81% of Consumers Want to Pick How They Earn/Choose Rewards

81% of Consumers Want to Pick How They Earn/Choose Rewards

The vast majority of consumers say they would prefer to shop with brands that give them direct control and greater flexibility around the rewards associated with loyalty programs, according to research published by EPAM Systems.

Recently, EPAM conducted a study of more than 10,000 consumers worldwide, all of whom are members of at least one loyalty program, to produce its Consumer Loyalty Research: Global Insights report.

The report found 93% of consumers cited customization as their favorite loyalty program feature, and mobile apps was the most preferred channel at 59%.

Not surprisingly, the ability to earn rewards, discounts or cash back on future purchases was the key motivation for joining a loyalty program at 70%, and 72% said they actively use between one and three programs.

Among the most-used programs among those surveyed included Tesco’s Clubcard, Amazon Prime and PC Optimum. From a vertical market perspective, grocery brands ranked highest in loyalty program usage at 48%.

The Report suggested that consumers have yet to understand how advancements in artificial intelligence (AI) will change loyalty programs. Almost half said it would not affect their likelihood to sign up.

“Consumers are most engaged when loyalty programs offer partnerships and unique, immersive experiences, making innovation and customization essential.”

Read the full article here.

For more information on optimizing loyalty strategies, visit EPAM’s retail-focused solutions designed to create next-gen customer engagement. https://www.epam.com/industries/consumer/retail