Monday, April 22, 2024

In retailers we trust

Retail, supermarkets and consumer products are Australia’s most trusted industries, according to Roy Morgan’s Risk Monitor.

Measuring Net Trust Score (NTS), the research found hardware retailer Bunnings to be the nation’s most trusted brand.

Aldi and Woolworths ranked second and third. Coles and Kmart also made the top 10, ranked sixth and ninth respectively.

Role of trust

Roy Morgan CEO Michele Levine explains the vital role played by trust, and especially distrust, in the success of a business.

“While trust is an essential ingredient in any functional relationship, be it person-to-person or brand-to-customer, it cannot shield against the corrosive effects of distrust,” she said.

“To really come to grips with this it’s important to understand that distrust is not uncertainty about whether to trust, nor is it an absence of trust. It is something separate, something much darker and more damaging.

“The key message for business is that distrust is a major risk factor which must be monitored because it leads to customer churn, loss of market share, and a plummeting share price.”

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