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Deep Dives 12 minutes

How Loyalty Programs Help Retailers To Retain Customers and Drive Growth

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Coresight Research

Key Points

Well-designed loyalty programs offer retailers the opportunity to gain a larger share of wallet and increase customer retention. In this report, we examine best practices for implementing loyalty programs and how retailers can leverage consumer data to drive growth, as well as emerging trends in this field.

  • Having a well-designed loyalty program can help retailers to gain a greater share of wallet and increase customer retention. There are two types of loyalty program in the retail sector: proprietary and coalition. Companies should consider their strategic goals and consumer preferences to determine which type to adopt.
  • It is important for retailers to identify customer pain points and apply best practices in the process of loyalty program discovery, registration and rewards redemption.
  • Experiential rewards could translate into a deeper relationship with customers, resulting in higher consumer engagement and satisfaction. More retailers are integrating loyalty programs with a mobile app in order to increase convenience for shoppers and thus boost engagement.
  • Paid membership into loyalty programs has become more accepted among consumers as a way to access elevated experiences and added value, increasing revenue potential for retailers.

 

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