While trust in businesses erodes, trust in family, friend, and colleague recommendations keeps growing. In this era of exponentially disruptive technological change, often referred to as the Fourth Industrial Revolution, products and services that are cutting edge one day are outdated the next. Two thirds of these loyalty programs come from high-frequency businesses like groceries and drugstores. All the latest customer loyalty statistics, however, show that holding on to your existing customers while attracting new ones is becoming increasingly difficult. This figure represents a 3% increase compared to the customer loyalty research from just two years ago. In this research, “customers” is an aggregate of both consumer and business buyer responses. 40. In this context, the experience a company offers is increasingly its differentiator. 32. 90.2% of US consumers feel equally or more loyal to a brand than they were a year ago. More than 50% of Americans have cancelled a purchase because of bad service. Customers expect connected journeys: Break down your business silos. Read more about the impact on business innovation. This very much indicates that following the latest emerging technologies trends and integrating them with your brand can prove to be extremely valuable. 69% of US consumers say customer service is very important when it comes to their loyalty to a brand. All branding statistics from the research done by Microsoft show just how powerful customer service can prove to be for any business out there. The 85% of shoppers who increased their use of curbside pickup during the pandemic, for example, won’t easily return to in-store shopping if it is inconvenient. All retention stats like this one show how a superior customer experience helps to improve people’s loyalty to a business. Loyalty program stats like this one show an engaging brand is a loved brand. Never before has there been such a focus on emotion, virtue, and personal values as there is today. Customers expect innovation: Keep pushing the limits. This means that, by studying the top 20% of your customers, you can work out how to attract similar people and increase your future profits. 81% of Americans say businesses are meeting or exceeding their expectations for service. In fact, customer satisfaction statistics show the average American consumer is even more likely to tell 15 others about a negative experience they had with a business. Seventy-two percent of consumers and 89% of business buyers say they expect companies to understand their unique needs and expectations, while 66% of consumers say they’re likely to switch brands if they feel treated like a number, not an individual. While the quality of product and service is more important than ever, customer satisfaction can make or break almost any business. Consumers and business buyers alike seek differentiated experiences based on trust and understanding, and will shop around to find them. Salesforce.com, inc. Salesforce Tower, 415 Mission Street, 3rd Floor, San Francisco, CA 94105, United States. 77% of brands could disappear, and no one would care. Adding features that are commonly found in games, like virtual rewards and goal-setting, can almost double the levels of customer enjoyment. 11. See what it takes to meet customers’ changing expectations. To win hearts and wallets, companies must not only deliver amazing marketing, sales, ecommerce, and service interactions, but also prove that they have the customers’ best interests in mind. This research examines the evolution of these expectations, the technology that’s driving them, and the balance of trust between customers and companies. Customers expect personalization: Customize everything. The first edition of the “State of the Connected Customer” report polled 7,000 consumers and business buyers to learn exactly what those new expectations are — and how business leaders should repurpose their companies to respond. How to Create a Customer-Centric Experience, The New Rules of Customer Engagement: Key Trends From Global Research. Similarly, offering a poor quality product remains the top reason why customers abandon the brand. The research also showed people from around the world still prioritize live-agent support. 13. Customer loyalty — and attrition — is determined by every experience. 2. 1. Customer brand loyalty is big even for millennial consumers. For a company to effectively predict and prescribe actions for their customers, the ability to both manage existing customer data effectively and deploy new machine learning algorithms to make predictions is increasingly important. In an era of plentiful great choices, the quality of the product is becoming less and less impactful compared to the quality of customer service and user recommendations.Â, To help paint a better picture of the current state of the relationship between the retail industry and its customers, we dug deep into the available statistics and research to bring you over 40 of the most incredible. 93% of consumers are more likely to make repeat purchases at companies with excellent customer service. The majority of consumers think many world-leading brands create only clutter content that has little impact on their lives. 5. What’s more, the future is only going to get more complex with the emergence of new, disruptive technologies. 12. That’s why we’re seeing a sharp increase in politicized ads across all industries. Offer customer … 7. 51% of people cite this very reason, while only 23.5% of loyal customers abandon brands because of poor customer service. It is no surprise then that over 78% of people surveyed believed that brands should not be able to use their personal data to market different things to them. So much so that 77% of people are more likely to continue using a brand’s services if it has a loyalty program. But don’t fall into the trap of assuming the traits your target customers share. The Feedback of Customer Satisfaction. Revenues for businesses that prioritize customer service rise 4-8% above their market. The issue is more pressing with business buyers, 82% of whom say personalized customer care influences loyalty. In 2014, this number was at 67%, which indicates that US businesses have realized the advantages that quality service offers. Any decision on organizational structure changes must have at its core the ability for the company to deliver a seamless experience for the customer, regardless of the challenges behind the scenes. Predictive, anticipatory service is increasingly the norm. A third of people surveyed said they left a brand for that exact reason, which shows the potential for revenue that customized services really have. 26. We'll assume you're ok with this, but you can opt-out if you wish. In an era of plentiful great choices, the quality of the product is becoming less and less impactful compared to the quality of customer service and user recommendations.Â, The internet has allowed many businesses and products to become successful without ever investing into advertising. The probability of selling to an existing customer is 60-70%. Loyalty program statistics and trends show how essential these services are for brands and businesses around the world. Satisfied US customers will share their positive experience with 11 different people. The biggest categories consumers are loyal to on the national level are electronic devices at 79%, apparel and footwear at 65%, and health and beauty products at 59%. Brands which are meaningful and viewed as making the world a better place outperform the stock market by 134%. In the findings, 64% of consumers and 80% of business buyers said they expect companies to respond to and interact with them in real time. As more and more users reward brands and companies that share their personal values, brand activism will continue to rise in importance. 48% of people expect specialized treatment for being a good customer. Why exceeding customer expectations is critical. This pushes companies to focus increasingly on customer service. Customers are 2.1x more likely to view personalized offers as important versus unimportant. You need to measure customer satisfaction in order to improve it. 29. This was the second most common answer, only below “Quick and easy checkout” in the same product loyalty research, which stood at a high 83%. 63% of customers expect companies to provide new products/services more frequently than ever before. 21. 75% of consumers expect brands to make more of a contribution to their well-being and quality of life. Two-thirds of customers will even pay a premium to companies that offer superior experiences, thereby introducing not just competitive differentiation, but increased or even new revenue streams. 30. 4. Build customer loyalty. 56% of customers actively seek to buy from the most innovative companies (that is, those that consistently introduce new products and services based on customer needs and new technology). 28. But the scope of customer experience is changing, too. Seventy-two percent of customers share good experiences with others — a full 10% more than those who share the negative. 37. 2. Rewarding customers for their loyalty in a meaningful way should therefore be one of the top priorities of any business. The Benefits of Customer Retention. The Pareto Principle shows 80% of your profits come from just 20% of customers. For those companies able to deliver this more human touch, the rewards are considerable. 8. Some of the most prominent brands are still being cherished, but most of the others are quite simply dispensable. Let’s get started with a “surprise.” 1. 59% of customers say tailored engagement based on past interactions is very important to winning their business. Customers expect immediate, responsive service. Customers are 9.5x more likely to view AI as revolutionary versus insignificant. A third of people will say they are loyal customers after three purchases, while only 12% will consider themselves brand-loyal after two. 77% of consumers say they stayed loyal to specific brands for 10 years or more. This brand statistics research shows there is a huge opportunity for smarter businesses to attract new customers and keep them loyal to their brand. 69% of US consumers do not trust advertisements. Again, matching expectations will have a considerable impact on customer lifetime value and churn, given 80% of consumers report that immediate responses to requests influence their loyalty to a given brand. 58.7% of internet users believe earning rewards and loyalty points is one of the most valued aspects of the shopping experience. People grow to love certain brands due to the quality of products and service. 19. Here are four expectations that are changing the game for companies. 90% of US consumers prefer national brands to store or local brands. Seventy-five percent of consumers expect consistent experiences across multiple channels (web, mobile, in-person, social), with 73% likely to switch brands if they don’t get it. As customers look to the future, they increasingly expect companies to leverage their data to provide anticipatory services. 37% of consumers feel they need at least five purchases to consider themselves loyal to a brand. 27. All brand loyalty statistics indicate that customers are reacting to the push from businesses to increase their lifetime value by requiring multiple positive purchase experiences to consider themselves loyal. Consumers who rate a company’s service as “good” are 38% more likely to recommend that company. Of all those people, only 40% actually believe brands are contributing to their overall quality of life. By definition, customer expectations are any set of behaviors or actions that individuals anticipate when interacting with a company. 56% of programs employ game mechanics in their loyalty programs. ©2021 - SmallBizGenius.net All Rights Reserved. You shouldn’t allow that happen to your business. Useful Resource: How to Create a Customer Loyalty Program to Boost Sales and Increase Retention. They often go out of their way to buy from them. If you’re ever wondering what is the most direct cause of customer loyalty, this is the one answer that’s always been true. This website uses cookies to improve your experience. The statistics we compiled here show the true importance of customer loyalty. 95% of loyalty program members want to engage with their brand’s program through new and emerging technologies. These statistics clearly show the true importance of keeping your business visible on the internet at all times. This number is high, but it is also significantly lower when compared to gen X and baby boomer consumers, where an estimated 86% and 85% would leave after one bad customer service experience. Having a great product is still the most important thing for customer brand loyalty. Customers expect a lot from companies, but don’t have faith in them to deliver. Given the imperative for companies to deploy artificial intelligence algorithms to meet anticipated customer expectations, it’s fortunate that customer stances on sharing their personal data are softening. 31. A good customer service experience heavily impacts recommendations. Customers expect to be treated like a human, not a number. About 80% of businesses still rely on email marketing to assist with maintaining their client retention rate. In fact, customer satisfaction statistics show the average American consumer is even more likely to tell 15 others about a negative experience they had with a business. Business buyers’ expectations mirror consumer expectations for company interactions. The reality is that today’s customers expect companies to understand and care about them as individuals, and treat them accordingly. 9. This represents an increase of $13 billion compared to the research done in 2016 and shows the true importance of customer retention. Likely one of the most heavily-used referral programs in recent times. Predictive, anticipatory service is increasingly the norm. It is of great importance not to get too comfortable and risk falling behind, even when your business has amassed a great number of loyal customers. 24. If you lose a customer, you’ve wasted 7x the resources used in converting them. 20. 84% of customers say being treated like a person, not a number, is very important to winning their business. [Click to tweet]. 33. The research shows existing customers are much more valuable than new prospects. 23. 77% of consumers say they favor brands that ask for and accept customer feedback. 75% of them believed those platforms are not viable for customer service. Other top answers from the research are a more convenient shopping process at 50%, solving a problem or a question at 45%, and recommending products based on needs at 27%. The ripple effect of a single bad experience or missed customer expectation goes beyond a lost sale. 65% of customers aged 18-34 feel social media platforms are an effective channel for customer service. 3. 3. Various trademarks held by their respective owners. ... Because they want people to fall in love with their brand, the quality of their products, and the convenience of the purchasing process. 50% of US consumers have left a brand they were loyal to for a competitor that better met their needs. 60% of brand-created content is failing to deliver. 62% of customers say they’re more afraid of their data being compromised now than they were two years ago. Over 70% of consumers are more likely to recommend a brand if it has a good loyalty program. Customer profiles that are based on guesswork are usually inaccurate. These giant digital brands stay on top by building loyalty through different types of products. In fact, loyalty statistics data proves that the probability of selling a product to a new customer stays at a low 5-20%. Instead, they rely on word-of-mouth recommendations. (Qualtrics XM Institute) 74% of millenials will switch to a different retailer if they receive poor customer service. 55.3% of consumers stay loyal to a brand because they love the product. 21. Never before have people had this much influence on what others will buy or use, which makes customer retention and loyalty more important than ever. 56% of US consumers are not confident that brands have their best interests in mind when they use, share, or store their personal data. And it will lead to a completely new age of brand loyalty. This correlates with a sharp increase in people’s openness to being observed. If customer satisfaction is the goal, then constant feedback is the best way to improve over time. Brands that have to navigate the increasingly politicized society are going to tread carefully. Further, many consumers are more committed to retailers that are purpose-driven, whether that means being … In 2018, the top three brands by customer loyalty were Amazon, Google, and Apple. Acquiring new customers has been steadily getting harder. As disruptive companies leverage breakthroughs in cloud, mobile, social, and artificial intelligence technology to deliver personalized, valuable, and immediate experiences, customers have more choices than ever. 17. Businesses lost $75 billion in revenue due to poor customer service in 2018. Younger generations are increasingly willing to share more and more of their life with the world, and the trend doesn’t seem likely to slow down any time soon. At first glance, a statistic like this one seems strange, as people assumed technology would resolve these issues. This is why established brands are starting to reward customers for their advocacy in addition to the traditional loyalty programs.Â, Customer actions, such as referring friends, sharing posts, and creating content are becoming more and more important to the brand itself.Â. There is a considerable opportunity for brands that are able to interact on an individual basis with customers — from personalizing marketing journeys, to providing informed and unique customer care, to better understanding a customer’s unique needs. 54% of consumers say they’ve had at least one bad customer service experience in the last month. Customers expect data protection: Make trust your priority. Bad and annoying experiences with customer service often lead consumers to switch brands, which is made even worse by the fact that people are more willing than ever before to abandon one brand for another. 59% of customers (including 63% of consumers) believe their personal information is vulnerable to a security breach. [Click to tweet]. Meeting these expectations requires in the first instance a comprehensive, 360-degree view of each customer, so when interactions are initiated there is enough understanding for an accurate response. B2B Commerce B2B Commerce Trends You Weren’t Expecting (but Will Impact Your Business) Andy Peebler. These findings, published in the second edition of the “State of the Connected Customer” report, give an in-depth look at: The factors influencing customers’ expectations, Which emerging technologies are influencing the future of customer experience, Why brand trust is increasingly important and how companies can foster it. 69% of US marketers believe technology has made it harder for them to offer customers personalized experiences. Delivering personalized experiences drives customer loyalty, with 70% of consumers saying a company’s understanding of their individual needs influences their loyalty, and 69% saying the same of personalized customer care. It also serves as a word of caution to those businesses that disregard the importance of customer service. All trends point to an industry that is bound to continue experiencing huge changes and even bigger challenges. A billion dollar company will earn $775 million over three years on average due to quality customer experience. 35. Findings from the first edition of the “State of the Connected Customer” report. As a result, they grow to expect this superior experience from any business they engage with. Second, business leaders must consider the viability of instant responses from a human workforce. What are customer expectations, and how have they changed? 61% of consumers think surprise gifts and offers are the most important way a brand can interact with them. 7. This makes quality of experience the main driver in brand growth for any type of business, big or small. Technology is raising customer expectations at a breakneck pace. People are increasingly comparing a business to the best service they had, no matter the industry. 36. What’s more, the main reason for customer frustration at 30% is not being able to reach the support staff. For many companies, several different departments clamour to own the customer, with marketing, sales, and service being three of the most common. As connectivity becomes ubiquitous and customers grow used to conversational interactions with brands, immediacy has become vital. To help curtail this problem of losing customers, I want to show you the 17 customer retention strategies that work. 22. So, companies that fall behind on technological innovation are bound to be forgotten. Customer retention statistics additionally show 33% of US consumers consider abandoning a business and switching to a competitor after just one instance of bad user experience. The old world is rapidly giving way to new and emerging ideas, while consumers are enjoying more and more power.Â. Historically, customers have expected basics like quality service and fair pricing — but modern customers have much higher expectations, such as proactive service, personalized interactions, and connected experiences across channels. Save my name, email, and website in this browser for the next time I comment. For businesses, there’s more focus than ever on going beyond the expected product or service to deliver a customer experience that truly differentiates. These combined factors alone present glaring problems about how retailers should now use their stores and technologies. A deeper look, however, reveals a growing concern that the levels of personalized experiences that customers demand are not something they can achieve with current technology. Consumers increasingly demand tailored experiences to maintain brand loyalty and will abandon businesses that lack personalization. Here are the business-to-business commerce trends to expect in 2021 based on insight from nearly 1,400 commerce leaders around the world. 81% of Americans say businesses are meeting or exceeding their expectations for service. Accept Find out more, 40 Amazing Customer Loyalty Statistics in 2021, , however, show that holding on to your existing customers while attracting new ones is becoming increasingly difficult. 86% of customers say an emotional connection with a customer service agent would make them continue to do business with the company. Privacy is slowly but surely becoming the priority issue for customers in the US. The same research found that 68% of consumers will view brands more favorably if they offer or contact them with proactive customer service notifications. Nearly 50% of customers in the US say brands don’t meet their expectations. The same research done by Emarsys lists organic search and paid search at spot two and three on the list, with social media trailing right behind. 10. 80. Vilfredo Pareto’s 80/20 principle works amazingly well with sales and marketing, even a hundred years after its discovery. Almost two thirds of buyers surveyed could not even recall the last time a brand exceeded their expectations, while a staggering 87% of marketers believed they deliver an engaging customer experience. To help paint a better picture of the current state of the relationship between the retail industry and its customers, we dug deep into the available statistics and research to bring you over 40 of the most incredible customer loyalty statistics in 2021. Globally, 67% of consumers feel like customer service is improving. Third-party websites that rate and review businesses are also increasingly used for getting further information about their practices and service quality. 4. In fact, seven out of ten consumers say they spend more money with a business that delivers great service. As we close out the second decade of the 21st century, the disruption levels in all aspects of the retail industry have never been higher. Customers expect great experiences but reality falls short. 39. 66% of customers say it takes more for a company to impress them with new products and services than ever before. [Click to tweet]. 70% of customers say understanding how they use products and services is very important to winning their business. Everything in the world is rapidly evolving, so consumer expectations and standards are constantly becoming higher and higher. Is the best solution a radical increase in headcount in customer-facing departments, or the deployment of chatbots and other AI-powered technology? 70% of customers say connected processes — such as seamless handoffs or contextualized engagement based on earlier interactions — are very important to winning their business. [Click to tweet]. But while expectations for personalized, connected experiences are soaring, trust in companies to responsibly handle the data they require is bottoming out. 87% of Americans are willing to have various details of their activity tracked in exchange for more personalized rewards and brand experiences. Seventy-five percent of consumers expect consistent experiences across multiple channels (web, mobile, in-person, social), with 73% likely to switch brands if they don’t get it. The importance of customer … Customers will share personal data — in exchange for better service. Customers are 3.7x more likely to view seamless transitions between channels as important versus unimportant. Shop around to find them constant feedback is the goal, then feedback. Standards are constantly becoming higher and higher to feel loyalty toward a brand for...., 415 Mission customer loyalty will likely fall when, 3rd Floor, San Francisco, CA 94105, United States in meaningful. 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