Customer loyalty programs may have been around for decades – but they are changing fast and becoming more important for today’s digital-first and economically-concerned consumers. This is driving the rapid growth of embedded loyalty programs, which transform traditional, generic card-based loyalty programs to benefit both customers and businesses.
Of course, the point of customer loyalty programs is to retain consumers and encourage them to spend more. However, driven by factors such as the economic situation and a desire to buy locally, customer attitudes and buying behaviors are shifting significantly, with over half of US and UK consumers saying that their brand loyalty is beginning to decline. Data frombacks this up – 42% of US consumers said they were buying more store brand/generic products, while 43.
The main distinction between traditional loyalty programs and embedded loyalty is that they are simpler, more integrated, dynamic, and personalized. Traditional loyalty programs often require customers to manually track points before redeeming them for generic rewards that might not feel relevant to them. The result is that they don’t see any value and head off to buy elsewhere.
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Source: ForbesTech - 🏆 318. / 59 Read more »
Source: ForbesTech - 🏆 318. / 59 Read more »
Source: ForbesTech - 🏆 318. / 59 Read more »