This might sound farfetched but it’s true: A gifting company opted to return 70% of its profits to its customers in the form of rewards. The result: It went on to become one of the fastest growing ecommerce businesses in the region, with a massive base of loyal customers. It’s true that reward points make customers happy. But happy customers need not be loyal. Here’s where a next gen loyalty solution can make a difference by dovetailing both and creating winning experiences. In other words, a win-win situation for both the business and the customer.

Creating an Evolving Customer Engagement Ecosystem

As the customer journey evolves continually, marketers are counting on ways to provide enriched experiences through meaningful engagements. Invariably, most businesses deploy a loyalty program irrespective of its impact on business growth. Many choose to add a new lease of life to their existing programs, while others resolve to reimagine and reinvent their customer engagement strategy.

Cost-conscious businesses might maintain that loyalty programs are losing their relevance in today’s cluttered marketplace. But that’s nowhere close to the truth. The workaround is to upgrade the legacy loyalty platforms, but the effect may not meet expectations. This is ascribed to the fact that these obsolete solutions are usually loaded with a clutch of limitations – clunky architecture, complexity in customization, high level of maintenance, legacy data structures and more. So, the solution lies in total, but gradual, transformation. A next gen loyalty solution addresses most of the issues and paves a path to better customer engagement and understanding.

Next Gen Loyalty Solution – the New Way to Create Winning Experiences

The need for creating consistency of CX, personalized experiences and constant excitement can be addressed by an enterprise-class, cloud-based loyalty solution. This makes it easier to recognize loyal customers, so they go on to become ambassadors of the product they use.

Bundled with features, these solutions usually have options for gamification aside from a slew of CX connectors. Optionally, they offer industry-specific templates, a member portal and mobile app to offer customers a seamless experience on the go and across devices.

A core loyalty decision engine comprises multiple components (essential and optional) for management, measurement and engagement. Featured below are just a few.

Managing with ease – Multiple programs, loyalty currencies, promotions, partner ecosystem, rewards catalog and games.

Measuring & optimizing – Referral incentives, real-time redemptions and pool points.

Engaging & exciting – Custom dashboards, transactional reports, member reports and program effectiveness.

Popular across verticals including retail, hospitality, travel, the loyalty program has now become a business imperative. Technology can help a business cash in on its potential, so the business can maximize its customer lifetime value to the hilt. Though the task of raising the customer experience bar is not as easy as it sounds, the implementation of a smart loyalty program can go a long way in making it real. This can be accomplished by partnering with an experienced technology provider who can ensure end-to-end support – from customer engagement to acquisition and advocacy.

Reference: https://www.forbes.com/sites/alisoncoleman/2019/04/16/four-ways-for-entrepreneurs-to-win-customer-loyalty/#62f58518a2c9

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