Retail Technology Insider
  • About
  • Brands
  • CXOs
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity
  • Paytech
  • Supply Chain
  • Resources
    • COVID-19
Retail Technology Insider
  • Digital Transformation
  • Customer Experience
  • Cybersecurity
  • Paytech
  • Supply Chain
  • Resources
    • COVID-19
No Result
View All Result
Retail Technology Insider
No Result
View All Result
Home Customer Experience

Are Loyalty Programs Part of the Secret for Retailers Looking to Thrive During Disruption?

by Jenna Sindle
May 23, 2018
in Customer Experience
Reading Time: 4 mins read
A A
Loyalty Programs
Share on FacebookShare on Twitter

Loyalty programs may be the panacea for the troubles the retail sector is currently experiencing. As retailers make the transition from brick-and-mortar to the future of clicks-and-mortar, loyal customers are an essential part of a retailer’s emergence from the doldrums. Not only do loyalty program members spend more at their preferred retailer, but they are willing to share more data and, in turn, become even more profitable customers as offers are tailored to their needs and delivered to them at the right time.

Want to learn more about brands like Target, Amazon, and Walmart are building their loyalty programs? Read on…

Target’s REDCard Loyalty Program Members Get Target Restock for Free

Last week Target announced that it would be slashing the price for Target Restock, the “merchant’s next-day delivery service” for household essentials. As mentioned in the article on Retail Dive outlining the developments in Target’s home delivery strategy, this move is clearly a challenge to both Walmart and Amazon, particularly because “Target’s Restock fee drops arrive as Amazon is sending out emails to its Prime customers reminding them that their annual membership cost is rising $20 to $119. Its Pantry program, most analogous to Restock, is an add-on service that now costs $7.99 per box, up from $5.99.”

This decision sets up an interesting three-way battle between the established subscription service of Amazon Prime, the upstart Target, and innovator Walmart, which is looking to capture the non-membership segment of the online delivery market.

You can read the full story here.

 

Would you Pay for Enhanced Loyalty Program Benefits?

While Walmart sees growth potential in the non-membership market segment, more than a third of consumers surveyed in this year’s Loyalty Report 2018 from Bond Brand Loyalty said they would be willing to pay for enhanced benefits. With Amazon Prime’s annual fee rising to $119 and Restoration Hardware’s RH Members program costing $100 per annum, what sort of benefits are consumers expecting?

According to Retail Touch Points, consumers are expecting more than just points, and certainly much more than points that expire. In order to thrive in what is now a highly competitive environment, retailers must get creative to deliver value to subscribers. In return, loyalty program members have demonstrated that they are willing to both share data and a greater share of wallet for the right program incentives.

What kinds of incentives are loyalty program members most and least interested in? Find out here.

 

Can Machine Learning Enhance Loyalty Programs?

Machine Learning (ML) and Artificial Intelligence (AI) have seemingly become the solution to nearly every industry’s need to adapt to this period of disruption. And now, it’s found viable application the retail sector.

According to Tad Fordyce, SVP Loyalty at Epsilon ML has its greatest value in the retail sector by powering lifetime customer connections.  As he shared in an article on Colloquy earlier this month, ML can make an impact in two particular areas: fraud and customer retention. Of course, to begin to put ML to work you need to begin with a loyalty program to serve as the foundational data for improvement.

To learn more about ML and loyalty programs read on here.

To stay updated on the latest trends and best practices in retail technology, subscribe to our newsletter and follow us on Twitter.

Tags: Affinity ProgramsAmazon PrimeBond Brand Loyaltyloyalty programsMachine Learning and RetailersTad FordyceTarget REDCardTarget RestockWalmart

RELATED POSTS

lifetime customer value
Brands

Retailers Create Lifetime Customer Value Through Personalization

May 19, 2022
Omnichannel Personalization
Brands

Omnichannel Personalization Advances the Customer Experience

May 5, 2022
Improving Data Value
Brands

Improving Data Value with a Customer Data Platform

April 27, 2022
Next Post
GDPR

Personalization’s Double-Edged Sword: GDPR has Far-Reaching Effects on Retail

Last Mile Challenge

Solving the Last Mile Challenge and Other Issues Facing Retailers

Immersive Displays Strengthen the Customer Relationship

Immersive Displays Strengthen the Customer Relationship

TRENDING NOW

  • Loyalty Marketing: Playing the Personalization Game to Win

    508 shares
    Share 203 Tweet 127
  • Headless Commerce: Creating the Right Store Using Headless Commerce and Innovative API Integrations

    522 shares
    Share 209 Tweet 131
  • Online Retailers Can Position Themselves for Success Year Round with Seamless Returns

    507 shares
    Share 203 Tweet 127
  • How Do Customer Demographics Impact Shopper Behaviors?

    501 shares
    Share 200 Tweet 125
  • Three Critical Considerations for Sales from an Ex-Amazon Vendor Specialist

    544 shares
    Share 218 Tweet 136

CONNECT WITH US

BECOME AN INSIDER

Get Retail Technology Insider news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Financial Technology Today
Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Retail Technology Insider offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

 

No Result
View All Result
  • Home
  • About
  • Brands
  • CXOs
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity
    • Paytech
    • Supply Chain
  • Contact Us