Customer loyalty remains vital to the success of any retail business, both today and in the future. But nearly 70% of consumers say their loyalty is more difficult to maintain than ever.
Consumers have an abundance of choices when it comes to retailers they can buy from, and if their expectations aren’t met, they will simply shop somewhere else.
Given this type of environment, retailers are looking for ways to retain their existing customers. The cost to retain an existing customer can be up to six times less than to acquire a new one.
Focusing on retaining your existing customers is important because they’re more profitable than new customers, more likely to make repeat purchases with your brand, and more likely to spend more on each purchase.
Your most loyal customers are your best advocates, telling family and friends about their wonderful experiences with your brand.
One major way retailers are ramping up their retention efforts to retain their best customers is through creating and managing successful loyalty programs.
The new 2021 Loyalty Program Benchmark Report from Total Retail dives into what makes some loyalty programs great—and where some struggle.
From apparel to health and beauty to home furnishings, Total Retail assessed the loyalty programs of 50 leading retailers to identify loyalty best practices. The programs were analyzed on benefits, marketing and promotions, innovation, and more.
If you would like to learn the loyalty best practices behind 50 of the best loyalty programs and apply them to your brand, download the Total Retail 2021 Loyalty Program Benchmark Report today.