By tapping the potent power of technology to create a system where buyer’s “Order from anywhere, fulfill from anywhere and return from anywhere.”
As per Capgemini report on retail business, a customer goes through at least over three channels and 10+ interactions during a purchase. By harmonizing and personalizing the message across various touch-points (by the use of Omni-Channel strategies), customer engagement can be sustained and loyalty can be secured.
How Retailers Can Revamp Loyalty Programs To Engage Customers?
Loyalty programs, at many times and in many ways, fail to drive real customer engagement. But, that...EXPLORE MORE
Simple reward points are dead. Uninspired ‘look alike’ schemes are jading customers. Since retailers now hold more personal data of the consumer, a bespoke personalized after-sale interaction is the life-blood for customer retention. Usual programs like vouchers, cards and referral will discreetly skyrocket the business.
Today, 80 percent of people in the developed world own a smart phone, which makes it a child’s play for shoppers to compare prices – and switch brand if their experience isn't top-notch. This creates a roadblock for connecting with the consumers, let alone fosters a long-term relationship.
Challenge: shoppers just aren’t bothered by current loyalty programs. Research shows retailers experience sub-optimal (less than 50 percent) participation in their loyalty offerings.
What's the root cause for such behavior? One reason for such behavior is redundant mechanisms that companies utilize to acquire and retain members. Naturally, it has been observed that the penultimate solution unquestionably lies in the power of mobile.
- Nine of the top 10 brands in the 2018 top 100 loyalty leaders ranking are digital brands, with Amazon taking the NO. 1 spot
- 51% of U.S. retailers plan to provide offers/discounts exclusively for mobile app users in 2018 to positively affect sales growth
- 60% of consumers say purchasing products at the lowest price possible is most important to them when shopping online
- 87% of online shoppers said they would abandon their shopping carts during checkout if the process was too difficult
- Adding a personalized approach to their marketing efforts
- Deploying a loyalty program that works
- Decline in the average basket size
- Never exceeding or rarely meeting customer expectations
- Huge efflux of customers due to brand indifference
- Take measures to increase customer foot-fall in the stores
- Incorporating a personalized approach to customer interaction
- Configuring a 360 degree customer loyalty program for online or offline channel.
- Install a referral based system to skyrocket brand advocacy
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