The Future Of Loyalty Programs

The Future Of Loyalty Programs

The future looks exciting for loyalty programs. The next generation of shoppers will enjoy loyalty programs that will be agile to their needs. In other words, loyalty programs will be tailored for new as well as evolving consumers. That is exactly where crypto currency comes in. Initially, it seemed somewhat impossible to imagine how loyalty programs could feature in the blockchain space. Things have since changed. Loyalty today is no longer a barter. The consumer is in full control. The consumer also enjoys the fact that his or her data is valued and respected. He can also share it anonymously. Read on to learn more about what the future holds for loyalty programs.

Cardless Options

There is no doubt at all that loyalty has always been a huge part of retain strategy. This has worked for a long time, with fancy cards to show one is indeed loyal. This is about to change though. Customers will still be incentivized to spend more. There won’t be cards though. Who needs a card when a customer’s spending can always be analyzed digitally?

Change Of Strategy

You cannot buy loyalty. But that is exactly what retail has managed to do over the last half a century with special offers, discounts, free gifts and offers. It is more or less like saying, ‘Buy more from us, we’ll throw a sizeable bone your way’. This has worked well for a long time, but it doesn’t anymore. So if you can no longer buy loyalty, why not try to sell it instead? That’s where membership programs come in. It brings a fresh twist to loyalty as people know it. A membership program requests your customers to be members of your brand. It simply invites them in. That’s not all. It goes ahead to promise a fair exchange of money for stellar services.

Some Things Won’t Ever Change

Always keep in mind that at the end of the day, it is all about saving money on your customer’s part and getting guaranteed that a customer will return. This is clearly a win-win situation for the parties involved. The loyalty program is the meeting point. Remember though that on a close look, loyalty programs are more about the customers than they are about retailers. So by all means ensure your loyalty program subscribers enjoy real benefits. It could be physical products, premier services, vacations or even money. Simply make sure there is a real benefit behind your loyalty program.

Instant Rewards

This appears as what will ultimately do away with the ‘points’ system. As already hinted, the future of loyalty programs is cardless. This means doom for points system. This mostly has a lot to do with the fact that today’s shoppers want instant gratification. They expect real time feedback too. That is why many ecommerce merchant sites choose to focus on the ‘now factor’. Shoppers no longer want to wait for months before they can redeem their points. The earlier they can redeem the better. This also applies to physical stores.