Is Building Brand Loyalty Tougher Than Ever?
With more ways than ever for consumers to get what they need when they need it, it’s tougher for retailers to build and maintain brand loyalty online. Online shoppers are in fact the most demanding of all shoppers, with high expectations surrounding the breadth of products offered, up-to-date pricing including sales and promotions, a variety of shipping options and more detailed information than is available in a retail store or catalog.
It is a highly competitive online market space and it is not always the traditional multi-channel retailers that are top of mind when shopping online. In our newly released Brand Loyalty Whitepaper leveraging privately-funded research undertaken with BRS Group Modern Research earlier this year, we found that only eight e-retailers score higher than 6% in unaided recall among online shoppers. Further, social media, more than advertising, is shaping customers’ perceptions on businesses (reviews, feedback forums, blogs, etc.) and the result is an influenced economy that is forcing everyone in the public realm—including the owners of products and brands—to become more transparent, open, conversational and honest. Merchandisers are now in a position where they will have to rethink the way influence is distributed and the new role of marketing communications in an information landscape dictated by consumers.
A few affordable suggestions to gain the much-needed traction e-retailers are after include price transparency, product interactivity (connecting with customers via live chat), RIA’s to create an overall engaging online experience and feedback forums to encourage shoppers to share their recommendations with others.
Our research shows that online shoppers are still walking away from shopping carts (an epidemic rarely seen offline) mainly because there is a lack of information, even less engaging content, and little promise that security (still a top concern for consumers) won’t be compromised. How are you stopping this trend? We would love to hear about loyalty tactics that have worked for you. It’s important to us to share that kind of insight with our customers and reveal problem-solving techniques we know can make a difference in ROI. Download the new whitepaper here.