1、Trust and Loyalty in the Experience Economy 2018 Retail CX Trends Report Table of Contents 02040611 012018 CX Trends Report IntroductionTrend #1: Trust and Mistrust Are Earned Trend #2: Loyalty Is Alive and Well. Complicated Trend #3: Consumers Want Experiences, Not Just Purchases Methodology InMome

2、nt surveyed 1,300 consumers in the United States to understand the state of trust and loyalty, as well as customer perception about retailers attempts to offer more experiences versus simple transactions. Data has been cleansed and validated. Introduction In the age of what McKinsey here are the thr

3、ee major themes that surfaced: 032018 CX Trends Report Trust and mistrust are earned. Consumers are clear regarding what brands must do to gain their trust, and equally as clear as to what they will give in return. Loyalty is alive, and well complicated. Todays consumers are clearly loyal. However,

4、how modern loyalty manifests itself may surprise brands. Consumers crave experiences, not just purchases. Even simple transactions can be mean- ingful, but consumers appreciate when brands make small efforts to make a transaction feel like more than a generic exchange. Theres a lot of good news for

5、brands in these findings. Despite the popular narrative, consumer loyalty absolutely still exists albeit in a much more complex and nuanced fashion than normally acknowledged. And retailers are right to focus on building trust with their customers, however keeping data safe isnt the end-all, and its

6、 definitely not enough. Finally, despite concerns regarding “ever increasing expectations,” customers care less about being wowed than they do about retailers keeping their basic promises. #1 #2 #3 Trend #1: Trust and Mistrust Are Earned Its not surprising that customers want to shop with brands the

7、y trust. In fact, 88 percent of respondents agree trust is “extremely important” when deciding where to shop (with 40 percent reporting they “strongly agree”). Trust is About More than Data Security When brands talk about gaining and keeping their customers trust, most discussions and assumptions ce

8、nter on data security and privacy. Major events like the Facebook Cambridge Analytica scandal, the launch of GDPR in Europe, and discussions over more stringent national legislation continue to push this issue to the top of newsfeeds. However when we asked consumers about the most important actions

9、retailers can take to build trust, the top pick by far (55 percent) was “deliver what they promised.” Keeping data safe came in at just 13 percent, and other factors like personalization and supporting shared values registered only in the single digits. The inverse is also true, and to an even great

10、er degree. The failure to live up to a brands promise was the “biggest deal breaker” for consumers, with 67 percent choosing this as the chief reason for losing faith with brands they previously loved. Failing to keep data safe and sharing it without permission registered at just 17 percent. Nearly

11、60 percent of consumers say they feel Confident with retailers they trust, versus much milder emotions like Relieved or Safe. This reinforces the finding that trust isnt just about keeping data safe and sound; its about relationships and emo- tional connection. 04 2018 CX Trends Report The brand tha

12、t I feel most loy- al to must perform consistently and maintain the same value that allowed me to trust that brand to begin with. I trust them and continue to only use them. I like a brand that I trust and that is reliable to me all of the time. A level of trust that takes time to earn. IN THEIR OWN

13、 WORDS “ 052018 CX Trends Report Most Trusted: Grocery Almost 37 percent of consumers rank Grocers as the most trusted retailers. Retailers in the Big Box category like Target and Costco came in next at a distant 19 percent. Trust in the New Millenium Trust looks and feels different depend- ing on t

14、he demographic. For example, though all demographics view trust as a balance between “head” and “heart,” Millennials are most likely of all age groups to view trust as more of a “heart” issue (16 percent versus an average of 10 percent). In fact, we saw an inverse relationship between age and willin

15、gness or respondents credit emotion with driving trust levels. And when we got to the oldest group, the 73-90-year-old Silent Generation, not a single respondent said that brand trust was primarily heart-led. Trust and the Bottom Line Trust is important in the brand-cus- tomer relationship, but does

16、 it matter to the bottom line? Retailers may be tempted to classify trust as difficult, if not impossible, to quantify. However, the data indicates theres a real payoff for earning and keeping consumers trust. Approximately two-thirds of consumers will buy more, shop more often, and recommend truste

17、d retail- ers to friends and family. Nearly 50 percent of consumers say they are willing to spend 11-50 percent more with brands they trust a lot, versus those they trust very little. And nearly 10 percent say theyd spend more than 70 percent with trusted retailers. In other words: trust really does

18、 pay. Least Trusted: Automotive Ouch! More than half (55 percent) of consumers ranked Auto brands as the least trustworthy retail brands. Other retailer categories were nowhere close to this. Millenials Gen X Boomers Silent Other categories included fashion, discount, convenience stores, luxury, hom

19、e improvement stores, services and tech the cumulative effect of great products, service, buying experiences, positive reviews and recommendations from others. Fifteen percent ex- perienced “love at first sight,” and 7 percent committed after a glowing recommendation from a trusted source. When it c

20、omes to breaking up with a brand, nearly two thirds (58 percent) of consumers said it takes several “really bad” experiences in order to make the hard choice to leave; with 34 percent saying its more a matter of “growing apart” as they experienced a gradual decrease in what was special. Just 19 perc

21、ent of customers said they only give a brand one chance to fail before they leave. Brands shouldnt get too comfortable, though. While the research demonstrates that todays retail customers can be quite loyal, theres a limit to their commitment. Nearly 50 percent of customers say theyve left a brand

22、to which they were loyal to go to a competitor that is better at meeting their needs. Failing to stay relevant will accelerate the exit of even your most loyal customers. 2018 CX Trends Report Customer data is an increasingly precious commodity, and the authentic, direct feedback variety packed with

23、 rich detail has so much more potential than simply helping retailers win back a detractor or showcase a fan. Conversations captured directly from customers can serve as early warning signals for product and marketing campaign failures, indicate emerging opportunities for competitive differentiation

24、, and help brands allocate resources to the most essential areas of their business. Customers who feel high levels of trust and loyalty are significantly more likely to share ratings (in the 90 percent range for both) and detailed commentary (both exceeded 70 percent) about their experiences. LOYAL

25、CUSTOMERS GIVE BETTER FEEDBACK 102018 CX Trends Report For those fortunate brands that achieve loyalty status with their customers, the benefits are tangible and significant. A whopping 77 percent of con- sumers say theyve held relation- ships with specific brands for 10 or more years. This is even

26、true of 60 percent of Millennials, despite being relatively young. The Economics of Loyalty MORE, MORE, MORE: Sixty-one percent of customers say they will go out of their way to buy from brands to which they are loyal, and 60 percent will make more frequent purchases (that number rises to 70 percent

27、 among Millennials); 50 percent will purchase more products. TELL A FRIEND: Seventy-five percent of loyal customers will recommend a brand to friends and family. LONG-TERM RELATIONSHIPS: 11 Trend #3: Consumers Want Experiences, Not Just Purchases It used to be that retailers considered the four Ps o

28、f marketing when push- ing their wares to consumers: product, price, promotion and place. Today, however, not many brands can rely on a single P to differentiate, but are instead dependent on one big E: Experience. While the rise of Amazon originally created a serious question about whether fast, ea

29、sy e-buying would largely replace traditional brick-and- mortar retail, the last year has turned the conversation to something more complex. Amazon, Warby Parker, and other born-digital brands have increased their investment in physical stores, bowing to the undeniable fact that some experiences or

30、components of the experience are just better in person. Our 2018 Retail CX Trends study asked consumers whether a “recent, enjoy- able” shopping experience occured at a physical store, digitally, or through a combination of physical and digital. More than half of con- sumers (53 percent) said it was

31、 in a store. The research also showed an interest- ing trend: The younger the consum- er, the more likely they are to have enjoyable retail experiences in the digital realm alone, and as a hybrid blend of digital-physical. Brick-and- mortar stores will continue to be essential touchpoints, but retai

32、lers must address the need to elevate and embed digital elements if they hope to be relevant to their next-gen customers. Our researchers wanted to know what elements of a retail interaction elevate a mere purchase to an experience. The two top answers were at the opposite ends of the intensity spec

33、trum. Coming in at No. 2 was Personalization. Part of what elevates a brand experience is making customers feel special. And while retailers are directing the large majority of resources toward digital personalization, 30 percent of respondents said personalized treatment in stores is what elevates

34、a mere purchase to an “experience.” Now for the top-ranked response: Product quality. At first read, this may feel anticlimactic. After all, quality doesnt have the same sparkle as some of the other options, like multisensory elements like smell, taste, touch, or access to experts. What this rather

35、mundane-sounding selection may indicate is consumers focus on the experience beyond the initial purchase experience the enduring impression that a good, quality take-away creates long after the transaction. 2018 CX Trends Report 12 The Forgotten Experience Retailers often forget that giving feedback

36、 about an experience is actually part of the experience. They over-survey their customers with questions that they want answers to, and do so in old-school, multiple choice formats. Our researchers wanted to know what kind of feedback experience con- sumers consider the “ultimate” experience. The to

37、p pick, by far, was the ability to give ratings at 88 percent. Thanks to the ease, quickness, and increasing gamification of ratings, this was not a surprise. The next three picks included participating in focus groups (35 percent), speaking naturally via voice assistants like Siri or Alexa (26 perc

38、ent), and sharing images (25 percent). While making feedback fun and simple is nice for customers and can produce a mountain of valuable structured data to analyze, their stated willingness to harness new technologies to share more detailed, more personal data is worth noting. In line with other top

39、ics in the study, younger consumers are more willing to engage with brands in “intelli- gent” conversations; a gift that brands should rush to embrace. 2018 CX Trends Report Every time I buy a product from this brand, I feel special as the treatment I get from the staff is exceptional and the qualit

40、y of the products is high. It might be on the expensive side but it is all part of the experience. I would rather pay more and made feel special. IN THEIR OWN WORDS “ Trust and loyalty, like every other human value, are complex. Todays retail cus- tomers have new expectations that can be difficult f

41、or brands to match. At the same time, the findings in this study were very clear: Todays consumers will be very loyal when retailers deliver the meaningful value they promise, and in a way consumers can count on. Conclusion 132018 CX Trends Report About InMoment InMoment is a cloud-based customer ex

42、perience (CX) intelligence platform, arming brands with compelling customer insights to drive high-value business decisions and relationships with both customers and employees. The companys industry-leading Customer Feedback Management platform leverages a proprietary, AI-based analytics engine to p

43、ower a full suite of Voice of Customer (VoC), Voice of Em- ployee (VoE), Employee Experience, and Social Reviews & Advocacy solutions. InMoment also provides strategic guidance, support, and related services to more than 350 brands across 95 countries. For more information, visit . infoInM | Follow us WeAreInMoment