Interesting figures about loyalty in retail

Both retailers and brands try to build consumer loyalty. In that sense, customer loyalty programs are becoming increasingly popular and are especially important to retail business success. At CPM we have gathered some thought-provoking figures about loyalty in retail:

• 40% of retailers offer loyalty apps (PointSource)
• 43% of retailers track loyalty mobile metrics (PointSource)
• 59% of shoppers stated they would be encouraged to shop more with a brand if it had a loyalty scheme (ICLP)
• More than 50% of all shoppers would be encouraged to shop more frequently or spend more with a brand if they received discounts on future purchases (ICLP)
• 72% of global consumers agree that, all other factors equal, they’ll buy from a retailer with a loyalty program over one without (Nielsen)
• 66% of global consumers say they belong to one or more loyalty programs (Nielsen)
• 67% of global loyalty program participants agree they shop more frequently and spend more at retailers with loyalty programs (Nielsen)
• 67% of shoppers will purchase items from different stores or websites to get the lowest price, and 72% said they would be enticed by promotions or coupons to shop at a store they have not used in the last year (Accenture)
• 93% of shoppers who sign up for a loyalty program said special promotions influence their decision to sign up (CFI Group)
• Once in-store, more than 80% of consumers use their mobile phones to compare prices on other retail sites and social networks, and see if stores have online coupons or loyalty programs (Crowdtap)
• Post-purchase, 47% of consumers will use the retailer’s site or social networks to write a review. Of these shoppers, 68% will purchase from the same brand again within 3 months (Crowdtap)
• 54% of shoppers said they are open to sharing personal information and shopping preferences with retailers in order to receive personalized offers, compared to 51% in 2015, and 33% in 2014 (Accenture)
• The factors most likely to entice shoppers to share personal data are discounts or coupons (78%), loyalty card points (52%) and highly relevant promotions (47%) (Accenture)
• 51% of global loyalty program participants say product discounts are among their three most valued benefits, followed by rebates & cash back (45%), free products (33%) and free shipping (32%) (Nielsen)
• 81% of global loyalty program participants say it’s appealing to earn rewards regardless of whether or not a purchase was made in-store, on a website or mobile device (Nielsen)
• 79% of global loyalty program participants say it’s appealing to be able to choose among several types of rewards (79%) (Nielsen)
• 77% of global loyalty program members find personalized promotions based on past purchases appealing, as well as the opportunity to earn bonuses by doing a specified activity (76%) (Nielsen)
• 67% of global loyalty program members say integration with a mobile payment system is appealing, so they can automatically earn and use rewards when they use a mobile wallet (Nielson)
• 36% of Millennials have accessed a coupon/promotional code on their mobile/smartphone whilst in-store vs. 26% of other age groups, and 23% of Millennials have accessed loyalty/rewards programs in-store vs. 18% of other age groups (PWC)
• 67% of global loyalty program members say points or rewards for referrals is appealing, as well as tiered programs with exclusive rewards for customers in a particular level or status (60%) (Nielsen)
• 41% of consumers expect offers that are personalized and relevant to them when they walk into a store (ICLP)
• 22% of customers claim suggestions based on past purchases drive their loyalty (ICLP)
• 25% of consumers are likely to spend more in a retail store where they are greeted by name and made to feel like a valued customer (ICLP)
• 24% of consumers stated the ability to send receipts via email would lead them to shop more frequently with a retailer (ICLP)
• 13% of consumers will choose retailers that offer money-can’t-buy experiences or a stylist to advice on purchase over those that don’t offer personalized benefits (ICLP)
• 65% of women have used a grocery store loyalty program in the last three months vs. 50% of men (Vantiv)
• Nearly 70% of consumers said it is important to them that stores carry goods that cater to the local community. It is most important to Millennials (76%) and least important to Baby Boomers (61%) (Berkeley Research Group)
• The biggest reason consumers leave a store without making a purchase is that they couldn’t find what they were looking for (60%) and the high price (51%) (Berkeley Group)
• 70% of purchase decisions are made in front of the shelf, so if your product is out of stock, you’re out of luck (Nielsen)
• 37% of consumers purchase another brand when their favourite brand is out of stock, while 21% visit another store (Nielsen)
• Members of retailers’ loyalty programs generate between 12% and 18% more revenue for retailers than those who do not belong (Accenture)
• 71% of retailers say their loyalty program is “differentiated” or “significantly differentiated” from those of their competitors (Accenture)
• Top loyalty program challenges cited by retailers: Keeping up with the underlying technology or investing enough in technology (40%), keeping up with competing loyalty programs (33%), managing the liability and financial complexity of the program (33%), and having enough people and the right kind of talent required for today’s loyalty programs (30%) (Accenture)
• 59% of consumers said their opinion of a retailer would be more positive if they started to receive coupons and offers that could be saved on their smartphones (Vibes)
• 15% of shoppers would give a brand or product a second chance after a poor experience (InReality)
• 68% of shoppers belong to at least two grocery store loyalty programs (Blackhawk Engagement)
• 60% of shoppers consider themselves loyal to a particular grocery store (Blackhawk Engagement)
• 27% of shoppers would give a physical store a second chance after a poor interaction (InReality)

Read more interesting figures about loyalty here: http://blog.accessdevelopment.com/customer-loyalty-statistics-2016-edition