When it comes to being loyal to a retailer or brand, the majority of U.S. consumers are swayed by their pocketbooks.
Nine out of 10 (92%) loyal customers rank price and value as the top factor in driving loyalty to specific retailers, followed by product/quality (79%) and variety/selection (71%), according to the International Council of Shopping Centers’ survey on brand loyalty.
The importance of the retail experience also continues to be significant, as 62% consumers are willing to spend more if their shopping experience is customized to their personal interests. However, a negative experience comes at a price. Eighty-two percent consumers say that they will buy elsewhere if they experience poor customer service or rude employees.
“Retail is a highly competitive industry and the well-informed consumer has more influence on retailers and brands than ever before,” said Tom McGee, president and CEO of ICSC….