Retail trends: loyalty programs boost customer retention
Customer retention is crucial for retailers since it increases the profitability of business while saving on marketing and customer acquisition costs. According to the 2022 Loyalty Barometer Report, loyalty programs have a huge impact on customer retention: almost 8 in 10 consumers are more likely to continue to do business with a brand because of its loyalty program. To discover how consumers feel about loyalty programs, the researchers surveyed 1,500 US consumers aged 18 to 65. Let’s take a look at the key insights of the report and highlight some effective ways to boost customer loyalty and retention.