The ultimate revolution of customer loyalty in retail

1. The Ultimate Revolution of Customer Loyalty in Retail. Customers are said to be the backbone of a business, especially when it comes to the existing customers. Since those existing customers have already come to you and had a business, it directly means that they were interested and wanted to exchange trades. One such standard measurement says that 80% of a company’s future revenue will come from 20% of its existing consumers. This means a lot of data and a company can easily make a good profit even if retaining existing customers. This is all possible due to the social link. Existing customers share their views among people and thus new customers too are generated which then turns them into existing customers. This is made possible with few measures. One such is Customer Loyalty. Customers, since ages, always wanted recognition and want to be treated as individuals, and they will also expect to be aware of offers that might personally interest them. Many companies focus on new customer acquisition but attracting new customers cost a business five times more than keeping an existing one. Customers are attracted to a brand only when they feel they are emotionally attached to the system. This attachment should always be noted by the firm and relevant steps to be taken. Fortunately, it seems that retailers are catching on this with 62% increasing their budgets to enhance their retail loyalty programs with supporting technologies. Loyalty Cards, nowadays, are widespread and is attracting a lot of potential brands. For instance, Starbucks has credited its retail loyalty program app, My Starbucks Rewards, as a major contributing factor in its fiscal revenue. Read more