With the internet in the palm of our hands, news travels faster than ever. Technology and the inclined usage of social media has created endless opportunities for brands and retailers to connect with their consumers. This gives companies a new-found advantage to interact with a larger, wider audience. Consumers now have unlimited options to buy products at their fingertips. This ability to access a large selection of retailers with ease means that brand loyalty is no longer as dominant as it once was. Consumers have access to an abundance of information, allowing them to make the purchase choice that best suits their wants. Consumer demand is prominent, but there are always new competitors around the corner. In fact, 73% of today’s shoppers are willing to consider a new brand. Shoppers are willing to choose other options if they aren’t fully satisfied with their product or service. The concept of a seamless online and offline experience is just the beginning – an omnichannel approach will only become more advanced in 2022. Price and selection have always been essential factors to consumers. Now, brand values have become a key aspect as well. Shoppers are much more likely to purchase products from brands that share the same values as their own. Even more so, they are far less likely to buy products from a brand with conflicting views. Nearly 51% of shoppers reported that brand values affect their purchase decisions, and that number will continue to grow over time. It is imperative for brands to use their messaging to speak out on topics that matter to them. Public relations has become increasingly critical to a company’s overall success. Consumers want to support brands that actively interact with the public. Gen Z expressed their desire to feel valued and considered by the brands they support, with 60% of Gen Z stating that it is important for brands to value their opinion. They seek transparency, honesty, authenticity, and relevancy. We have entered a new era of retail where the product is not the only thing in question. The company’s whole entity has become the focus. To set your brand apart and gain consumer loyalty, you’ll need to consistently change and adapt to today’s shoppers – fitting the mold, while also challenging it. Source: What is happening to brand loyalty, Gen Z brand relations, Gen Z’s retail values
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Consumer Brand Loyalty – Where is it now?
With the internet in the palm of our hands, news travels faster than ever. Technology and the inclined usage of social media has created endless opportunities for brands and retailers to connect with their consumers. This gives companies a new-found advantage to interact with a larger, wider audience. Consumers now have unlimited options to buy products at their fingertips. This ability to access a large selection of retailers with ease means that brand loyalty is no longer as dominant as it once was. Consumers have access to an abundance of information, allowing them to make the purchase choice that best suits their wants. Consumer demand is prominent, but there are always new competitors around the corner. In fact, 73% of today’s shoppers are willing to consider a new brand. Shoppers are willing to choose other options if they aren’t fully satisfied with their product or service. The concept of a seamless online and offline experience is just the beginning – an omnichannel approach will only become more advanced in 2022. Price and selection have always been essential factors to consumers. Now, brand values have become a key aspect as well. Shoppers are much more likely to purchase products from brands that share the same values as their own. Even more so, they are far less likely to buy products from a brand with conflicting views. Nearly 51% of shoppers reported that brand values affect their purchase decisions, and that number will continue to grow over time. It is imperative for brands to use their messaging to speak out on topics that matter to them. Public relations has become increasingly critical to a company’s overall success. Consumers want to support brands that actively interact with the public. Gen Z expressed their desire to feel valued and considered by the brands they support, with 60% of Gen Z stating that it is important for brands to value their opinion. They seek transparency, honesty, authenticity, and relevancy. We have entered a new era of retail where the product is not the only thing in question. The company’s whole entity has become the focus. To set your brand apart and gain consumer loyalty, you’ll need to consistently change and adapt to today’s shoppers – fitting the mold, while also challenging it. Source: What is happening to brand loyalty, Gen Z brand relations, Gen Z’s retail valuesSREG's operational & investment Insight, Expertise & Experience
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