The Future of Customer Loyalty: Mobile Wallets and Beyond

Why does customer loyalty matter?

A successful business needs loyal customers to sustain over time. Customer loyalty is key—but it’s also increasingly difficult.

In highly saturated and competitive markets, retaining loyal customers can seem like a daunting task. That doesn’t change its importance, though. For retailers today, about 65% of their business comes from repeat customers, where retention is significantly cheaper than acquisition.

In fact, acquiring a brand new customer can cost five times as much as retaining a current customer.

This is because the marketing mix that goes into winning a new customer is much more extensive. Convincing someone to try something new is a much more difficult task than reminding them to re-purchase something that they already use and enjoy. Here are some stats.

65% of business comes from repeat customers.

Acquiring a new customer costs 5x as much as retaining an existing one.

Loyal customers provide for the bulk of a business’ profit, but competition for customer attention and dollars is as fierce as ever. For this reason, brands and retailers must find ways to maintain a positive relationship with current customers.

Download our latest guidebook to find answers to FAQs like:

• Why is fostering customer loyalty so challenging?

• What about consumer product brands and their unique loyalty needs?

• How does the mobile wallet enable brands and retailers to foster ongoing customer loyalty?

• How can your team get started?