Adoption of loyalty programs increased by 13% among big-box and departmental stores.
Gartner’s third annual L2 Intelligence Report says that 78% of loyalty programs offer experiential rewards compared to 61% from last year. Retailers are tapping into emotional loyalty via experiential benefits like birthday perks and invitations to exclusive events.
This piece says that while loyalty usually focuses on product quality, providing experiential benefits can help drive emotional loyalty among consumers. The ease of online research has reduced the need to rely on a single retailer, and experiential benefits can be crucial for building loyalty.
Personalised services like exclusive concierge services or a name mention in the emails can help brands further increase customers trust. The piece also quotes a previous study from Monetate, a personalisation software company, which said that advanced personalisation strategies helped 93% of businesses grow their revenue in 2018.
[2 minute read]