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Study: Consumer loyalty is a pretty fickle thing

Consumers will jump ship for better security, convenient payment options and alluring discounts.

October 2, 2015

A new study reveals consumers are not as loyal as many retailers may believe or hope, with 40 percent quick to change up for another retailer on day-to-day purchases if they believe the retailer has better data security and more convenient payment options.

The survey polled more than 2,000 U.S. consumers on their habits and preferences surrounding digital engagement, content, shopping, and services in order to break down consumer expectations for brands in 2015 and beyond.

The "2015 Next Generation of Commerce Study," conducted by Acquity Group, states that of those polled 21 percent will switch if another retailer boasts stronger payment security options, such as fingerprint sensors for mobile payment. Of those polled, 18 percent will switch off if another retailer doles out social network-based discounts or a coupon offer, and 9 percent will change retailers if one offers Google Wallet or other forms of in-store mobile payments in-store. When it comes to digital currency, 3 percent would use a retailer offering bitcoin over another who doesn’t provide the currency.

"Innovations across the media, social and fulfillment landscapes have allowed consumers of all ages to step into a new generation of commerce — one that prioritizes convenience, where time and quality of experience are highly valued and the shopping experience extends far beyond the traditional path to purchase," stated an announcement regarding the study. "To compete, retailers must make research intuitive and delivery instantaneous. Brands must craft a consistent and creative digital narrative. Startups and established businesses alike must improve and innovate upon services from driving to home improvement," stated the report.