Shopper Loyalty - the road ahead
Shopper loyalty programs are a huge buzzword in the South African retail space and are set to change and become more personalised .
Data wins minds
With the increase and ever- evolving technology loyalty programs will be precise, personal, and geared to what consumers really want. We think about loyalty programs as personalised because they appear to be relevant to the shopper, but many retailers haven’t even scratched the surface when it comes to realising their full potential on how they can make their loyalty programs customer-centric
With big data, technology and various relationships and collaborations that allow retailers to offer individualised deals based on a customer’s buying habits and purchase history will enable loyalty programs that are highly tailored to individual shoppers.”
To achieve this kind of success these are 3 strategies retailers need to invest in
• Measure and monitor performance - Loyalty program data must be tools for retailer learning as the importance of data cannot be overstated and will only continue to grow. The future lies in integration i.e. combining granular, internal loyalty data with rich contextual media and market data to make more insightful decisions.
• Use segmentation tools - Understand which consumer groups loyalty programs really matter to and why. The execution of any loyalty program should allow for personalisation and dynamic learning, but the initial design should be geared toward serving the consumers whose behaviour will be most influenced, and a segmentation analysis will help identify those consumers.
• Personalise the shopping experience - Winning loyalty programs understand that every customer is an individual and that success comes from giving customers what they want, not what the retailer wants. Program offers that are unique to the shopping habits of each consumer can not only drive brand affinity, but they can also send a signal to the customer that they are valued patrons.
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