- Loyalty Schemes: Evolving to a new future?
Loyalty Schemes: Evolving to a new future?
8th July 2016
The growth of online retail has resulted in increased consumer choice; customers are becoming more adapt at finding the item they want at the cheapest price. To combat this, companies must now work harder than ever to ensure customer loyalty. While there is an abundance of literature around the ‘inevitable’ death of the loyalty scheme, we believe the opposite could be true and that schemes are evolving and adapting to the ever changing market. We’ve considered loyalty schemes from 35 organisations worldwide and conducted in-depth interviews with some of the key players.
Innovative loyalty schemes that meet customer needs and give rewards that actually add value to customer experience are a way to stand-out from cheaper competition and give customers a real reason to shop, or stay, with your company. Through analysis of successful innovative schemes, this paper explores four trends of loyalty: Gamification, Value through Personalisation, Exclusivity and Technology. These approaches have been used by successful schemes and present four simple ways for retailers to invigorate their loyalty scheme. Companies can adopt these approaches to maximise potential uptake of their own schemes and retain their most profitable customers.
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