This report was originally published by Retail Touchpoints in partnership with Mastercard Data & Services.
At a time when the maxim “the only constant is change” seems truer than ever, retailers and brands are keenly aware of the vital importance of customer loyalty. The 2022 Retail TouchPoints Customer Loyalty and Personalization Benchmark Report identifies the biggest challenges retailers are currently facing in both customer acquisition and customer retention, as well as the tools and solutions retailers are using to sharpen their increasingly vital personalization initiatives.
Key takeaways from the 2022 Report, based on a survey of 115 retail executives, include:
For the second year in a row, out-of-stocks due to supply chain challenges topped the list of retailers’ toughest customer loyalty challenges at 44%
The “Great Resignation” is having an impact on customer loyalty efforts: 41% of retailers cited insufficient staffing’s negative impact on in-store CX as a challenge
The use of traditional media (TV, radio, direct mail and outdoor advertising) as a customer acquisition tool rose from 29% in 2021 to 51% in 2022, second only to email outreach
Inflation is the likely cause for the resurgence of purchase discounts as a customer retention tool; it rose from 55% in 2021 to 73% in 2022
Some retailers are trying to gain a more holistic view of their customer relationships: 45% collect customer service data such as complaints, product returns and reviews.
Download the full 2022 Benchmark Survey to learn more.
