Aside from culling inventories and inflated pricing, one of the biggest post-pandemic trends in retailing is pumping up loyalty programs.launched a new rewards and credit program, becoming the latest in a long list of companies redesigning loyalty schemes over the past couple of years, including Athleta, Kohl’s, Saks Fifth Avenue, Saks Off 5th, Subway, Walmart, True Religion, Tanger Outlets, CVS and Lowe’s..
“It’s most difficult finding the right way to communicate such perks, as it takes effort and resources to convey them. Most customers remain paradoxically unaware of these benefits,” IADS reported. “Others go beyond practices often found inby seeking inspiration from other industries, such as banking or air travel. Some IADS members are now considering offering top-tier customers airport fast-track access.
Robert Gorin, consumer practice leader at Getzler Henrich, said: “To navigate this uncertain landscape, businesses need to focus on understanding their target audience and what matters most to them. They need to be agile and adaptable, and they need to be willing to experiment with new strategies. Businesses that can do these things will be well-positioned to succeed in the years to come.”
“There are a lot of loyalty programs and chances are they’re very similar. Brands are realizing they have to up their game,” said Carlos Dunlap-Beard, vice president of business development and loyalty strategy at the Rocky Hill, Conn.-based Ebbo, which creates loyalty solutions, and provides analytics and customer experiences for brands. “With consumer attitudes changing, they have to find more compelling reasons for them to come through the door.
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