New examine reveals key traits impacting journey loyalty packages, shifting client habits, and alternatives for manufacturers navigating the brand new worth economic system
NEW ORLEANS, FEBRUARY 6, 2024 – iSeatz, a number one supplier of journey loyalty know-how options for main airline, resort, and monetary providers corporations, launched right now its newest survey report, 2024 Loyalty Traits: The Position of Journey Loyalty Packages within the New Worth Financial system, inspecting the altering dynamics of loyalty packages, client priorities, and the alignment between member expectations and model choices.
Primarily based on a survey performed by iSeatz within the second half of 2023, the report options insights from 151 loyalty program managers and over 2,000 U.S. shoppers, figuring out key themes about loyalty program member wants and loyalty program supervisor priorities and challenges.
The findings underscore the pivotal function of worth, establishing it because the predominant issue shaping client decision-making and a major driver of member engagement with journey loyalty packages. Confronted with constant inflation and rising costs, shoppers more and more flip to their loyalty packages to save cash, with almost half (49%) saying saving cash on journey was what they valued most from their loyalty packages.
Moreover, the report highlights important areas the place client expectations might diverge from present choices, revealing alternatives for airline, resort, and monetary providers loyalty packages to concentrate on enhancing the member expertise by personalization, expanded incomes and redemption choices, and dynamic content material supply.
“The findings in our 2024 Loyalty Traits Report underscore the necessity for manufacturers to adapt to (and align with) shifting client priorities. It isn’t nearly providing rewards; it is about making a seamless, customized, and value-driven loyalty expertise,” says Kenneth Purcell, CEO of iSeatz.
Making a Higher Loyalty Expertise for Elevated Engagement
The 2024 Loyalty Traits: The Position of Journey Loyalty Packages within the New Worth Financial system report reveals 4 key areas that may create a richer and extra personalized loyalty expertise that aligns with members’ priorities: sustainability, way of life rewards, personalization, and the mixing of fintech instruments.
Corporations that spend money on loyalty platforms that present flexibility, configurability, personalization, and various way of life rewards can speed up the maturity of their loyalty packages and capitalize extra successfully on the alternatives offered by the worth economic system.
Different key insights from the 2024 Loyalty Traits report embody:
- Suppliers nonetheless have work to do in delivering what shoppers worth most: Sixty-five p.c of shoppers stated they might interact extra with their loyalty packages if provided higher reductions. Vacationers need a greater deal, and loyalty packages aren’t convincing them they’ll discover it on their platforms.
- Manufacturers profit by aligning with shoppers’ values on sustainability: Greater than half (53%) of shoppers say that the significance of sustainability has elevated considerably over the previous three years. Consequently, 60% of manufacturers noticed diminished churn and elevated retention after implementing sustainability initiatives.
- Youthful generations, significantly Millennials and Gen Z, are extra prepared to spend additional to protect loyalty standing or earn further perks: 29% of Millennials are prepared to spend extra for additional loyalty advantages, in comparison with 8% among the many Silent Era and the 25% survey common.
- Model priorities have shifted in the direction of buyer expertise, retention, and income progress: Practically half (48%) of corporations surveyed plan to speculate extra in engagement capabilities over the following 6-12 months, aligning with their targets to spice up income, retain clients, and foster progress.
- There may be rising demand for know-how companions with loyalty experience: Survey knowledge present a decline in manufacturers creating loyalty packages in-house, dropping from 67% in 2022 to 37% in 2023, reflecting elevated demand for a loyalty associate that may maximize program returns by superior know-how and strategic enhancements.
“Our report serves as a priceless useful resource for manufacturers searching for to optimize their loyalty packages and capitalize on distinctive alternatives within the loyalty market,” added Purcell. “Whether or not it is enhancing person experiences, incorporating sustainability initiatives, or embracing fintech instruments, manufacturers can leverage these findings to tailor their loyalty packages, fostering deeper engagement and lasting relationships with their buyer base.”
For extra details about iSeatz’s 2024 Loyalty Traits report or to talk with Kenneth Purcell, CEO of iSeatz, concerning the survey findings, please contact Vanessa Horwell at email@example.com.