Starting from the offline retailer to the online ones, customer loyalty programs play the key role to prompt sales and gain an increased return on investment (ROI). It is always serving the customers to their satisfaction that brings success to a business says the retail and the loyalty experts. Let us explore more to understand the aspects of retail reward programs for an efficient and reward winning E-commerce website or the e-commerce apps development.
(A) The general affinity towards evaluating the success is that the retailers rank all the items through sales and de-list the non-performer. But, it is not true. It is recommended to use the “true item value ” and the “customer item importance ” to know the sales pitch.
The true item value is calculated as follows: Product’s total sales minus (-) Product transfer in its elimination plus (+) Complementary product purchase.
For instance, a fashionista when searches for a kurta, she may look for a certain brand ‘X’ and might go for brand ‘Y’ in its absence. And, may omit the total purchase or buy it if a ‘suitable’ lowers like pants, jeggings, leggings, and, etc., are available or if she own it already in her wardrobe.
The customer item importance could be understood as that there is always a chance when a preferred item is not offered by the retailer, the customer may walk/log out and opt for another retailer instead of shopping for other items available there.
(B) The retailers are likely to lose sales for the millennials today even when they have the mobile application development. It’s because the generation may tend to make a wholesome purchase.
For instance, when they decide to purchase clothes, they wish to buy for their whole family which includes men’s, women’s, kid’s clothing and its accessories.
In order to win over these affluent generations’ emotional connections, the retailer must be a great influencer by making his online shop tailored to meet their needs, make a cutting-edge digital marketing strategy, send push notifications, streamline their buying pattern in order to gain repeat and loyal customers.
(C) Making a complete research and throwing insights into customers’ complaints and suggestions help the retailers to move a long way. Though it is an opposite look, it reveals the actual demand and is a reward to move forward. With the data, the retailers are able to make a successful loyalty program and thus develop customer stickiness.
If the retailers are able to make a marketing strategy based on these ground studies, they are definitely going to be the winner and stand out distinct in the global commercial center.
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Courtesy: http://customerthink.com/5-loyalty-secrets-you-dont-know-about-retail-rewards-in-2017/