How loyal are your customers?
92% of consumers trust referrals from friends and family more than advertising and 70% trust consumer reviews (via Loyalty360). But do they trust the brand? eMarketer talks about millenials (aged 18 to 34) being very price sensitive in a recent article ‘Millennial Grocery Shoppers Favor Deals Over Brands’. Their research concludes that the path to a purchase grows increasingly fragmented and brand loyalty is diminishing. Shoppers – across many retail areas – are becoming used to switching brand, channel and outlet in an effort to save on price (87% of their survey respondents suggesting price was the biggest influence).
These are just two examples of recent research reports that raise the role of loyalty in a purchase decision. How do retailers respond in this multi-channel world? Is building customer loyalty worth the effort?Read more