Three Ways Retail Customer Loyalty Changed Throughout the Pandemic
December 20, 2021
Brand loyalty has been impacted by the pandemic in many ways as consumer behavior shifted, begging the question: are consumers still loyal to brands?
A report by McKinsey found that 75% of U.S. consumers have established a new shopping behavior in response to the pandemic because of economic pressures, store closings, and shifting priorities. As a result, brand loyalty has been affected with 36% of consumers trying a new product brand. Of those who have tried different brands, 73% intend to continue to incorporate the new brands into their routine.
To best understand the impact of the pandemic on brand loyalty and how retailers can drive loyalty moving forward, it’s important to review consumer behavior trends. In particular, real-world data like location intelligence can help a company to understand the latest consumer trends over other methods like customer surveys, which can quickly lose relevance. An approach that many companies are now taking, especially in light of the pandemic, is to connect and unify location intelligence data with other datasets in order for sales and other teams to achieve a 360-degree, holistic view of their customers.