In today’s hyper competitive landscape, intense focus on customer-centricity has made retailers
to adopt business models focusing on customer loyalty to gain market leadership. Customer
engagement and retention being the core focus areas, loyalty programs are becoming
increasingly effective as strategic investments.
Unsurprisingly, consumers are inclined towards retailers and channels that offer maximum
value and preferential treatment, thereby rewarding them with purchase decision.
While the loyalty management market will be valued at USD 24.59 billion by 2021, many
organizations are still not able to meaningfully engage with their customers.
In a recent survey, some 57% members admitted they don’t know their reward points balance
and only 25% members are satisfied with the effort needed to earn a reward.
One possible solution could be to integrate different programs (across brands) into a consolidated
loyalty network—enabling customers to earn points from multiple schemes under one wallet that can
be used at multiple outlets. But, this addresses only part of the problem. Moreover, businesses are often
hesitant to share existing customers’ data. On the other hand, there are significant monetary
implications as well, not to mention the challenges pertaining to the integration of siloed systems and
databases, data security, and coordination of multiple intermediaries
Such a platform of interlinked loyalty programs opens up new business opportunities, both for
large and small operators. Large operators with already established programs can adopt new
service models and offer value-added services to other businesses, while small operators can
connect with other players in the industry and scale up their business.
BRIEF ACCOUNT OF TECHVARIABLE’S SERVICES:
TechVariable is a digital transformation and technology services company based out of Assam and
Bangalore, India. For the last 3 years, our core service has been to take an agile and collaborative
approach to create customized solutions across industries, helping enterprises to run businesses more
efficiently. Our clients range businesses from Chicago, Denmark, Dubai, Qatar, Sydney etc.
To know more, visit www.techvariable.com or email at email@example.com