PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Constructed Factors Affecting Loyalty Enrollment and Participation:

PaymentsJournal by PaymentsJournal
May 5, 2022
in Merchant, Truth In Data
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Participation in loyalty programs has been shown to result in loyalty enrollment; that is, program members are more likely to continue doing business with a company or brand if they are enrolled in a loyalty program. This loyalty can lead to increased sales and customer lifetime value. Therefore, it is important for companies to encourage their customers to participate in loyalty programs. There are a number of ways to do this, such as offering incentives for signing up, providing exclusive benefits to loyalty members, and making it easy to sign up and participate. By taking these steps, companies can encourage loyalty enrollment and reap the benefits of loyal customers. What factors affect participation?

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s Report: How Payments Can Drive Better Loyalty and Rewards Programs

Constructed factors affecting loyalty enrollment and participation:

  • Constructed factors are factors that are within the merchant’s control.
  • The enrollment process is too difficult.
  • Too much personal data is requested.
  • There is no mobile app.
  • The POS process is too cumbersome.
  • The store offers are not relevant.
  • The store rewards are not significant.

About Report

Mercator Advisory Group’s most recent report, How Payments Can Drive Better Loyalty and Rewards Programs, provides insight into the new technology driving increased personalization and better customer experiences with loyalty programs, and the important role that payment data can play.

Traditional loyalty programs were a source of data for merchants, better enabling them to identify the repeat customers and track the shopping patterns by rewarding their repeat purchases. The digital environment now gives us an abundance of data that is captured in many ways and in many places, moving these programs to become a use of data that provides a better understanding of customer behavior and the more targeted rewards.

Strategic operating decisions that merchants make in key payments areas including orchestration, tokenization, and service provider selection will affect the ability of the marketing team to mine the loyalty data from payments and has the potential to either enhance or detract from the effectiveness of the loyalty program.

“This is a highly relevant and impactful report,” stated Don Apgar, Director of the Merchant Services and Acquiring practice at Mercator Advisory Group, and author of the report.  “We are following this among a number of growing trends that are making payments a frictionless and invisible part of our everyday activities.”

Tags: Brand LoyaltyCustomer LoyaltyLoyaltyLoyalty ProgramMerchantMerchantsTruth In Data
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Payoneer eBook: