The evolution of customer loyalty: What customers want today
Years of shopping disruptions and ongoing economic uncertainties have radically changed customer expectations. As a result, brand loyalty is up for grabs. That’s why April is the perfect time to recognize International Customer Loyalty Month and make the effort to understand what drives loyalty today.
Research from 84.51° has uncovered insights into these changing priorities and preferences to help brands understand the role different factors play in consumers’ decisions today. Some key takeaways from our recent Customer Loyalty Report include:
Customers do not equate loyalty with exclusivity. This presents both a challenge and opportunity for brands to strengthen their relationships with customers.
Value and trust are paramount. Shoppers are looking for brands and retailers that they can trust to help them stretch their budget with quality products.
The top actions customers say brands and retailers can take to increase loyalty are centered around value, trust, selection and relevant rewards.
There is no consensus on the definition of customer loyalty. Shoppers may define it based on purchase behavior, consideration or preference.
The majority of respondents (27%) said being loyal to a brand means it’s the brand they buy most often.
26% of respondents define loyalty as having a preferred brand but being willing to try others.
24% defined being loyal to a brand as having it be one of the top (but not only) brands they consider.
For 17% of respondents, being loyal to a brand means it is the brand they want to buy the most.
While many people equate brand loyalty with buying a single brand, only 5% of respondents said that's what loyalty means to them.
As customer loyalty trends continue to evolve, it’s crucial to know what consumers’ purchasing priorities are. To learn more about the factors influencing loyalty and what they mean for brands, read our new white paper, The loyalty shift decoded: Key insights for winning customer devotion in an uncertain economy.
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