Customer loyalty program resonate with a sound loyalty strategy and execution. It has become a vital marketing tool to encourage customers to repeat purchases from your store.
More and more retailers realize the fact that loyalty programs have the potential to attract customers. That’s because it is not just a program, but it’s a relationship. It is forecasted that global loyalty management is projected to reach $10.02 billion by 2027, with a compound annual growth rate of 19.9%. (Source: Statista).
The pandemic has dramatically changed the store culture and customer behavior. Retailers are looking forward to for new strategies to beat the best in the marketplace. Yes, it is possible! Reliable retail loyalty programs tailored to your brands are undoubtedly a powerful differentiator that can help you achieve your goals faster.
Before we commence with this blog, let’s understand,
What Is a Retail Loyalty Program Software?
The retail loyalty program software is built to overcome industry-specific challenges as retailers see higher purchase frequency and face tougher competition. Retailer loyalty programs are often transaction-focused and generally focus on making the buying process easier and rewarding. Unique retail customer loyalty solutions help businesses to target the audience directly.
The Best Features that Help You Stand Out in Crowded Marketplace
A strong trend in retail loyalty programs have geared towards making transactions quicker and faster. Some of the best features are:
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Omnichannel Presence
Whether you want to connect offline or online solutions, a robust loyalty solution allows you to target the audience across every touchpoint. It encourages easy enrolment and rewards redemption. Moreover, it provides convenience to customers for making the purchase anytime and anywhere.
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Drive Footfall with Push Notifications
Informing your existing customers about the latest sales and discounts is an effective method of increasing your customer base. In addition, location-based push notifications enable you to deliver personalization. By instilling a geolocation-based module in your loyalty platform makes the task easier.
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Comprehensive Reporting and Advanced Analytics
Gain in-depth insights with a loyalty program to understand your customers in a better way. Comprehensive reporting and analytics help you incentivize your customers and generate engaging experiences for them.
The Winning Formula
Buyers are also brand advocates thus they will stay with you even when your competitor is giving bigger discounts. But how will you form long-term relationship with your customers?
It depends on four aspects: proximity, frequency, duration, and intensity.
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Proximity: To strengthen your brand presence, you must connect with your customers across all available channels – on the website, on mobile, on social media, and in-store.
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Frequency: One big takeaway from customer lifecycle marketing is that loyalty is beyond customer transactions. You can offer rewards at all touchpoints even outside the buying cycle.
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Duration: While designing your loyalty program, make sure you keep longevity in mind. You can begin with gamification, once you build a strong customer base, you can expand your program.
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Intensity: Make sure the incentives are rewarding. Besides offering discounts, create experiences for your customers. It encourages customer engagement and boosts customer retention.
Summary
A feature-rich loyalty program software will help you strengthen your brand value. For optimum results, you need to hire a top-notch loyalty software development company. A renowned company with experience and expertise can help you integrate successful loyalty programs that are customized to your customers’ needs. With an overarching loyalty strategy, you can streamline your business operations while enabling customer engagement. Using the loyalty software, retailers can make smarter decisions on customer segmentation that ultimately leads to higher customer lifetime value.
