Recent reports show 74% of UK buyers have halted shopping from their favourite brands

A recent study reveals that retailers are grappling with a surge in customer churn due to rising living expenses, leading to diminished customer loyalty.

In the face of mounting living expenses and changing economic challenges, retailers are confronting a surge in customer churn, resulting in diminished customer loyalty, according to a recent study conducted by MoEngage, a leading insights-led customer engagement platform.

According to the research of over 1,000 European brands, including 500 UK businesses, in its latest 2023 Customer Retention Benchmark report, over a third (36%) of retailers' average customer retention rates are currently up to 30 per cent, with a further two fifths (22%) saying their average retention rate falls between 31 to 40 per cent.

Meanwhile, only two per cent of retailers claim to have a retention rate of more than 80 per cent, implying that marketers are passing up sales potential from repeat purchases and loyal customers by focusing on acquisition rather than retention in their existing customer engagement strategy.

To read the full article please visit International Business Times