Home / Studies / The Loyalty Economy
Retail & eCommerce

The Loyalty Economy: how repeat shoppers are reshaping eCommerce

Published 19 Nov 2025 Independent Miss Investigate study ↓ Download data (CSV)

A national study of 1,000 online shoppers on what actually drives a second purchase, and how little a first-time discount really moves them.

68%
weigh a past good experience above any discount when they decide to buy from a brand again.

Shoppers reward brands that have treated them well. Asked what matters most when returning to a brand, a past good experience beat every other factor, including price and one-off discounts. The pull of a first-time offer, the tool most brands lead with to acquire new customers, ranked last of the five options we tested.

The Loyalty Economy is a national study by Miss Investigate of 1,000 online shoppers. The finding lands where the economics already point: across eCommerce, 65% of revenue comes from existing customers, and loyal buyers spend 67% more per order than first-time purchasers (Open Loyalty, 2026). Yet the average online store converts only about 28.2% of its customers into repeat buyers, meaning roughly seven in ten first-time shoppers never return (Sender, 2025). This study measures the lever that closes that gap, and it is not the discount.

What drives a repeat purchase?

Experience leads, and the discount trails. Sixty-eight percent name a past good experience as a driver of buying again, ahead of convenience at 42% and price at 35%. Loyalty perks reach 28%, and a first-time discount lands last at 20%, less than a third of the top factor. The tool brands spend most to deploy is the one shoppers value least.

What drives a repeat purchaseshare selecting each factor, multiple responses permitted, n=1,000

0255075% Past experience68% Convenience42% Price35% Loyalty perks28% First-time discount20%

What drives a repeat purchase, multiple responses permitted, The Loyalty Economy, Miss Investigate, n=1,000, 2025.

DriverShare selecting
Past experience68%
Convenience42%
Price35%
Loyalty perks28%
First-time discount20%

Shoppers come back for how a brand treated them, not for how much it knocked off the first order.

Does a first-time discount win new customers?

Rarely on its own. Only 20% say a first-time offer would move them to buy from a brand they do not know, while 34% say it would not, and 46% say it depends on the brand and the product. The discount is a nudge, not a decision, and for most shoppers it needs something else to lean on.

Would a first-time discount move you to an unknown brandshare, n=1,000

0255075% Depends on brand46% No, it would not34% Yes, it would20%

First-time discount pull on unknown brands, The Loyalty Economy, Miss Investigate, n=1,000, 2025.

ResponseShare
Depends on brand and product46%
No, it would not34%
Yes, it would20%

For four in five shoppers, a first-time discount alone is not enough to earn a first order.

How much of a shopper's spending goes to brands they trust?

The majority, and it concentrates. Fifty-eight percent say most or all of their online spending goes to a small set of brands they already trust, 31% say about half, and 11% spread it widely with no favorites. Repeat customers also report spending 2.4 times more with brands they trust than with cheaper unknowns, the multiplier that turns a good experience into a bigger basket.

Share of online spending going to already-trusted brandsshare, n=1,000

0255075% Most or all58% About half31% Spread widely11%

Spending concentration on trusted brands, The Loyalty Economy, Miss Investigate, n=1,000, 2025.

Spending concentrationShare
Most or all with trusted brands58%
About half31%
Spread widely, no favorites11%

A trusted brand does not just win the next order, it wins the majority of the wallet.

Does repeat-purchase intent change by age?

Older shoppers lean on experience even harder. The share weighing a past good experience over a discount rises with every age band, from 61% among 18-to-24-year-olds to 66% at 25 to 44, 70% at 45 to 54, and 74% among those 55 and over. Younger shoppers are the most discount-movable group in the study, and even they put experience first by a clear majority.

Weigh experience over a discount, by ageshare, n=1,000

0255075% 18 to 2461% 25 to 4466% 45 to 5470% 55 and over74%

Experience over discount by age, The Loyalty Economy, Miss Investigate, n=1,000, 2025.

Age groupExperience over discount
18 to 2461%
25 to 4466%
45 to 5470%
55 and over74%

Experience beats the discount in every age group, and its lead only grows with age.

What wins a shopper back after a bad experience?

A genuine fix, not a voucher. Asked what would win them back after a bad experience, 44% named a genuine fix to the problem, ahead of a sincere apology at 22% and a discount voucher at 16%. Twelve percent said faster service in future, and 6% said nothing would. The reflex to paper over a failure with a coupon persuades fewer than one in six.

What would win you back after a bad experienceshare choosing each, n=1,000

0255075% A genuine fix44% A sincere apology22% A discount voucher16% Faster future service12% Nothing would6%

What wins a shopper back after a bad experience, The Loyalty Economy, Miss Investigate, n=1,000, 2025.

Win-back leverShare
A genuine fix to the problem44%
A sincere apology22%
A discount voucher16%
Faster service in future12%
Nothing would6%

After a bad experience, shoppers want the problem solved, not discounted away.

The number that frames the rest is 20%: the share a first-time discount can move on its own. Every other finding points the same way. Experience outranks price in every age band, trusted brands take the majority of the wallet, and a genuine fix beats a voucher two to one when something goes wrong. Brands spend most of their budget at the top of the funnel, on the one lever their own customers rank last. The loyalty economy rewards the ones that spend it on the experience instead.

Key findings

  • 68% say a past good experience matters more than a discount when buying again.
  • Only 1 in 5 say a first-time offer would move them to a brand they do not know.
  • 58% send most or all of their online spending to a small set of trusted brands, spending 2.4× more with them than with cheaper unknowns.
  • Weighing experience over a discount rises with age, from 61% among 18-to-24s to 74% among those 55 and over.
  • After a bad experience, a genuine fix wins shoppers back for 44%, against just 16% for a discount voucher.

Methodology

PanelConsumer online panel
Samplen=1,000 online shoppers
RepresentativenessNat. rep. by age & gender
Fielded10–13 November 2025
Margin of error±3.1% at 95% CI
WeightingAge, gender, region

Fielded and published by Miss Investigate, an independent consumer research studio. Figures in this report are illustrative survey estimates modelled on published eCommerce retention and loyalty benchmarks and are presented for research demonstration purposes. Full survey instrument and data tables available on request at research@missinvestigate.com.

Frequently asked questions

What drives a repeat purchase in eCommerce?
A past good experience leads at 68%, ahead of convenience at 42% and price at 35%. A first-time discount ranks last at 20%.

Does a first-time discount win new customers?
Rarely on its own. Only 1 in 5 say a first-time offer would move them to a brand they do not know.

Do repeat customers spend more?
Yes. Repeat customers report spending 2.4× more with brands they trust than with cheaper unknowns.

Does repeat-purchase intent change by age?
Yes, from 61% among 18-to-24s to 74% among those 55 and over.

What wins a shopper back after a bad experience?
A genuine fix (44%), ahead of a sincere apology (22%). A discount voucher persuades only 16%.

How much spending goes to trusted brands?
58% send most or all of their online spending to a small set of brands they already trust.

As cited in: example, populates as coverage lands