Traditionally, customer loyalty programs have been the backbone for retailers striving to attract new customers and boost retention rates. While consumers continue to join programs and pack more loyalty cards into their wallets (both physical and virtual), they now crave an experience that extends across channels and devices, and is more relevant to their unique wants and needs.
While content is helping retailers attract and engage online shoppers, video is helping to create a truly immersive brand experience that drives bottom-line results.
Online shoppers who view videos during their browsing and researching processes are 1.6 times more likely to buy than shoppers who do not view videos, according to the 2014 Invodo Video Commerce Benchmarks Report. Additionally, 80% of consumers say that a video showing how a product or service works is important when learning about a company, according to the 2015 Animoto Online and Mobile Video Study.With that in mind, it is clear that the visual medium has an enduring effect on customer decision-making.
The future of retail may lie in the power of a shopper group called Brand Mavens: digitally engaged, brand-loyal consumers who are looking for the ability to use one source for completing payments, accessing loyalty points and redeeming coupons and promotional offers.
Brand Mavens — the ultimate brand advocates — currently comprise approximately 53% of the buying population in the U.S., according to a recent consumer survey conducted by Retail TouchPoints and CashStar, in conjunction with the Texas A&M Center For Retailing Studies.
Cyber criminals want your customers' payment information, and the retailers that do not adequately protect customer data are at risk for long-term damage. For example, more than half (54%) of U.S. consumers said they would never, or would be very unlikely to, purchase from a retailer that had experienced a data breach where financial data was stolen, according to research from SafeNet.
Consumers have a variety of information sources at their disposal, and technology is empowering them to connect with brands and retailers at any point during their browsing and buying journeys.
The increasing variety of service channels available undoubtedly provides shoppers with more ways to interact with brand representatives. But for the most part, quantity does not equal quality: Just 5% said companies exceed their expectations, according to the 2014 Global Customer Service Barometer from American Express.
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