Loyalty in a dramatically different world
👀 The pandemic disrupted a wide range of industries and left businesses scrambling to adapt to shifting customer needs. Consumers are dealing with inflation. Among the many reasons why people regularly patronize a business, getting good value was the top reason at 53%.
🙀 More than one-fourth of survey respondents told us they stopped using or buying from a business in the past year, and bad experiences with products or services and customer service were the overwhelming reasons.
As inflation persists, more than half of respondents said getting good value for the price of a product or service is a top reason why they keep using or buying from a business.
Customer experience is critical to loyalty
Bad experiences, even just one, can cost your customers. More than half (55%) of respondents said they would stop buying from a company that they otherwise liked after several bad experiences.
In an increasingly automated world, the human touch still matters. At least one-third of respondents said human interaction is essential to their loyalty, and for many types of businesses it was more than 50%. 🤝
Get personal or get lost
Just as loyalty can hinge on a customer’s experience with a business, so can an experience be shaped by how personal it feels to a customer.
Personalization is a priority. Four out of five consumers would share some type of personal data for a better experience, with such information as email address, birthday and age, and sex/gender identity topping the list. 🔎
Ignore the digital dimension at your peril. More than half of respondents said they’re less likely to be loyal to a brand if its online shopping experience isn’t as easy or enjoyable as shopping in person. 🎯
Expression of loyalty varies across generations
Between longer lifespans and people interacting with brands at younger ages, businesses have more opportunities to connect with consumers and win their loyalty.
🏃 As you might expect, generations differ significantly when it comes to loyalty. Generation Z (ages 18–25) and Millennials (26–41) are generally more mobile than Generation X (42–57) and Baby Boomers (58 and older), but they’re also more open to personalization and perks that can build loyalty.
But larger percentages of Generation X and Baby Boomers said they left a brand to support or boycott issues they feel are important in society, such as the environment, diversity and charitable giving.
This article is based on PwC surveyed 4,036 consumers in the US between May 5 and May 19, 2022.
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