The Retailer’s Guide to Customer Loyalty - American Marketing …

Traditional retail loyalty programs born out of convenience to capture customer data are no longer working. Here’s why: 1. Customers have member fatigue from belonging to over 14 loyalty programs 2. Brands leave as much as $100 billion on the tablein unredeemed points annually, reducing engagement and satisfaction 3. Only 2 in 10 membersare very sa...

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What is a loyalty program retail?

In this type of loyalty program retail, customers can earn points or benefits when shopping across a network of partnered brands. For example, a clothing retailer might partner with a popular coffee shop, allowing customers to earn points at both locations and redeem them for rewards at either business. ...

What are the benefits of customer loyalty programs for retailers?

Loyalty schemes for retailers emphasize the numerous benefits of customer retail loyalty programs. These advantages include efficient data gathering for personalized services, an elevated customer experience, minimizing customer churn, and strategically advancing marketing efforts in retailer omnichannel loyalty. ...

What do consumers want from a loyalty program?

Loyalty program structures can vary from brand to brand, but there are three foundational elements that every program should have Discounts are the No. 1 thing that consumers worldwide want from loyalty programs, per a 2024 Merkle report. A chart showing what consumers worldwide would like from a loyalty program, October 2023. (Subscribers only) ...

How do retailers keep customers loyal?

This fast-paced growth leads to increased competition, prompting retailers to find innovative ways to keep customers loyal. One popular method is offering loyalty points. ...

Are customers actively participating in loyalty programs?

However, most loyalty program members aren’t actively participating in them. Research by McKinsey shows that on average, customers belong to 17 loyalty programs, but less than 50% actively engage in them. Clearly, there’s more to building customer loyalty than setting up a program. ...

How powerful is a customer loyalty program?

According to a recent study, consumers are 82.4% more likely to shop at stores with customer loyalty programs: Starbucks Rewards is an example of just how powerful a customer loyalty program can be. The coffee chain recently attributed 40% of its total sales revenue to its loyalty program. And it’s not just brick-and-mortar stores that can benefit. ...