Retail loyalty: Five factors that drive consumer loyalty
Recently, RIS news and Oracle partnered to bring together the retailer and consumer perspectives. According to the survey, 67% of annual customers are returning customers. We did some research to find out what makes a customer loyal.
Oracle Retail did primary consumer research to discover that 46% of global consumers are less likely to buy as inflation continues its rise. Retailers must find ways to build loyalty to their brands.
Why are Loyal People Important?
- The product – 55% consumers expect high-quality products from their retailers. All loyalty drivers had the highest standards for product quality.
- 49% of the population expects a wide range of products. Boomers (57+), care more about variety than Gen Z (18-24).
- In-stock Position – 45% desire immediate delivery, but are aware of the challenges facing the economy’s supply chain.
- A seamless checkout and returns process is what 42% of consumers want, regardless of the channel. This is most important to Gen Z and Millenials.
- Recognition and personalization – Although only 34% of loyalty points and status programs recognize customers, the consumer data is crucial for personalization.
RIS News – Findings about Technology Priorities
- 85% of retailers believe their POS platform has been updated or is currently being developed.
- 77% of retailers believe their loyalty track will be up-to-date in the next two-years, while 23% don’t plan to.
- 71% of retailers believe their technology for personalized offer is current, or will be updated in the next two-years.
Technology automates core retail processes, and scales high-volume retail operations. Retailers can increase innovation by having a single view on inventory and a single customer view. This is possible through embedded machine learning, applied AI, and deeper dimensions of consumer insight. Oracle allows you to deploy solutions in a way that addresses the most pressing business problems first.