5 Amazing Loyalty Stats you must not miss.

  Whilst stepping into the third decade of this centenary the decision of purchase has gradually shifted and today customers have been concentrated with enormous power. Post covid the retail industry has seen higher disruptions. 

        People have a huge influence on buying behavior of others hence customer retention and loyalty have a higher weight now. Owing to plenty of great choices, the impact of product quality has been reduced as compared to the quality of customer service and user recommendations. 

In modern times of technological advancements instead of investments in advertising relying on word-of-mouth recommendations has gained significance. And that has resulted in rewarding customers by well-established brands along with their traditional loyalty programs. Customer engagement in various ways like scanning and rewards redemption, referring a friend, gamification, etc has become vital in the current scenario. 

To understand better let us have a look over 5 interesting loyalty statistics which are worth reading. 

 1] The chances of existing customers buying from you are 60-70%.

(Altfeld)  

The research shows that we can sell to new customers with a probability as less as 5 –20 %. It’s a safe game to concentrate more on customer retention than on customer acquisition. If you nurture your existing customers well they are most likely to be your loyal customers.

2] 80/20: The Pareto Principle 

(Forbes) 

The top 20 % of your customers are the ultimate guide to understanding customer behavior and planning your marketing strategy. Vilfredo Pareto's 80/20 principle is relevant today even after hundreds of years of its discovery. 

INDIA’S LOYALTY MARKET DIMENSIONS :

• Epsilon estimates that the current market size for loyalty solutions in India tops US$2.9 billion and is growing at a CAGR of 15%. 

The report estimates India’s Customer Loyalty market to be $10.85 billion by 2031 with penetration across all vertical markets. 

 3] 'Earn and Burn' is the most appreciated aspect of shopping as per 58.7% of customers. 

(marketer) 

Whilst "quick and easy checkout" being preferred by as high as 83% of customers earning points as rewards stood the second one. Hence while chalking a plan for increasing sales rewarding customers must stand at the top of the checklist.  

4] About 70 % of people recommend a brand with a good loyalty program to others. 

(Bond)

Loyalty programs have become a strong pillar for next-level marketing with their impeccable ability for rapid customer engagement.77 % of people are most likely to continue with a brand only if it has an exemplary loyalty program. 

5] 56% of programs include gamification in their loyalty game. 

(AP News) 

Escalating and unlocking new levels enriches the customer shopping experience as it gives them a feeling of goal setting. When customers feel as if they are working on the road to any accomplishment there are chances of them staying loyal to a brand and spending more. 

Thus we can see that there is the utmost necessity to move from traditional loyalty programs to brand new loyalty programs which would suffice your needs of customer retention, customer engagement, and ultimately Customer Loyalty! 

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