Loyalty

Loyalty is a program that businesses run for their regular customers by offering rewards and therefore to encourage them to keep coming back to their store. It is intended to keep customers loyal to a brand. You can run multiple loyalty programs, assign them to particular user groups such as reward points, bonus, gift vouchers, and so on to entice the loyalty of customers.

By running a loyalty program, you are letting your customers know that you are interested in not only making money out of their purchases, but also giving them back as a goodwill gesture.

What is Loyalty Program

A customer loyalty program is merchandise to retain the existing customers and attract the new ones with special offers and amazing discounts. Loyalty typically is based on a points system that shoppers earn every purchase and redeem them on special deals.

Loyalty is a part of structured marketing strategies designed by merchants to encourage customers to continue to shop at or use the services of businesses associated with each program. Loyalty programs encourage shoppers to return to stores where they frequently make purchases. Some of the incentives may include advanced access to new products, additional discounts or sometimes free merchandise. Loyalty programs have multiple brands as partners to serve a customer base. With only one digital “wallet” for points, consumers would not have to hunt for each program’s options, limitations, and redemption rules.

Loyalty typically involves:

• Giving customers free merchandise
• Early access to sales
• Coupons
• Points

This is the best way to say thank you to your customers’ and loyalty is one of the most important aspects of it. You can choose what rewards you offer, the actions to be encouraged or the mechanics of the program itself.

Why Do You Need Loyalty

A few years back, getting customers loyal to a brand was straight and simple – create a quality product, market it well, offer friendly technical support, and you are right on your money! But coming to the 21^st century things have changed beyond imagination. Especially, the digital explosion has made it harder for the brands to retain a loyal customer base. Today’s business world is full of competitors who are ready to outpace you at a moment’s notice. Markets are saturated and customers have a sea of choices. On an average, they receive hundreds of communications from multiple brands in a week. Attracting and retaining those customers, posing a great challenge to the marketing teams.

In order to make customers choose you, you need to think out-of-the-box or do something extra special. If your business involves frequent purchases, a wide range of products and services, and you need a way to differentiate yourself from competitors with similar products, then Loyalty is the answer for you. With Loyalty wallet, you award points to your customers based on their purchasing pattern on your website. You can control how and when they can redeem them. Collecting points for rewards motivates your customers to make further purchases in your store.

Everything you need in a Loyalty Platform to power your successful points reward program:

For Whom Loyalty is Best Suited for

Loyalty is highly beneficial for everyone – from e-Commerce and BFSI, to retail, telecommunications, and beyond. A well-designed loyalty wallet can help you achieve your objectives in almost any industry.

How Does a Loyalty Wallet Works

• Account Creation: The account allows you to set up and manage your loyalty program, including points, rewards, a dashboard, and more. You can track the efficiency and the status of your Loyalty program, in addition to your active campaigns, in the dashboard.
• Purchases are rewarded by points that can be redeemed on the wallet that include vouchers for discounts or physical products – whichever is available.
• The Loyalty Wallet: Points earned can be used to pay Loyalty Wallet supporting merchants or do online recharge or buy a physical product.