Value, satisfaction and loyalty in the retail industry

Abstract

Although customer loyalty has been widely investigated, few studies address the role of customer value and customer satisfaction. Besides, there is still a need for a sound theoretical framework to explain and promote business-customer relationships. This paper aims to contribute to understanding the origin and effect of the concept of loyalty in commercial relationships in the retail industry. To do so, we review and discuss the triggers of loyalty behavior in society. There is a section to explain the elements that produce loyalty behavior in the buyer and its logical sequence. Besides, we address the concepts of value and consumer satisfaction and their association with the customer's post-purchase behavior. This analysis enables a more complete overview of the customer’s behavior and allows to take well-informed actions within the retail market. Besides, it opens the door to future research related to buyer behavior in different environments, such as the digital environment.