As the year 2018 comes to an end, brands and businesses should take a moment to look back at the year that was in order to prepare for the future. In the world of customer loyalty, while a few new trends emerged, most of the ongoing trends were further intensified. Let’s take a look at some of the most prominent trends and practices that dominated the loyalty industry in the last twelve months:
The one trend that gained the most momentum in the loyalty industry is the concept of personalising rewards and offers. Brands and businesses realised how important it is to offer customised and relevant rewards to deliver maximum value and ensure engagement. Studies have consistently shown that flexible and inclusive rewards and offers achieve the maximum response from customers, and irrelevant rewards actually contribute negatively to shopping experience. It is the unequivocal realisation of the need to personalise rewards that actually led to the next big trend in the industry: smart collection and analysis of customer data.
Collecting customer information and data for analysis got a whole new meaning this year. Intelligent Loyalty Management Software solutions helped tag and manage hordes of customer information according to filters and assist strategic decision-making. The use of intelligent analytical and statistical tools to study customer behaviour and preferences became prevalent across industries. Equipped with valuable insights on customer behaviour, businesses aggressively promoted differentiated and relevant rewards and products to their customers. Furthermore, inventive and creative strategies to facilitate acquisition of new customers were also implemented.
It would be safe to assume that the age of loyalty cards and coupons is on its last leg. The last year saw the rise of consolidated, multi-channel, and omnipresent customer engagement strategies. Intelligent cloud-based Loyalty Management Software solutions helped in offering a comprehensive customer experience by offering instant SMS, push notifications, and emails. With businesses building apps specially for managing customer loyalty, a new-age platform for direct and instant communication was developed. The use of geo-tagging to identify potential and recurring customers also increased.
Integrations and Add-Ons
This year, customer loyalty programs ceased run parallel to regular business transactions as stand-alone entities. The push to integrate customer loyalty with POS systems and other platforms (like mobile applications and e-commerce websites) intensified further. As a result, different business verticals, like order management, marketing, and inventory management were integrated with the loyalty function to ensure seamless implementation. Thus, businesses started consolidating all their customer communication to a single point and used it intelligently to sustain customer engagement.
All these trends have strengthened customer loyalty management and helped businesses implement creative strategies to retain customers. One can expect businesses to further intensify efforts to foster customer loyalty. In case you’ve been on the lookout for a loyalty rewards software solution, Loyera is a powerful and easy-to-use Loyalty Management Software that helps businesses cultivate and manage customer loyalty to ensure stable and sustainable growth. Get in touch with us to know how your business can benefit from Loyera!