How Is Technology Changing The Incentives & Rewards Markets?
New technology is changing the way the game is played in the loyalty and incentives industries. Nearly 90 percent of large businesses report “having some sort of technology in place to support their incentives and reward programs.” If your business is looking to upgrade your incentives and rewards program, you need to evaluate whether it incorporates current technology and takes advantage of new trends driving the user experience.
Mobile Rewards Are Important
Integrating mobile devices into programs is quickly becoming the norm, with 60 percent of brands using mobile apps for their loyalty programs, according to an IRF Pulse Study.
Consumers want to use their mobile phones to make it easier to be active participants in loyalty programs. 71 percent said they would be more likely to use their loyalty cards if they could access their cards and rewards from their mobile phone. 72 percent said their preferred method for accessing a loyalty account was via mobile/Internet.
34 percent of consumers use their smartphones or tablets to browse products and find information before shopping, according to Alliance Data. 40 percent of US Millennial consumers use their smartphones to make purchases, according to a survey by Annalect. 66 percent use their smartphones for comparing prices and for seeking discounts and coupons, which provides more reasons to offer digital rebates.
43 percent of shoppers say physical cards are the biggest obstacle to claiming rewards, and 17 percent cite that looking up a missing card is most annoying (CodeBroker). 28 percent said they always forget to bring along their paper rewards certificates.
A Killer App Can Make All The Difference In The World
Imagine you can do all this with your loyalty program: Check your available card balance quickly and easily from anywhere, in real-time, and send funds to other cardholders using the latest in cloud technology. Track points and transaction history in the palm of your hand. Manage your account on the go and protect your privacy/account details with the ability to instantly suspend/freeze your card if lost or stolen.
The truTap V2.0 mobile app offers innovative mobile gifting, loyalty and payment opportunities to retailers and corporations looking to engage customers with greater efficiency through mobile channels. The future isn’t tomorrow, it’s today.
Push Notifications Are Pushing Communications With Customers
Push messages can increase app usage by up to 300 percent. The engagement rate for push notifications is significantly higher than email marketing, with 66 percent of users who download an app opting in for push messages.
Social Media Matters
Over 60% of respondents in a recent IRF Pulse Study said they use social media to communicate before, during, or after using a loyalty program. Users now expect to be able to communicate–and be rewarded by–their loyalty programs via social media. Having a presence across multiple channels, i.e. Facebook, Twitter, Instagram, and LinkedIn, is important to reaching your audience. Remember: more ways to earn means more reasons to shop. A study from 2017 shows that omnichannel customers spend 23 percent more time on return shopping trips to retailers’ stores and are 3x more likely to recommend the brand to family and friends than those who use a single channel.
Big Data = Big Results
Consumers want a personalized experienced, and they are willing to share their data to get it. Companies can use data gained from a loyalty program to make personalized and customized promotions, and to sell and market appropriate products to their customers. In a 2016 loyalty survey, 79 percent of customers indicated that they are “very satisfied with loyalty programs with high personalization.” Loyalty programs that “make customers feel special and recognized” had nearly 3x more satisfied members.
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