Retail Trends

Top Retail Stats for January 2022

Jan 19, 2022

It’s a new year and we’re back with more top stats on the state of retail. Here are four retail stats that show the importance of customer loyalty for 2022.

Consumers Want VIP Benefits – and Will Spend More on Brands They Love

A survey of UK consumers by e-commerce marketing platform Yopto found that shoppers are looking for more out of a loyalty programme than just discounts or free shipping.

There is a desire for more of a VIP experience with 56% of respondents saying they want early access to sales and 46% wanting early access to new products.

Getting this approach right is crucial to a retailer’s bottom line as 50.9% of respondents said that they would spend more on a brand they are loyal to even if there were cheaper alternative options.

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Brands wishing to build loyalty in 2022 need to focus on how they make customer think and feel, rather than just what they sell.

An Emotional Connection Is Key to Customer Loyalty

Research by TruRating, a customer sentiment tech start-up, found that 60% of shoppers feel an emotional connection to their favourite brand.

As such, brands wishing to build loyalty in 2022 need to focus on how they make customer think and feel, rather than just what they sell.

Notably, in its previously mentioned survey, Yopto revealed that 82% of consumers are more inclined to be loyal to brands whose values align with theirs, which means brands with a strong sense of self and beliefs look to be in a good position.

customer experience first mindset

73% Of Consumers Will Choose the Company with the Best Customer Service

Customer service is a big part of fostering loyalty.

The 2021 ACA Study from Shep Hyken found that 73% of US consumers will go out of their way to do business with a company that provides better customer service.

This is backed up by the fact that 79% said they would switch to another company if they knew that they deliver a better customer experience.

The message is clear – get the customer experience right and customers will keep coming back.

Consumers Will Wait for Their Favourite Brands

One of the biggest potential threats to customer loyalty has been the supply chain issues of recent months.

However, a survey of US consumers by customer data platform Treasure Data found that 48% would rather wait for their preferred brand to restock than buy a similar product from another brand.

This suggests that building long-term relationships with customers is paying off for brands. Although retailers should be aware of the other impact of this - 68% of consumers anticipate buying directly from brands more in 2022.