The Importance of Customer Loyalty Programs – Statistics and Trends
Did you know 61% of retailers cite customer retention as their biggest obstacle and a 5% increase in customer loyalty can increase the average profit per customer by 25% – 100%. Around 58% of respondents buy from these stores and brands whose loyalty programs they belong to at least once a month.
69% of consumers say choice of retailer is influenced by where they can earn customer loyalty/rewards program points whereas 57.4% of consumers join loyalty programs to save money, 37.5% to receive rewards. Check out our latest infographic to understand the importance of customer loyalty programs and how they influence consumer purchase decisions.
- 64% of retailers say their loyalty/rewards program is the best way to connect with consumers
- 50% of consumers changed their behavior to reach a higher tier within a loyalty program
- On average, loyal customers are worth up to 10x as much as their first purchase.
- The average repeat customer spends 67% more in their 31st to 36th months of their relationship with a business than in months 0-6.
- 49% of consumers agree they spend more after having joined a loyalty program
- 76% of consumers think that loyalty programs are a part of their relationship with brands
- 83% said loyalty programs make them more likely to continue doing business with certain companies.
- 74% of travel customers surveyed have made purchasing decisions based on travel reward programs.
- 67% of customers said surprise gifts are very important for loyalty programs
- 55% of millennials claim to be more brand loyal today, compared to 39% of consumers in the 35-and-older group.
Original Article: https://www.invespcro.com/blog/customer-loyalty-programs/