Abstract:

Retail sector has always been an important source of revenue for the national economy. The retail business processes and consumer formation differ in each particular case, but it always involves interrelation between several parties and serve a special purpose. Consumer satisfaction and its management have become the cornerstone of business competitiveness and an integral part of business. Social networks, in particular, can today become a tool for targeted consumer awareness formation, as entrepreneurs become more effective regarding marketing activities and communications, and consumers become more educated and selective. Market globalization also affects retail businesses, the smaller retailers can become competitive. The aim of this work is to find out the main factors of the formation of consumer loyalty in the retail sector and to define the features of this process that will enable the enterprises to improve their activities and ensure their competitiveness in the real situation. In order to determine consumer loyalty trends in Latvia and to make proposals to companies to improve consumer loyalty formation processes through social networks, 388 respondents were surveyed. The following research methods have been used: logical-constructive method - comparing theoretical material with empirical results, analyzing SPSS survey data and graphical method - visually summarizing information. The study concludes that using social networks can help retail businesses in their satisfaction and loyalty boosting factors.