeting, clarifying goals, or showing flexibility in vendor choices. Implementing these changes may empower businesses to carry out software acquisition with greater foresight and success. Looking for Business Intelligence software? Check out our catalogue\! ## Disclaimer > MethodologyCapterra’s 2024 Tech Trends Survey was designed to understand the timeline, organisational challenges, adoption \& budget, vendor research behaviours, ROI expectations, satisfaction levels for software buyers, and how they relate to buyer’s remorse. The survey was conducted online in July 2023 among 3,484 respondents from the US, UK., Canada, Australia, France, India, Germany, Brazil, and Japan, with businesses across multiple industries and company sizes (5 or more employees). Respondents were screened to ensure they engage in a meaningful role in the evaluation, selection, and/or purchase of software. These results show the responses of 350 UK employees. ## About the author ### Eduardo Garcia Eduardo is a Content Analyst for the UK. Providing research and digital tech tips for SMBs. MA in Journalism and in Diplomatic Studies. Animal loving, sea revering, Mancunian. ## Related Categories - [Business Performance Management Software](https://www.capterra.co.uk/directory/30051/business-performance-management-software/software) - [Data Analysis Software](https://www.capterra.co.uk/directory/31077/data-analysis/software) - [Data Visualisation Tools](https://www.capterra.co.uk/directory/30696/data-visualization/software) - [Marketing Analytics Software](https://www.capterra.co.uk/directory/31018/marketing-analytics/software) - [Predictive Analytics Software](https://www.capterra.co.uk/directory/30945/predictive-analytics/software) ## Related Articles - [Benefits of accounting software for small businesses](https://www.capterra.co.uk/blog/829/benefits-of-accounting-software-for-small-businesses) - [Artificial intelligence: How to apply it to your business](https://www.capterra.co.uk/blog/836/how-to-apply-ai-to-your-business) - [5 Key Takeaways From The Switch To Remote Work In the UK](https://www.capterra.co.uk/blog/1471/key-takeaways-from-uk-going-remote) - [The importance of MSP and ITSM for your SME](https://www.capterra.co.uk/blog/1556/the-importance-of-msp-and-itsm-for-your-sme) - [What are the benefits and concerns of using ChatGPT for UK businesses?](https://www.capterra.co.uk/blog/4148/chatgpt-in-UK) ## Links - [View on Capterra](https://www.capterra.co.uk/blog/4356/Software-purchases-and-software-buyers-regret) - [Blog](https://www.capterra.co.uk/blog) - [Home](https://www.capterra.co.uk/) ----- ## Structured Data