According to Anurag Vasisth, CEO of Loyalty Now, modern loyalty programs go beyond points and rewards, providing “money-can’t-buy” experiences to foster deeper relationships and trust with customers.
“Loyalty programs assist in creating deeper relationships by rewarding consistent engagements and fostering trust. This lets mid-size retailers remain competitive against both larger businesses and smaller, more agile competitors. However, loyalty is built on trust, and trust depends on security, making data security a non-negotiable aspect of any loyalty program. Customers need to feel confident that their personal and payment information is protected at every touchpoint. Retailers demonstrate their commitment to safeguarding data, which in turn deepens client loyalty and engagement, by investing in a secure loyalty platform. Mid-size retailers that neglect this aspect risk both losing customers and damaging their market reputation.”
To stay competitive, businesses must offer seamless, secure, and flexible loyalty platforms that integrate various payment methods and safeguard customer data.
Personalisation as Major Factor
Retailers, hospitality brands, and service-based businesses can benefit from turnkey loyalty platforms that provide personalized rewards, tiered incentives, and exclusive promotions. Personalisation is key, as tailored programs based on customer preferences enhance engagement and help retailers stand out from competitors. Additionally, loyalty programs must evolve with changing consumer behaviors, data security regulations, and new payment technologies to remain relevant and effective in the long term.
Security is critical to building trust in loyalty programs, with businesses needing PCI-DSS Level 1 and ISO 27001-2022 certification to protect customer data. Personalisation, flexibility, and simplicity are crucial elements of a successful program that can drive repeat business and foster lasting relationships in an increasingly competitive market.
Our Takeaway
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Original Article from: https://itwire.com/guest-articles/guest-opinion/why-mid-size-enterprises-must-prioritise-loyalty-to-drive-long-term-success.html
