The success or failure of any business in this crowded and complex marketplace comes down to whether business goals are met – maintaining customer loyalty is chief among them. However, many retailers are beginning to confuse loyalty with promotions, loyalty cards and awards, undermining brand equity rather than building stronger ties with their customers.
With engaging the customer and managing the customer experience as top priorities for retailers, Boston Retail Partners’ 2015 CRM/Unified Commerce Survey indicates that 87% of retailers plan to use gamification to engage the customer within five years.
While empty, decaying malls make for inspired photo shoots, most of America’s shopping malls are actually doing well. In fact, according to new data from the International Council of Shopping Centers (ICSC) and the National Council of Real Estate Investment Fiduciaries, shopping center occupancy rates were 92.7% at the end of 2014 – the highest level in six years! Occupancy was even higher for malls (both super-regional and regional malls) at 94.2%, the highest since 1987.
DLC Management Corporation, a national owner and operator of open-air shopping centers, announced its new partnership with LOC Card, a universal card that supports merchants’ existing loyalty programs.
Global beauty sales, already a nearly $400 billion market, is on the verge of explosive growth from emerging markets, but will see an industry in flux as consolidation and technology disrupt channels of distribution, according to Fung Business Intelligence Centre’s just-released Global Beauty Report.
Grocery shoppers have a resounding message for grocery retailers who have been enticing them with fuel rewards for over a decade: Fuel rewards alone aren’t winning their loyalty. Grocery discounts are the new value driver.
Bi-Lo Holdings, parent company of Bi-Lo, Harveys and Winn-Dixie grocery stores, is launching a new smartphone app and improved website for each banner that now delivers personalized digital coupons based on each customer’s shopping habits.
Sean Claessen, executive VP strategy and executive creative director, Bond Brand Loyalty, spoke with Chain Store Age about how retailers can build customer relationships and loyalty in the era of omnichannel engagement.
Nobody really wants to have to fill a prescription, but Kmart and the Shop Your Way loyalty program are making it a more rewarding task. Kmart and Shop Your Way are introducing the new Shop Your Way Pharmacy Rewards Program that gives members $10 back in points (10,000 points) for every five qualifying prescriptions filled in a rolling 12-month period.
U.S. companies spend $2 billion on loyalty programs, but the investment isn’t yielding the type of increased engagement which drove implementation of the programs, according to a new report from Capgemini Consulting.
American Express is preparing to launch a customer loyalty program in the U.S. that will enable shoppers at select retailers to rack up points that they can use toward future purchases at Macy's, Exxon Mobil, AT&T and other participating companies.
These days, retailers spend a lot of time obsessing over letters, specifically CAC and CLV. Most know these terms as shorthand for customer acquisition cost and customer lifetime value. Both are key concepts and incredibly important metrics if you operate a retail business.