Consumers want online promotions
Autumn in the beginning of the busiest time of year for retailers, but many companies are missing the chance to improve customer loyalty through online promotions. According to a report from Market Track, a payment solutions company, there is a disconnect between the marketing efforts of the retail industry and consumer buying preferences.
Eighty percent of shoppers said they would switch stores or brands if they were given a competitive offer. However, retailers only thought 40 percent of consumers would ditch them for another company, indicating a gap between perceived and actual loyalty. Smaller retailers that are not utilizing online promotions can lose customers without even knowing it.
Promotions are increasingly vital to sales: 83 percent of respondents said they had made an unplanned purchase because they had received a special offer. Coupons have more power to drive consumers into the business.
Changing preferences mean companies need to adapt
If people’s expectations aren’t met when they shop with a business, they are unlikely to return, Forbes stated. Because consumers are more empowered with better access to information, they know they have more choices and they will not remain loyal. Smartphones have enabled people to constantly compare different products, and this allows companies to directly send people offers. Marketing platforms can create and distribute coupons and track effectiveness.
As more businesses enter the market, small organizations face increasing competition for customers. Companies need to build loyalty with their marketing methods, and online advertising can help. Since people are expressing a clear preference for special promotions, businesses that send coupons and other offers online may be able to better attract and retain new clients. Small companies that are better at responding to what consumers want can not only attract more customers, but they can boost loyalty.