With the economy still reeling, businesses across the globe have a lot of challenges ahead of them. However, the customer is still king, with a new report from Customer Experience Exchange suggesting that bolstering shopper loyalty is the top business objective for nearly two-thirds of respondents.
According to the report, 58.6 percent of business professionals agreed that it's crucial for brands to win the hearts of their customers. This marks a significant change in strategy for many companies, which previously focused on acquiring new shoppers rather than worrying about existing customer satisfaction and loyalty.
"Since new customers are harder to come by in an economic downturn, firms need to pay even more attention to building loyalty with their most important customers. If firms lose pace with competitors' customer experience, they may end up attenuating the negative impact of the economic downturn," Bruce Tempkin, author of the report, explained.
With the holiday shopping season around the corner, it's crucial that businesses ensure they are providing an adequate shopping experience for their customers to maximize sales.