The COVID-19 pandemic changed consumer behavior patterns seemingly overnight. Knowing this, in preparation for the make-it-or-break-it holiday shopping season, brick-and-mortar stores must evolve and adjust their strategies in completely new ways. But while catering to the new needs and wants of today’s COVID-era consumer, businesses would do well to remember the adage: “Don’t throw the baby out with the bathwater.” It’s equally important to hold fast to some tried and true tactics to keep existing loyal customers.
Studies show that loyal customers are more likely to make repeat purchases, which ultimately drives revenue. According to a recent report by InMoment, 60% of customers make more frequent purchases from brands to which they are loyal. The same report also found that 77% of consumers have maintained relationships with specific brands for more than 10 years. Loyal customers will keep coming back, so businesses must foster those relationships even as they navigate these unprecedented times and enter a crucial revenue period.
There are several ways brands can keep their loyal customers coming back, including exceptional service and loyalty and rewards programs. But the first step, before marketers consider how they’ll maintain this customer loyalty, is to examine the latest consumer data in order to understand key shifts in their customers’ behavior.