1、powered byTips for Boosting Loyalty Program SuccessHOW TO ACQUIRE,RETAIN AND ENGAGE YOUR CUSTOMERS2A confluence of factors,both internal and external,have led consumers to be less loyal to retailers and brands.Internally,the pressure on merchants to raise prices,lower product quality,or take a publi

2、c stance on a divisive social issue,for example,are top reasons why customers abandon a retailer or brand.Externally,macroeconomic challenges(e.g.,rising inflation driving up product pricing),supply chain disruptions that are impacting inventory levels and slowing delivery times,and increased online

3、 competition are factors causing less repeat purchase activity.Increasingly,loyalty comes down to the experience the customer has shopping with your brand,from product discovery through post-purchase support.Consumers expectations of retailers and brands are rising,and if those expectations arent me

4、t,theyll simply go somewhere else to shop.Consider the following data:n two-thirds of consumers are open to switching brands if a competitor offers a better experience(Forbes);n a third of consumers will abandon a brand if it fails to create a personalized experience;n the customer retention rate fo

5、r the retail industry averages 63 percent,indicating theres plenty of room for improvement for merchants.Whats at stake when it comes to customer loyalty?A lot.Not surprising,loyal customers are retailers most valuable customers.According to the 2022 Customer Loyalty Data Study from ebbo,67 percent

6、of consumers say they purchase from their favorite brands at least once a month.And they spend more on those purchases,too.Loyalty program members have a 40 percent higher average annual spend than non-members,and they make repeat purchases 28 percent more often than non-members.Further heightening