Consumers' price sensitivity has been a challenge for retailers ever since the global financial crisis some 10 years ago, but price alone is not enough to drive consumer loyalty.
Newly released survey data from Blackhawk Network, a financial technology company, suggests that when gauging loyalty to a brand, consumers place a higher value on qualities such as experience and convenience than they do on price.
The June survey found that 94% of US internet users said "a consistently good customer experience" was a top reason for loyalty. By contrast, just 57% cited "regular lower prices."
Nine in 10 respondents said they engage at some level with a brand if they consider themselves loyal to it. That engagement could take a variety of forms, from visiting the brand's site to posting about it on social media.