With economic uncertainty, the cost of living crisis and rising acquisition costs, fostering customer loyalty has never been more important. We’re here to help with 5 key customer loyalty trends for 2023.
Together with Censuswide, we polled 2000 consumers across the UK to uncover key drivers of customer loyalty across the purchase journey.
Download your free copy of the Fresh Relevance Customer Loyalty Report 2023 to get the full set of stats, and keep reading for a sneak peak into customer loyalty trends uncovered in the report.
Key consumer wants at the consideration and decision stages
Almost 1 in 3 consumers (29%) want early access to sales or limited editions from retailers they shop with regularly.
Meanwhile, more than 1 in 3 consumers (34%) get frustrated at seeing offers aimed at new shoppers that they’re unable to use an existing customer.
This means it’s important to have behavioral targeting in place. Create segments for your new shoppers and returning customers and target the former with offers such as 10% off their first purchase when they sign up to your newsletter, and the latter with early access to sales and exclusive invites to customer-only events, for example.
Almost 1 in 4 consumers (24%) want the ability to easily discover more products they might like with retailers they shop with, so it’s vital to have personalized product recommendations in place throughout your website and email marketing.
Cost of living crisis
The current cost of living crisis has raised questions about the impact on customer loyalty. While more than 1 in 5 consumers (22%) are placing more importance on purchasing at the lowest price rather than making a purchase from brands they’ve previously shopped with, only 13% of consumers say they feel less loyal to brands and retailers than they did a year ago. This is a positive sign for the future of customer loyalty during these times of economic uncertainty.
Download your copy of the Fresh Relevance Customer Loyalty Report to discover more customer loyalty trends for 2023.