Editor’s Word: Easyrewardz has dedicated a decade to studying, excelling, and remodeling Buyer Expertise (CX). Easyrewardz is a sponsor of the Loyalty Academy’s Inaugural Licensed Loyalty Advertising and marketing Skilled™ workshop in Mumbai June 28 – 20. Its sponsorship is testimony to their dedication to the business and the individuals who make it occur! To be taught extra concerning the 2022 Buyer Loyalty developments within the Indian Loyalty Market and the way Easyrewardz is responding to those adjustments, please contact Anjum Rastogi.
By: Anjum Rastogi, Easyrewardz
2022 Buyer Loyalty Tendencies
With a inhabitants of 1.4 billion individuals — out of which 500 million are beneath the age of 24 — growing disposable incomes and buying energy, and a rising urge for food for globally trending items and companies, the Indian loyalty business has by no means been stronger. With improved literacy, higher entry to manufacturers and publicity to a world market, the panorama is now scaling to newer and better heights.
In Half Considered one of this two-part collection, we’ll take a look at the developments which can be defining India’s loyalty ecosystem.
As background, when Easyrewardz began, the net gamers had simply entered the Indian market and offline gamers had a particularly restricted knowledge capturing functionality to know their prospects. Easyrewardz began with the mission of serving to retail companies throughout client sectors with their digitization and buyer engagement journey. For offline retailers, loyalty packages turned a ‘hook.’
The arrival and adoption of cell phones was additionally essential as distinctive cell numbers turned distinctive buyer IDs, essential to the design and supply of loyalty packages for Indian retailers. What began with understanding of buyer knowledge, behaviour and rewards, has now progressed to some extent the place loyalty is rather more than simply transactions. It will be significant that the model connects with their prospects past transactional loyalty. Easyrewardz got here up with pre-integrated options to make go-to-market simpler and launch the appropriate methods to affect prospects backed by a robust Buyer Knowledge Platform and Analytics.
Buyer affinity to a model isn’t just stimulated by way of a factors program, it’s an general expertise and the weather of CX are constructing blocks by way of engagement as each interplay counts. Easyrewardz understood this in a short time and thus, its constitution included non-transactional behaviour. Not solely to reward these actions but in addition to know what the client is saying concerning the model to have the ability to create a robust relationship between the model and its buyer. We’re additionally in a position to create an understanding of finest practices of varied sectors and replicate them in different industries.
Within the put up pandemic world, the healthcare business has additionally seen huge progress in digital adoption. Easyrewardz has grow to be a pioneer in providing an end-to-end CRM stack in healthcare, the place most programs solely supply silo options. Easyrewardz seems on the knowledge holistically and helps drive buyer engagement by way of a well-defined loyalty program.
Market progress has additionally spurred a change in buyer expectations. The old-school `earn-and-burn’ points-based loyalty programs don’t make the reduce with Indian customers anymore. As an alternative, they need loyalty experiences which can be distinctive and personalised.
In terms of buyer conduct and preferences, change is the one fixed. A development that rocked 2 years again could also be redundant at current. This influences the way in which loyalty packages work and the outcomes they’re anticipated to generate.
What are the 2022 developments which can be serving to manufacturers craft razor-sharp loyalty methods that ship outcomes?
1) AI and data-driven personalization
Companies throughout sectors are starting to undertake AI and machine studying to collect data-driven insights on prospects that assist them create personalised incentives and loyalty experiences. AI can also be being deployed to log the acquisition information of channel companions, analyze their buy conduct, and supply incentives to them.
With the fast emergence of on-line gamers, manufacturers began to discover choices to spice up their progress. They needed to be current on a number of channels to maintain the purchasers engaged and thus there was a must create an omnichannel buyer expertise. These model targets require offline and on-line behaviour of the client to be saved and accessible in a single place.
2) The rise of gamification
Gamification is rewriting the principles of loyalty packages. Based on a Forbes report, 40% of millennials like loyalty packages which have a component of gamification in them. Including the twist of a Wheel of Fortune to your loyalty program additionally improves conversion charges by 50%. Partaking prospects past financial transactions by protecting the model related through trivia, quizzes, and surveys is a stable begin to a gamification technique.
Differentiation is the brand new title of the sport
As loyalty packages enter unchartered waters throughout the globe — and transfer past the old-school point-based rewards — advertising and marketing executives are investing in new methods to accumulate and retain prospects. They’re introducing differentiated methods to earn and redeem awards in addition to creating extra avenues for recognition, exclusivity, and entry for members.
Given our background in banking and journey, we’ve got been innovating throughout sectors and have created an awfully robust ecosystem. Our buyer centric view helps create a community impact for each retailers and banks that gives an enhanced worth proposition making loyalty a real differentiator for a model and its prospects.
Cross-channel connects
It’s straightforward for a model to make use of a single channel of communication. However it’s not essentially one of the simplest ways to function. What works for some customers may not be essentially the most conducive possibility for others. Whereas older members might desire telephone chats, millennials desire texting. Manufacturers are more and more assembly their prospects the place they’re to construct loyalty packages with greater penetration.
Easyrewardz has understood that there are conditions the place the client can’t be within the retailer at instances however nonetheless expects to have the in-store expertise. This discovering led to the event of ‘Shopster’, a product that helps manufacturers contact base with their prospects each on-line and offline. Shopster helps reshape conversational commerce by constructing a deeper reference to customers whereas enabling retailers to promote on to prospects from the consolation of their residence.
Creating high-value loyalty propositions
As buyer loyalty packages transition from stale point-based schemes to extra personalised incentives, entrepreneurs are placing on their artistic hats to roll out compelling worth propositions which can be according to their model technique. And these methods are being delivered in seamless and built-in methods.
Know-how is the massive driver in creating buyer connections and Easyrewardz has produced options which allow manufacturers to entry all buyer insights on a single dashboard. ‘Powered by way of a single view of buyer’, Easyrewardz additionally allows the creation of experiential microsites for packages the place prospects can entry all property, handle their profile, and redeem their factors and vouchers in a customized and excessive worth strategy.
Anjum Rastogi is a Loyalty & CRM Evangelist and Chief Advertising and marketing Officer of Easyrewardz.
