As many as 60% of retailers admitted that they do not have reliable or sufficient data to ensure their targeting efforts are successful, according to a COLLOQUY report.
The report, titled: Ally In Aisles And Online, outlines the top challenges that retailers face in providing a seamless and secure experience to customers. These challenges include: Providing customers with relevant offers; delivering value without increasing costs; and converting sales through the checkout process.
Since its 2005 launch, Amazon Prime has helped Amazon substantially increase revenues and expand into a wide range of other offerings. Prime’s success, and the steps that went into achieving it, provide a template that can help you grow your own business.
When Prime debuted, its only benefit was free two-day shipping on Amazon purchases. This was a wise choice, if a little ahead of its time. Although online shopping was undoubtedly on the rise, retail e-Commerce sales in 2005 accounted for less than three percent of all U.S. retail sales.
Lettuce Entertain You Enterprises (LEYE), an operator of 90 restaurants throughout the U.S., has moved its Frequent Diner Club loyalty program to the Paytronix Rewards platform. LEYE is transitioning from a card-based to a mobile-centric loyalty program, and looks to leverage the Paytonix mobile and data analytics capabilities.
Paytronix designed its platform to enable LEYE to monitor down to the guest-level, identify its most valuable customers, and reward and engage with them in a relevant way.
Loyalty and rewards programs have been mainstays in the retail marketing mix for decades. But with the rise of mobile devices, some industry players are questioning the effectiveness of plastic cards and general offers and coupons.
But gasoline and convenience store chain Thorntons is turning the traditional rewards program model on its head by partnering with Paytronix Systems, which provides rewards program solutions to restaurants and retailers.
When effective, personalized deals, offers and messages can help retailers foster long-term engagement and loyalty.
To ensure customer data remains secure, ID.me has unveiled the retail rewards marketplace, which is designed to help retail brands target influencers and consumer segments with exclusive offers, while protecting them from fraud.
What we’ve come to call loyalty is badly broken. Businesses have let themselves slip into a mass-market definition of loyalty that isn’t pretty. We foster fear and pander to greed all the while pretending its love.
Deeply disruptive changes are on the horizon that will make this shallow engagement obsolete. Fortunately, these same forces offer a new path for building individual relationships that merit something closer to true loyalty.
Increasingly, brands and retailers are adopting engagement-based loyalty tactics to evolve in tandem with the way people shop. While transaction-based loyalty programs — where purchases are linked to rewards — are successful at driving repeat sales from a single customer, engagement-based programs work to foster meaningful relationships with customers at large.
With engagement-based loyalty initiatives, customers engage with a brand or retailer in a variety of ways: Contributing content such as user photos, writing reviews, giving feedback on their experience and participating in online communities to answer questions from other consumers. When executed correctly, engagement-based loyalty initiatives provide brands with a steady stream of feedback and user-generated content about their products and services.
As customer preferences continue to shift, retailers must keep a constant pulse on shopper feedback, and leverage those insights to drive improved decision-making across marketing, product development and other business strategies.
Julep is a cosmetic brand and eTailer that stresses the importance of tapping customer feedback to drive optimized business practices.
Now in its third year, #GivingTuesday has gained the support of several big-name brands and retailers, including The Avon Foundation For Women, Dell, JCPenney and Walgreens. Taking place on Dec. 2, 2014, the charitable event now has more than 18,000 dedicated partners in the U.S. and thousands more in other participating countries.
First implemented by the New York 92nd Street Y and the United Nations Foundation, #GivingTuesday was established in response to the commercialization and consumerism prevalent during the holiday season. Characterized as a worldwide movement, #GivingTuesday encourages brands, businesses and consumers to drive change within their communities.
Merkle, a CRM solution provider, has acquired omnichannel loyalty company 500friends for an undisclosed sum. This is the first acquisition Merkle has made in the loyalty space, and will help ramp up the company’s omnichannel customer engagement and loyalty offerings for brands and retailers.
With the acquisition, Merkle will have access to LoyaltyPlus, the SaaS lifecycle marketing suite from 500friends, which offers a single view of all customer interactions in-store, online and via mobile.
Shopping for furniture can be an inundating, time-consuming process. It may take consumers several months, or more than a year, to make a decision.
Ethan Allen is hoping to ease this process and help consumers craft the home of their dreams by unveiling a new content-rich web site and a new retail concept designed to enrich the customer experience. The new initiatives come on the heels of the retailer releasing more than 600 new product designs influenced by rustic beach houses and more chic, urban homes.
Capital Teas, a specialty tea provider, has selected LevelUp to power its mobile payment and loyalty app. The app is designed to provide one place for customers to access their method of payment and loyalty rewards. The app is scheduled to launch in November and will be available as a free download on the App Store and Google Play.
"Our customers demand high-quality loose teas, herbal infusions and excellent customer service,” said Peter Martino, Co-founder and CEO of Capital Teas. “They also expect a simple, user-friendly mobile experience, and we intend to give them exactly that. We don't want our customers to have a disjointed payment and loyalty experience by having to open one app to pay, then another app to track their loyalty progress. We want them to simply open up their mobile wallet, see all their payment options in one place and pick the one that's going to provide them with the ability to pay, and get rewarded, with a single tap."
Only 16% of businesses believe they have a highly effective loyalty program, according to a recent survey conducted by the International Institute for Analytics (IIA) and commissioned by SAS.
More than half (56%) of respondents said they use a customer retention rate metric to measure loyalty program success, while 27% calculate customer lifetime value. Only 54% of organizations said they could calculate the revenue impact of their customer loyalty programs.
More loyalty program members (83%) earn points and miles on everyday purchases than through any other rewards-collecting method, according to research data from Points. As many as 81% of loyalty members seek out bonus point offers, while 69% make big purchases on reward-earning credit cards.
Retailers that implement loyalty programs have the opportunity to provide customers with extra value and show their appreciation for their ongoing purchases. The loyalty industry currently is valued at $48 billion, according to COLLOQUY, and includes 2.65 billion U.S. loyalty membership accounts.
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