According to a study by Accenture, the rate of customer loyalty has fallen by 29% since 2010. What does that mean? Should we worry? Loyalty is part of the cement which holds society and the economy together. But are we seeing a disintegration of these core values?
Loyalty at a glance isn’t easy to define. For me loyalty is partly about identification and routine, but curiosity also plays a role. Identification and routine have a positive effect on loyalty, while curiosity acts against it. The success of the Internet has to do with the fact that it offers a huge platform for curiosity. Adventurous people have been so creative with their new routines to the extent that everyone else is easily accessible now. In this way, it is a process of creative destruction, which includes more and more aspects of everyday life. If we look at it in this way, decreasing loyalty isn’t a sign of the decaying of human values, it is rather an indication of a departure driven by forces that were faced already by Christopher Columbus.
There is no lack of loyalty; we can see this by observing how quickly new monopolies have been constructed, such as Google, Amazon or eBay. What’s new about this though is how quickly they disappear. Does anyone still remember Netscape?