Value for money, customer service and pricing are the prime factors for customer brand loyalty.
This article cites a KPMG study for which 18,000 customers across 20 countries were surveyed. It was found that 37% of participants believe that brands’ loyalty programs are effective in earning their favour. Value for money, customer service and pricing were identified as the three main factors affecting loyalty.
95% of UK consumers want companies to find new ways to reward their loyalty. Further, factors like loyalty points and rewards ranked lower than others like easy shopping experience, product selection and online reviews.
Paul Martin, UK head of retail at KPMG highlights that loyalty isn’t dead but is being “reinvented” for the digital age. Martin adds that retailers need to look beyond the “points-based plastic loyalty cards of yesteryear”.
[2 minute read]