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Why Does Customer Loyalty Depend on CX?

eCommerce is booming and so is competition. The online space is crowded with brands vying for consumer dollars and consumer loyalty. But why is loyalty so important?

Studies show that it takes 6-7 times more to acquire a new customer than to retain an existing one. Sales also become more likely and easier to achieve with customers who already know and value your brand. In fact, a 5% increase in customer retention rates can increase company profits up to 95%.

Loyalty, though, is not always a simple thing to capture or maintain. Many eCommerce brands try to gain loyalty by offering customers the lowest cost. However, research has shown that when it comes to making a purchase, most consumers (64%) find customer experience (CX) more important than price. The majority, 80%, will even discontinue doing business with companies due to a poor customer journey.

To better understand the full impact of consumer loyalty and CX, check out our infographic below.