Evolving customer loyalty triggers businesses to redefine their strategies and business models and deliver authenticity, flexibility and a seamless customer journey. Building a deeper, more emotional connection with the individual customer through a purpose-driven platform is a must.
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Loyalty is at a crossroads with businesses rethinking and revitalising their brand strategies in light of the changing consumer preferences, e-commerce boom and dynamic economic conditions. Curating an emotional bond with consumers becomes a dominant factor for adding value and increasing retention.
While monetary benefits are top of mind for consumers in terms of loyalty, consumers are now seeking more from brands from emotional satisfaction and simple communication under a safe platform. On the other hand, consumers are easily triggered by information, risking retention of loyalty and requiring careful attention from brands.
Loyalty programmes drive value in terms of revenue and data. Loyal customers will spend more per trip than the average customer, and they could be convinced to join lucrative paid loyalty schemes. These customers are also likelier to trust and engage with a company’s digital channels, providing valuable data on their shopping habits.
Next-generation loyalty will place the customer in the driving seat, building emotional connection between brands and customers through novel ways of engagement. Hyper-personalisation will be key to foster trust and a long-term relationship.
Loyalty programme structure will decentralise, weaving in technology for flexible and consumer-centric reward structure. Powered by Web 3.0, the new era of loyalty programmes will be an open ecosystem driven by communities.
This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.See All of Our Definitions
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