Survey: How can retailers attract and retain customers?
Retailers trying to bring in new shoppers and build their loyalty should focus on two key areas.
According to “Retail Shopper’s Journey to Loyalty” from Yes Marketing, a leading 41% of respondents rank product quality/value of products as the top reason they're loyal to a retailer, while 35% rank price highest. The survey of more than 1,000 retail shoppers also shows a direct financial benefit to establishing loyalty, as 53% of respondents say they will pay more to buy from a retailer they're loyal to.
Respondents also ranked price (47%) and product quality (39%) as the most influential factors when purchasing products from a retailer they have never previously shopped.
However, drivers for loyalty and trying a new retailer are not completely identical. The findings indicate that only 3% of respondents ranked free or expedited shipping as the top driver of loyalty, but 40% ranked it as the top convenience factor they consider before making a purchase with a new retailer.
In terms of rewards, 39% of consumers reported that cash incentives make them feel most rewarded for their loyalty, followed by early access to products (23%) and exclusive promotions (18%).
Additional findings from the report include: • Overall, 73% of consumers report that they feel adequately rewarded for their loyalty.
• Only 9% of consumers say points toward specific rewards is the top factor for feeling rewarded for their loyalty.
• Similarly, just 9% of consumers say free or expedited shipping is a top factor in making them feel rewarded for their loyalty, while just 1% ranked access to exclusive events as their top choice.
• Memorable or exciting marketing communications, convenient returns options and social responsibility were the least influential loyalty drivers, with only 1% of consumers ranking these as the most influential factor in driving loyalty.