The pandemic created a new economic situation for most industries, with many sectors and niches struggling to keep their sales high. A study conducted by TechSee revealed that consumer loyalty towards brands has declined ever since the pandemic, and that is resulting in higher rates of churn with numerous consumers switching to competitor brands with all things having been considered and taken into account.
43% of the consumers who participated in this survey stated that they canceled subscriptions or switched to different products primarily because of the fact that this is the sort of thing that could potentially end up giving them better customer service. With all of that having been said and now out of the way, it is important to note that this is a 4 point increase from the 39% that was noted back in 2019 which was the last year before the pandemic changed the world.
Additionally, 39% of consumers stated that they switched brands after being approached by a competitor. That suggests that brand loyalty is at an all time high, and that it doesn’t take much for competitors to eat into the market shares of their rivals.
59% of survey participants said that negative experiences led to their decision to churn, and 21% did so after just one event that left a bad taste in their mouths. In spite of the fact that this is the case, 20% of customers switched brands for no reason whatsoever, which indicates that global consumers are interested in exploring all available options in pursuit of the best one.
Consumer churn can be very detrimental to brands, since 61% of churners spoke out to relatives and acquaintances after a negative experience made them switch to a competitor. That might lead to brands getting a lot of negative press.
38% of consumers churned after hearing about an alternative product that was superior to their current one. 43% were more proactive and they did research to uncover better alternatives. Consumers are clearly becoming more skeptical about brands and they are willing to churn over the smallest inconveniences according to this report.
Read next: 49 Percent of Consumers Are Unhappy With In-App Customer Support
43% of the consumers who participated in this survey stated that they canceled subscriptions or switched to different products primarily because of the fact that this is the sort of thing that could potentially end up giving them better customer service. With all of that having been said and now out of the way, it is important to note that this is a 4 point increase from the 39% that was noted back in 2019 which was the last year before the pandemic changed the world.
Additionally, 39% of consumers stated that they switched brands after being approached by a competitor. That suggests that brand loyalty is at an all time high, and that it doesn’t take much for competitors to eat into the market shares of their rivals.
59% of survey participants said that negative experiences led to their decision to churn, and 21% did so after just one event that left a bad taste in their mouths. In spite of the fact that this is the case, 20% of customers switched brands for no reason whatsoever, which indicates that global consumers are interested in exploring all available options in pursuit of the best one.
Consumer churn can be very detrimental to brands, since 61% of churners spoke out to relatives and acquaintances after a negative experience made them switch to a competitor. That might lead to brands getting a lot of negative press.
38% of consumers churned after hearing about an alternative product that was superior to their current one. 43% were more proactive and they did research to uncover better alternatives. Consumers are clearly becoming more skeptical about brands and they are willing to churn over the smallest inconveniences according to this report.
Read next: 49 Percent of Consumers Are Unhappy With In-App Customer Support
