More than half (55%) of adults worldwide believe that offering points or incentive systems is the most effective approach to keep them coming back, according to a Marigold-Econsultancy survey conducted in November 2023.
According to Deloitte’s 2024 US Retail Industry Outlook, three-quarters of consumers remain concerned about rising prices.
As a result, reports Insider Intelligence/eMarketer, half of retail executives expect shoppers to prioritize price over loyalty by 2024.
“Retailers may consider bolstering their loyalty programs by giving customers more opportunities to score points or offering them more personalized discounts,” stated the Insider Intelligence/eMarketer report.
Retailers can also provide customers with special product or service discounts, which are ranked second for the most wanted loyalty rewards (54%).
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
