Customer Loyalty Programs In Retail
Loyalty programs for retail are the need of the hour. With the fast-paced growth in technology, customer buying behavior has been changing. The COVID-19 pandemic has not only accelerated some of these trends but also led to various other challenges that retailers are battling today. The easiest way to tackle these challenges is by implementing a retail rewards program. But first, ‘What are loyalty programs for retail?’ In short, these are loyalty programs optimized to help companies overcome the challenges in the retail industry. To understand the relevance of loyalty programs, let us examine some of the major challenges faced by retailers.
Challenges
Retailers face multiple challenges which have increased multifold post the COVID-19 pandemic:
Zinrelo, with its data-science based approach, is solely focused on generating customized insights for retailers. These insights equip Zinrelo to create the best retail loyalty programs. Each program is customized for the individual retailer which helps them overcome their challenges, achieve their objectives, and drive meaningful revenues and ROI.
Customer Loyalty Programs In Retail
Customer loyalty programs in retail designed by Zinrelo helps solve the above challenges. The retail rewards programs create a 360-degree engagement with customers and reward them for performing various activities.
Below are some facets of Zinrelo’s loyalty programs for retail companies.
Better Segmentation:
Machine learning algorithms help create different customer segments based on unique attributes, preferences, and previous behavioural patterns
· Create customized promotions based on customers’ interests, past purchases and buying behavior.
· Offer incentives with personalized services and individual preferences.
Unique Experiences:
Providing unique experiences to outshine competitors and elicit customer loyalty.
· Set experiential rewards & offers, and build gamification via badges & contests to create aspirational value among customers
Loyalty Tiers:
Move higher spending customers to a higher tier of service.
· It is important to pamper loyal customers
· Create incremental monetary & non-monetary tier-based benefits (including exclusivity and VIP experiences)
· Early access to promotions or new product launches are just a couple of examples that can be offered
Advocacy:
Get your customers to help with your marketing. Nearly 9 out of 10 people read reviews before making a purchase.
· Write a review
· Record a video testimonial
· Enable and incentivize sharing on various social media
A prospect from an active customer referral is 7X more likely to convert
· Refer the brand to new prospects
Sample Loyalty Program For Retail
To illustrate what a loyalty program for retail could look like, we have taken the example of Fab Apparels, a merchandise retailer. Below are examples of a typical client loyalty dashboard for a retail company. The best retail loyalty programs all have these features in common.
This will be created by Zinrelo automatically on the brands’ website, inside the “My Account” section with a single-sign-on.
Loyalty Points Earning Activities
Clients can earn points for purchases, engagement, marketing and referrals. Zinrelo allows the creation of unlimited custom activities as well.
Loyalty Rewards
Clients can exchange their points for a wide variety of rewards, including discounts, free shipping, free products or services, gift cards, charity donations and lots more.
Loyalty History
Clients can review their points and rewards history on a single screen within the dashboard
Loyalty Tiers
Clients can review their tier level; they are automatically moved to higher tiers based on their spends, giving them a privileged level of service. This makes the clients feel special and increases the emotional investment.
Retail Rewards Program Benefits
This article was originally published on Zinrelo.com
