Customer Loyalty In Today’s Modern Retail World
Customer loyalty isn’t what it used to be. In fact, research company Access Development reported that 79% of customers would take their business to a competitor within a week of experiencing poor customer service, while the estimated cost of customers switching their choice of businesses due to poor service is $1.6 trillion. Keeping this in mind, how can businesses strengthen their customer loyalty in a world where customer sentiment is constantly shifting and consumers have more options than ever before of where to spend their money?
Chris Luo, VP of Marketing of loyalty technology company FiveStars, believes that “from our experience, almost all retailers who generate some kind of repeat business have the opportunity to boost their ROI and profitability by increasing the retention of their customers. For fast casual restaurants, as an example, oftentimes 60% of customers never come back after their first visit.” Read more at Forbes.
