STUDY: ‘Trust’ a Major Factor for Customers When Deciding Where to Shop, Share Feedback

• Findings include complex nature of brand trust and loyalty in the
  experience economy
• Companies that earn trust also earn access to valuable customer
  feedback, other data

SALT LAKE CITY–(BUSINESS WIRE)–#CEM–A new study from customer experience (CX) intelligence leader InMoment
reveals how brands can earn and maintain the loyalty and trust of their
customers in today’s experience-driven economy.

The 2018
Retail Trends Report surveyed 1,300 U.S. consumers to understand the
state of trust and loyalty, as well as customer perception about
retailers’ attempts to offer more experiences versus simple
transactions. Three key themes emerged from the study:

• Trust and mistrust are earned: A whopping 88 percent of
  respondents said they believe trust is extremely important when
  deciding where to shop, but the report reveals that trust is about
  more than data and security. Fifty-five percent of respondents say
  brands can earn their trust by delivering what they promised, and
  another 19 percent say brands must deliver consistent experiences to
  earn trust. Keeping data safe came in at just 13 percent, and other
  factors like personalization and supporting shared values registered
  only in the single digits.
• Loyalty is alive, and well… complicated: Even with endless
  access to supply and choice, brand loyalty is far from dead.
  Eighty-three percent of consumers consider themselves about the same
  or more loyal to brands than their parents, and nearly 30 percent of
  Millennials see themselves as being more loyal than their parents, the
  highest percentage among all demographics. For consumers who felt they
  were more loyal than mom and dad, 42 percent said it’s due to doing
  more research and having first-hand experience, with 35 percent saying
  its because they have a larger variety of choices.
• Loyalty and trust result in more customer feedback: Customers
  who feel high levels of trust and loyalty said they are significantly
  more likely to share ratings (in the 90 percent range for both) and
  detailed commentary (both exceeded 70 percent) about their
  experiences. Conversations captured directly from customers can serve
  as early warning signals for product and marketing campaign failures,
  indicate emerging opportunities for competitive differentiation, and
  help brands allocate resources to the most essential areas of their
  business.
• Consumers crave experiences, not just purchases: More than half
  of consumers (53 percent) said that their “recent, enjoyable” shopping
  experience was in a store. Product quality was ranked the top retail
  interaction that elevates a mere purchase to an “experience,” with
  personalized treatment in store following at 30 percent.

“There are many myths about today’s empowered customer,” said Brennan
Wilkie, SVP CX Strategy at InMoment. “We hear that they’re stingy with
their data, fickle with their dollars, and easily swayed by gimmicks and
perennial sales. The data in this study, however, tell a very different
story. Today’s customers — Millennials included — are more than
willing to trust and happy to reward brands that keep their promises.
They will open their hearts and wallets, serve as advocates, and share
their increasingly valuable feedback and other data. However just like
any other relationship, trust and loyalty must be earned. This is the
mandate of every retailer, of every brand, of every industry.”

To download the full report with all of the findings, click here.

About InMoment

InMoment™, the leading cloud-based customer experience (CX) intelligence
platform, arms brands with compelling customer insights to drive
high-value business decisions and relationships with both customers and
employees. The company’s industry-leading, data science-infused Customer
Feedback Management platform, the CX Intelligence Cloud™ powers a full
suite of Voice of Customer (VoC), Voice of Employee (VoE), and Employee
Engagement solutions. InMoment provides innovative solutions and
strategic support services to more than 425 leading brands across 95
countries. For more information, visit http://www.inmoment.com/.

Contacts

InMoment
Lisa Davis
VP Communications
ldavis@inmoment.com