Rewarding Customer Loyalty Goes Beyond the Bottom Line

Rewarding Customer Loyalty Goes Beyond the Bottom Line
Loyalty & rewards apps like Dashpay-powered Bravecto®’s Rewards & Reminders App – available for Android and iOS users

Loyalty is a major driver of purchasing decisions in the retail space – whether to product brands or retail brands. Rewarding customers for that loyalty by offering them benefits from a loyalty programme is a powerful way for retailers to build and maintain relationships with them.

In a challenging economic environment, the fact that it’s seven times more expensive to acquire new customers than it is to retain existing ones should play as much on a retailer’s bottom line, as it does on their minds. 15% of a retailer’s most loyal customers can drive as much as 70% of revenue and businesses with loyalty programs are 88% more profitable than competitors who don’t employ them. Compelling, practical loyalty rewards can increase spend by up to 35%.

A loyalty programme can be as simple or complex as a retailer desires – whether simply offering a benefit for repeat purchases or linking up with other like-minded retailers to offer an umbrella benefit that can be redeemed across different stores. In a low-touch world, a mobile application is the ideal way to manage a loyalty programme, offering opt-in, always-on lines of communication with customers for reminders and offer messaging via push notifications, the ability to tailor offers and, quite simply, in-your-pocket convenience.

Most valuable to any retailer is the data generated by tracking customer behaviour, which can be used to inform business decisions across the board. This delivers information about who their customers are and what they like and offers insights into their purchasing patterns.

Loyalty & rewards apps like Dashpay-powered Bravecto®’s Rewards & Reminders App – available for Android and iOS users – allows owners to set tick & flea protection dosing reminders for each of their pets, locate, contact & navigate to their nearest Bravecto® stockist and earn & redeem digital loyalty stamps and access special offers at participating stockists. The backend also allows merchants to sign up to list themselves in the ‘store locator’ section and offer the loyalty programme to customers. The app – downloaded over 4 000 times – has been taken up by over 470 merchants in South Africa, issuing over 4 700 rewards stamps which give registered customers access to benefits and special offers. Dashpay’s StampZ – a turnkey, white-label loyalty app solution – facilitates easy onboarding for retailers and users and offers useful benefits for both sides. It adds cross-pollination of brands through additional channels and added-value features like store locators, listings and reporting tools. A retailer can wrap the StampZ app in their own branding for an instant loyalty solution, or they can add their brand presence to the StampZ marketplace app, where it will sit alongside other participating brands and allow customers to earn rewards and take up special offers. StampZ rewards are collected and redeemed using a combination of Dashpay’s compatible POS terminals, the mobile application and customers’ mobile numbers.

With consumers watching their spend more carefully than ever before, the incentive offered by a loyalty & rewards programme can help retain them – or win them over to a new brand which offers them the kind of value-adding benefits they want and need.