The loyalty conversation not only continues, but evolves on a daily basis. It can be hard to keep up, but we can give you a head start!
Recent research from ICLP’s Decision Plus big data platform has revealed some interesting findings around retail loyalty on Twitter.* We took a look back at three months’ worth of posts in the Twitterverse, to see what people were talking about in terms of retail loyalty.
It’s a great list, but we’ve picked out a few of the things that really resonate with us in terms of retail loyalty. Take a look at our top 25 below to find out more:
Absolutely deserving of the number one spot, it’s hugely encouraging to see that analytics is the term most commonly used in conjunction with retail loyalty. Retailers need to be on top of their analytics to deliver the best customer experiences and secure repeat purchase and longer-term loyalty.b
Coming in at number five, digital is another one we’re pleased to see ranking so highly. With every generation – from millennials to baby boomers – becoming increasingly reliant on the Internet to both purchase from and communicate with brands, it’s never been more important to join up digital and offline experiences when it comes to loyalty.
- SMB (small-to-medium –sized business)
For retailers to build devoted relationships with their customers, they need to be seen to be putting them first, not seventh or eighth. Recent ICLP research shows that 50% would buy more if retailers treated them with more respect so it would be great to see this one higher up the list.**
This is one we’re excited to see featuring in the top ten. With big data providing so much insight into past purchases and preferences, there’s no excuse for not using that insight to predict future customer behaviours and find ways to encourage them.
It’s good to see ‘ecommerce’, ‘omnichannel’ and ‘mobile’ all making the list. Customers are shopping everywhere - instore, on mobiles and on apps - and retailers need to ensure that they are receiving a joined up experience and are able to access and benefit from loyalty programmes on every platform
- IoT (Internet of Things)
- Digital receipts
A key factor in providing a good customer experience that drives loyalty is convenience. More than ever retailers need to find ways of making the lives of their customers easier and digital receipts are an increasingly popular way of doing so.
According to our research, 67% of consumers would buy more if retailers used their data to understand their individual needs and requirements better. Insight is absolutely key to winning customers over with personalised experiences, rewards and recommendations.
- CX (Customer Experience)
With over 300 million active customer accounts it’s no surprise that Amazon should get a mention. Constantly innovating in personalisation and convenience, the infamous pure-play is paving the way for paid loyalty programmes.
The chances are consumers will never truly lose interest in coupons or special offers that save them money. However, retailers should be careful to remember that not all customer relationships are created equal and customers who only shop with you when you give them a coupon are probably not as loyal as those that engage with your brand regularly and without incentive.
The point of sale is an interesting one as for many retailers, this is traditionally the time when you recognise or recruit members of a loyalty programme. In truth, the POS is too late – loyalty should be acknowledged and fought for from the moment a customer arrives on your site or enters your store.
Our research shows that 76% of customers say they’d buy more if they were better rewarded. Retailers need to focus not just on promotions that drive transactions, but also on the rewards that surprise and delight, driving true customer devotion and encouraging customer advocacy.
*ICLP analysed hash tags from tweets mentioning the words retail and loyalty across a period of three months.
**Research undertaken by Survey Sampling International across 7291 global consumers on behalf of ICLP, July 2016