Top 5 Loyalty Use Cases of the Week #3
In the third entry of our weekly loyalty series, we are breaking down the most recent selection of the top five use cases in the loyalty space.
This week we dive deeper into how web3 could revolutionize loyalty programs, exploring the impact of reward choice deprivation on engagement and member satisfaction.
With that, we wanted to expand further on what makes a successful loyalty program and how brands today are pushing toward a more loyal future.
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Use Case #1
How Web3 could revolutionize loyalty programs
Retaining and drawing in customers has been a consistent challenge for businesses globally. Through loyalty programs brands have been able to alleviate some of these headaches, but they aren’t perfect.
Challenges, such as geographical limitations, limited reward options, and complex redemptions can arise. That being said, this is where web3 and blockchain technologies overall come into play. Attempting to solve these inefficiencies and challenges to redefine the loyalty space.
Use Case #2
PointMe and Bilt Rewards Launch Integration Helping Members Access the Best Reward Flight Availability
“We believe we can fundamentally change the loyalty space from both a consumer and business standpoint, much as Bilt Rewards has revolutionized rent payments,” – Tiffany Funk (President & Co-Founder Point.Me)
Bilt Rewards members will now be able to search for the best flight rewards on Bilt partner programs directly in the Bilt App. Through a streamlined reward travel search and booking, this integration makes it simple to locate fantastic bargains and acquire them using points, regardless of the loyalty program.
Use Case #3
The Impact Of Choice Deprivation On Loyalty Programs
“A recent study from the Journal of International Marketing, however, found that consumers more frequently experience choice deprivation than choice overload.” (Forbes)
The “2022 Rewards Redemption Survey” from The Wise Marketer shows that consumers value loyalty programs with various options and choices. Deloitte’s research also ranks “choice of redemption options” as a high-value feature for loyalty program participants.
Use Case #4
New iSeatz Report Identifies Disconnects in Travel Loyalty Program Perception and Member Expectations
In a new report, iSeatz examines the current challenges & evolving consumer/business expectations shaping the travel loyalty industry during a time when demand is resilient but uncertainty is rising.
This translates to huge revenue and customer engagement opportunities for companies that make flexibility and value the core of their loyalty offering.
Use Case #5
How Partnerships Fuel Successful Loyalty Programs
“Enterprises in the Middle East, Asia, and the Caribbean such as Al-Shaya, ENOC, and Grace Kennedy, recognize the value in the cross-brand promotion & have given genesis to enterprise-level value propositions.” (The Wise Marketer)
Adopting a partner-driven loyalty model allows brands to capitalize on the opportunity to increase wallet share across categories and build value (wider audience reach and enhanced loyalty offerings) for multiple businesses within a loyalty ecosystem.
Thank you for taking the time to read our most recent entry into the top 5 loyalty use cases of the week. We hope that it has provided you with useful insights into the potential advantages that loyalty programs can offer for businesses and customers alike.
Don‘t forget to signup for early access to our upcoming Loyalty Report 2023 coming soon. Who knows what other surprises await by registering early: Global Rewards Liquidity Report (2023).
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