A new Australian consumer and retailer research survey by Manhattan Associates found that more than 68 per cent of consumers said value for money was the biggest way for a retailer to gain their loyalty.
The survey of 2000 Australian consumers and 100 large-end retailers also revealed that 47 per cent of respondents said great products guaranteed their repeat business.
53 percent of consumers surveyed by Manhattan Associates said that a consistent shopping experience across different shopping platforms with the same retailer was important.
According to global technology solutions provider Honeywell, most retailers now rely on technology to offer the best customer experiences, with 59 per cent of retailers believing that technology has enhanced their customer’s shopping experience.
Raghav Sibal, managing director for Manhattan Associates, ANZ, said that while it’s not a huge surprise that influences like value for money and product quality sit at the top of consumers’ list for attracting their ongoing business, the research had also found that retailers weren’t always connected with the factors influencing consumer loyalty.
“It’s important to listen to your customers and deliver on what they want,” Raghav said.
“Our research has shown that while retailers may perceive actions like having a strong social media presence are key to maintaining customer loyalty today – with 37 per cent indicating they offer an excellent social media presence to attract loyalty – what consumers actually want in many respects is more basic.”
He said retailers need to provide all arms of their business with access to relevant, timely business information to enable consistent end-to-end customer experiences that span physical and digital channels.
“Access to real-time data and predictive analytics will further bolster omnichannel capabilities and support seamless online and instore experiences,” Raghav said.