Supply chain impacts and understaffed stores create customer retention issues
At a time when the maxim “the only constant is change” seems truer than ever, retailers and brands are aware of the vital importance of customer loyalty. The 2022 Retail TouchPoints Customer Loyalty and Personalization Benchmark Report identifies the biggest challenges retailers currently face in customer acquisition and retention, and the tools and solutions retailers are using to fine-tune their increasingly vital personalization initiatives.
Key takeaways from the 2022 report, based on a survey of 115 retail executives, include:
- For the second consecutive year, stock-outs due to supply chain issues at the top of the list of the most difficult challenges for retailers to retain customers, to 44%;
- The “Great Resignation” impacts customer retention efforts: 41% of retailers cited the negative impact of understaffing on the in-store customer experience as a challenge;
- The use of traditional media (TV, radio, direct mail and outdoor advertising) as a customer acquisition tool has gone from 29% in 2021 for 51% in 2022, second only to email outreach;
- Inflation is the likely cause of the resurgence of shopping discounts as a customer retention tool; he went from 55% in 2021 for 73% in 2022; and
- Some merchants are trying to take a more holistic view of their customer relationship: 45% collect customer service data such as complaints, product returns and reviews.
Download the report now!