Customer loyalty in COVID-19
How has customer loyalty in COVID-19 been affected? The facts show more people are trying new brands, stocking up but turning to brands they know they can trust, who don’t put profit over people. And they want personal interaction.
Businesses have a 60% to 70% chance of selling to an existing customer while the probability of selling to a new prospect is only 5% to 20%.
Here are 23 beneficial facts on keeping customers loyal during COVID-19.
How customer loyalty in COVID-19 is being tested
- 93% of customers are more likely to be repeat customers at companies that provide them with excellent customer service.
- 88% of consumers who bought new brands in the pandemic say they intend to keep using these brands in the future.
- 77% say advertisements should inform them how brands are helpful in the new everyday life.
- 76% have changed stores, brands, or the way they shop.
- 75% of consumers have tried new brands, places to shop, or methods of shopping so far during the pandemic.
What businesses can do
- 71% of consumers say they will lose trust in a brand forever if they perceive it to put profit above people.
- 69% expect connected experiences.
- 64% of people are not engaging in normal out-of-home activities.
- 62% of people who have changed their brand preference will make that a permanent change before the pandemic is over.
- 60% of customers are turning to brands they are absolutely sure they can trust.
- 53% believe routines will not get back to normal until the second half of 2021 and beyond.
- 51% resort to purchasing brands they hadn’t previously known about. This is likely a result of more well-known brands selling out their stock due to higher demand.
- 43% of customers spend more money on brands to which they are loyal.
- Over 40% of retailers report they adjusted their return policies during the pandemic.
- 40% say they will decrease spend on discretionary categories.
- 40% intend to increase spending online.
- 39% believe finances will not return to normal until the second half of 2021 and beyond.
Who is going to new brands and why
- 39% of consumers worldwide bought products from new brands this year.
- 37% of consumers say they have recently started using a new brand because of the innovative or compassionate way they have responded to COVID-19.
- 33% say they have already convinced other people to stop using a brand that they felt was not acting appropriately in response to the pandemic.
- 30% of consumers report growth in online shopping and a continued rise in the use of contactless services.
- 1%-2% lift in sales for grocery companies that have a personal interaction with their customers.
- 3X higher returns from customer experience (UX) leaders vs. laggards.
Do the facts benefit you with ways to keep customer loyalty in COVID-19? Is your business looking for customer loyalty solutions?