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REPORT: Customer loyalty isn’t dead, but retailers need to change the way they earn it
We love a good customer loyalty scheme here in the UK.
More than three quarters of British people say they have joined at least one, seven in 10 believe they are a good way to be rewarded, and nearly half say they’ll spend more with a brand if they are a member of a loyalty scheme (source: YouGov).
However, take a look at today’s high street and we see a problem. From a retailer’s perspective, the fundamental goal of a loyalty scheme is to incentivise shoppers to spend more, more often.
With footfall declining, sales struggling and stores closing, loyalty schemes as we know them aren’t delivering.
Customer expectations have changed considerably over the past decade, with fast, convenient and personalised experiences now considered to be the most valuable differentiators for shoppers (source: PwC).
This report will identify the challenges retailers now face around customer loyalty, find out what customers now want from a loyalty and rewards experience, and consider the data and technology that can identify and deliver loyalty ROI.