Sales and Promotions are Overriding Brand Loyalty [Infographic]

Conventional wisdom has taught us that if our products are high quality and our service is friendly that customers will be loyal, but advances in technology and a changing economy have made brand loyalty a thing of the past.

Smart phones have enabled consumers to price check on the go and online retail has provided more options and competition than ever before. A recent study has shown that 67% of consumers believe that they can find the best deals online. Consumers are more price conscious than ever and 80% of consumers are willing to switch brands or stores because of a promotion. Nearly 80% of consumers have left stores without buying anything in the past 12 months. In order to adapt to these changes retailers must develop new strategies. One strategy is to focus on influencing unplanned purchases. Promotions influence 83% of unplanned purchases and 65% of unplanned purchases were made in brick-and-mortar stores.

The illusion of brand loyalty can present unforeseen risk to retailers unless they are willing to change. To learn more about changing consumer behavior and how to adapt check out the infographic below from MarketTrack.

© Market Track

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