STUDY: 8 of 10 UK Consumers Say ‘Trust’ Essential in Choosing Where to Shop; Trust Gained When Brands Deliver What They Promise

• Nearly 60 percent say “keeping promises” is the No. 1 way brands
  earn their trust; keeping data safe comes in at just 11 percent
• Study’s findings include complex nature of brand trust and loyalty
  in the experience economy
• Establishing trust and loyalty earns brands 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 UK
consumers in today’s experience-driven economy.

The 2018
UK Retail Trends Report surveyed 900 consumers in the United Kingdom
to understand the state of trust and loyalty, as well as customer
perception about retailers’ attempts to offer more experiences versus
simple transactions. The following themes emerged from the study:

• Trust and mistrust are earned: Eighty-two 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-nine percent of respondents say
  brands can earn their trust by simply delivering what they promised,
  while keeping data safe came in at just 11 percent, and other factors
  like personalisation and supporting shared values registered only in
  the single digits.
• Loyalty is alive, and well… complicated: Nearly 80 percent of
  UK consumers consider themselves about the same or more loyal to
  brands than their parents. However in comparison to US consumers, UK
  consumers report being slightly more careful with their loyalty. For
  those consumers who see themselves as more loyal than older
  generations, the two top reasons were more variety (40 percent) and
  having conducted extensive research and experience with the
  brand/product (38 percent). While this may come as a surprise to many
  retailers, the story the data tell is that while consumer commitment
  may not come easy, the due diligence that goes into the process
  creates a particularly resilient form of loyalty.
• Bad experiences lead to brand breakups: Twenty-six percent of
  UK customers said they only give a brand one chance to fail before
  they leave, seven points higher than what US consumers reported.
  Multi-market retailers should note that they have fewer chances to
  disappoint and recover with their UK customers than their American
  colleagues. However, nearly 45 percent of consumers said it takes
  several “really bad” experiences to leave, with 28 percent saying it’s
  a matter of “growing apart.”
• Loyalty and trust = more customer data: Consumers who feel high
  levels of trust and loyalty said they were significantly more likely
  to share ratings (in the 85-90 percent range for both) and detailed
  commentary (nearly 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. This
  rich, qualitative data paired with digital intelligence is also the
  fuel for well-executed personalisation efforts.
• In-person Experiences Still Key, Younger Consumers Value Hybrid: Nearly
  60 percent of consumers said that their “recent, enjoyable” shopping
  experience was in a store, however Millennials have highest rate of
  reporting enjoyable digital experiences. Product quality was ranked
  the top retail interaction (35 percent) that elevates a mere purchase
  to an “experience,” with personalised treatment in store following at
  29 percent. Additionally, the report revealed that the younger the
  consumer, the more likely they are to have enjoyable retail
  experiences in the digital realm alone (31 percent), and as a hybrid
  blend of digital-physical (18 percent).

“Many retailers assume that today’s empowered customer is stingy with
their data, fickle with their spend and easily swayed by gimmicks and
perennial sales, but the findings in our Retail Trends report tell a
very different story,” said Simon Fraser, Senior Director of CX strategy
at InMoment. “The modern customer is more than willing to trust and
reward brands that keep their promises, and on top of this, share their
increasingly valuable feedback and other data. But like any
relationship, trust and loyalty must be earned, and this is something
that retailers across every industry must deliver on.”

To download the full 2018 UK Retail Trends report with all of the
findings, click here.
For a comprehensive look at InMoment’s US study, click here.

About InMoment

InMoment™
is a cloud-based customer experience (CX) intelligence platform, arming
brands with compelling customer insights to drive high-value business
decisions and relationships with both customers and employees.
InMoment’s industry-leading
analytics
power a full suite of Voice
of Customer (VoC), Voice of Employee (VoE), Employee
Engagement, 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 http://www.inmoment.com/.

Contacts

InMoment
Lisa Davis, +1 801-230-9399
VP Communications
ldavis@inmoment.com