As commerce continues to evolve and the lines are blurred between card-present and card-not-present commerce, how can merchants implement an effective, omni-channel-friendly loyalty program to boost retention and profits?
According to a 2015 loyalty census by COLLOQUY, U.S. consumers hold 3.3 billion memberships in customer loyalty programs, up 26% from a study done in 2013. The majority of these memberships are held through credit card rewards programs, closely followed by specialty stores (think Best Buy, Container Store, etc.), which account for 434 million memberships. Part of the reason behind the success of specialty store loyalty programs is that these merchants provide niche goods and services with deep selections. One might argue that personalization is inherent with merchants like these because of the nature of their business model, which may signal why the loyalty programs they offer are so popular. Customization – specifically as it relates to loyalty – is a growing trend that will continue in commerce as consumers hone their preferences and make them known with their pocketbooks.
This month, we searched for insight from the experts on how merchants can use their loyalty program to boost retention, maximize consumer engagement and boost profits.
Here is what several sources are saying:
Want to re-invent your loyalty program to boost retention but don’t know where to start? Verifi can help you stabilize and streamline your payment processing operation so that you can attract new customers while retaining your happy, loyal customers. Our “Super” Gateway is processor-agnostic and plugs in easily with our best-in-breed payments protection tools to provide a streamlined, end-to-end experience. The Gateway works seamlessly with Intelligence® Suite, Cardholder Dispute Resolution Network™ (CDRN) and Chargeback Representment (CBR) to protect your payments across the entire transaction lifecycle. The Gateway also integrates easily with Decline Salvage to ensure that you don’t lose your loyal customers to unnecessary declines. The “Super Gateway” provides omni-channel, end-to-end payments protection with customizable fraud tools, Total Chargeback Management and the ability to improve authorizations by up to 20%.
Contact us to find out how to secure your payments from end-to-end while maintaining a superior customer experience. What are your thoughts? Ping us on twitter (@verifi) with #paymentstips and let us know what you think.
[1] https://www.cbc.ca/news/technology/mobile-payments-tipping-point-comes-in-2015-deloitte-predicts-1.2898942
[2] https://www.mobilepaymentstoday.com/news/report-mobile-accounts-for-25-percent-of-online-transactions-in-q4-2014/
[3] https://www.statista.com/statistics/244475/proximity-mobile-payment-transaction-value-in-the-united-states/