Meta has published a report, in partnership with GroupM. Customer behaviour is changing and the 26-page report, which you can download here, examines the role of brand loyalty in the modern consumer process. It also discusses how businesses can better establish trust and community via online tools.
As per the report:
“When developing a strategy, it’s key to understand that loyalty is about more than just repeat shopping. Loyalty is based on reciprocity: It is founded in shoppers’ feelings that they are valued by a brand as much as they value the brand themselves. Research shows that having a personal connection with a brand is equally important, if not more, than financial incentive in influencing where people shop.”
According to the report, some 64% of surveyed shoppers tried different brands, websites and apps during the COVID-19 crisis, as they sought to fulfil their purchase needs. That presents new opportunities for brand exposure, and shows that online shoppers are more open to different brand approaches – which also means that businesses need to work harder than ever to establish connection, and build brand trust.
There are many reasons for this. The convenience of online shopping provides many more opportunities for comparison, while the fast-paced nature of social media feeds also leads to more brand exposure opportunities.
In addition, Meta notes that consumer priorities are changing.
What a brand stands for is now a much more important factor, with more people looking to positively contribute to their environment and community.
Expectations around the shopping experience itself are also rising, with 63% of respondents noting that they’ve abandoned a product or site due to mobile usability issues.
“Convenience is the cornerstone of eCommerce, and a driving reason that online shopping has accelerated at such an astounding rate. Today, free and fast shipping is table stakes, and people expect businesses to take the next step. According to 66% of surveyed US consumers, the brands that earn their digital loyalty are the ones that go above and beyond by making life easier. This could look like proactively communicating purchase delays, sending a delivery service to personally pick up returns or offering prepaid shipping labels.”