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We love a good loyalty scheme. Three quarters of British people (77%) say they have joined at least one programme, 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 their loyalty scheme (YouGov).
Given an obvious desire by customers to positively engage (and reiterating the fact that half say they’ll spend more if there is one!), it would be puzzling to find a retailer that doesn’t have some form of loyalty mechanism in place.
There’s been a considerable shift around customer expectations on the high street, with fast, convenient and personalised experiences now the most valuable shopping differentiators (PwC).
With the majority of loyalty schemes still paper or card based, most people have little time for tired multi-channel sign-up processes, the need to remember a physical loyalty card, or having to go through laborious red tape to redeem rewards that bear little relation to their shopping habits.
And while the fundamental goal of a loyalty scheme is to incentivise shoppers to spend more, more often, 30-year-old paper-based loyalty concepts provide virtually no way for retailers to measure ROI. Indeed, many decision makers within retail continue to see loyalty schemes as a mere case of “giving free stuff away”.
With footfall declining, sales struggling and stores closing, loyalty schemes as we know them are failing.
Yoyo’s mission is to create the most rewarding shopping experience for your customers – it’s clear that loyalty schemes (should!) play a major part of this in high street retail.
Nearly half of consumers say they desire quick and easy access to a loyalty scheme, with the same amount of 18 to 34-year-olds wanting to see stamps, points and rewards delivered via an app-based experience (YouGov).
According to tech experts TechCrunch, one of the major reasons why the pre-pay Starbucks loyalty app has become more successful than Apple Pay in the US is because “payments have been tied to loyalty” – with loyalty stamps and rewards automatically delivered to the customer the moment they pay through the app at the checkout.
At Yoyo, we’ve taken this concept even further, creating a full end-to-end payments and loyalty app experience that provides your customers with:
Here’s how it looked when we launched Caffè Nero’s award-winning payments and loyalty app:
We enable you to easily create your own tailor-made loyalty scheme through our customer insights and engagement platform, Engage. You can:
Loyalty can be instantly redeemed against rewards, which come in the form of digital app vouchers.
Yoyo also enables you to create targeted loyalty campaigns based on how your customers behave. We can uniquely match individual purchased items to a customer’s identity, enabling you to further personalise your loyalty experience.
E.G. You could incentivise your customers to buy a specific product by rewarding double points or extra stamps when a specific item is included in their basket at the checkout.
Yoyo-powered Points Schemes
Your customers automatically earn 100 points for every £1 spent through your Yoyo-powered app. You manage the cost of the scheme by decided the number of points each reward is worth.
Points can then be redeemed against rewards in the in-app point store of the selected retailer. Rewards don’t always need to be products – they can also come in the form of a discount. E.g. a user could redeem a reward worth £2 against 500 points.
Providing you with a way to clearly see the ROI from your points scheme, you’ll also be able to view how many times a reward was exchanged for points, as well as all points earned, redeemed, and outstanding.
Yoyo-powered Stamp Cards
Your customers automatically earn stamps on their digital stamp card when they make a qualifying purchase. Once a stamp card is completed, a voucher for selected items is instantly released in your Yoyo-powered app.
Retailers are able to create their own stamp card schemes and vouchers in Engage. They can also see how many stamps were awarded, stamp cards completed and rewards redeemed.
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