Data analysis company 84.51° is out with a new white paper on the subject of loyalty and how consumer perceptions of it have evolved.
Some key findings:
• The definition of loyalty in most shoppers’ minds has shifted away from exclusivity. This presents both a challenge and opportunity for brands to strengthen their relationships with shoppers.
• Brand trust and value are paramount. If trust in a brand is high, the perceived brand value increases—and the opposite is true.
• Brand loyalty is strong for certain grocery and household items and rising in other categories.
• Across the 19 categories analyzed, a higher percentage of shoppers say loyalty is increasing versus decreasing.
• The top things shoppers say brands and retailers can do to increase loyalty are centered around value, trust, selection, and relevant rewards.
KC’s View:
Seems to me that one of the casualties of the e-commerce revolution has been the idea that proximity creates loyalty. The fact is that geography can be a factor, but we all have so many other choices for where to get almost anything, it is less important than ever. Authenticity, value and trust become far more critical to the consumer decision-making process.
Which is really what this study seems to be saying.
The post Definition Of Loyalty Shifts, Becomes Less About Exclusivity appeared first on MNB.
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