There’s no denying it: the way we shop has changed. Over the course of the last decade, online shopping has exploded in popularity. Millions of people now turn to their mobile phones and computers to make purchases, valuing speed and convenience more than face to face interactions in store.
But what does this mean for customer loyalty? Is brand loyalty becoming a thing of the past?
Yes. And no.
Yes, customers are more fickle than ever – 77% of consumers admit to switching loyalties faster today compared with three years ago. But that doesn’t mean that brand loyalty has gone out of the window altogether. Building loyalty in your brand is still an essential part of marketing your business. However, the way you build it may have to change to reflect the times.
It is no longer good enough to rely on a solid loyalty card scheme to draw in the crowds. Purchasing decisions are based on a complex range of factors, including customer support, data security, social media presence, brand trust and community reviews.
If you want to attract customers and keep them coming back time and time again, it might be time to abandon your reliance on loyalty schemes and focus instead on building a user-friendly experience online.
Research & compare
Did you know that 81% of shoppers research and compare prices online before committing to a purchase?
Many retailers’ response to this statistic is to immediately focus on offering the lowest price for their products and services in order to stand out from the crowd and catch the eye of shoppers. This isn’t a long-term strategy for success. Businesses should avoid the race to the bottom at all costs.
So how do you attract customers without offering the lowest prices? It’s simple – you focus on what makes your business unique. From exceptional customer support to personalised experiences, it’s important to demonstrate value beyond price if you hope to build loyalty and trust in your brand.
Let’s say you do manage to build trust and loyalty in your brand. For some shoppers, a solid reputation isn’t enough to keep them coming back time and time again. In fact, 68% of consumers don’t return to make a second purchase.
Consistency is key because although shoppers switch loyalties faster than before, compare online before making purchases, and take longer to become loyal to one brand, they remember where they have had good experiences. When another business lets them down, they will remember how well your business performed and return to you.
Is your business effective at building trust and loyalty? Large and small businesses alike trust Bing Digital with their brand development. What are you waiting for? Bring your brand to life and create an online presence your audience will never forget. Contact our branding team today.