Independent brick-and-mortar retailers depend on customer loyalty. Foot traffic from local customers who purchase everything from specialty items to necessities is the lifeblood of local retail. And there are over 130,000 small specialty retailers nationwide! Independent retailers not only makes up a significant portion of the US economy (worth $34 billion annually), they drive innovation.
To these businesses, customer loyalty is everything. Yet acquiring new customers is expensive, costing businesses anywhere from 5 to 25 times more than retaining an existing customer and building on that loyalty. There is a clear correlation between brand loyalty, customer retention, and increased profits. The Loyalty Report gathered feedback from 22,000 Americans reporting on over 200 different loyalty programs. 79% of the consumers surveyed reported that loyalty programs made them more likely to continue doing business with a brand.
Much has changed in the world of retail since March of 2020. But a few constants remain, including the importance of customer experience and customer loyalty. Download our white paper to understand why loyalty is more important than ever, and what we can learn from the experience of the historic retail district in downtown Olympia, Washington.