According to a nationwide study funded by Citi Retail Services, more than two-thirds of average Americans who participate in loyalty rewards program expect to save money through their redemptions, especially during the holiday season.
The survey also found that 86% of customers say that they are more loyal to brands that offer “loyalty programs”.
“In a world where everyone is talking about immediate gratification and flash sales, customers are taking proactive means to plan out their spending and stretch their budgets in a strategic way. We found that two-thirds of consumers join a rewards program even if it did not result in instant savings,”
Leslie McNamara, Managing Director, Business and Market Development for Citi Retail Services.
Customers nowadays want to know their shopping options by researching their purchases and even joining rewards programs to save money.
Some buyers may deal with specific retailers or even apply for any payment options that will help them save more money during the holiday season.
According to McNamara, at least 72% of rewards users think they’re smarter holiday shoppers compared to their peers and at least 67% of shoppers said they’ve already done some extra measures to earn or redeem loyalty rewards.
Loyalty Rewards are a Big Deal to Everyone
At least eight in every ten consumers belong to at least one rewards program across the country. 83% of Millennials are fond of rewards programs, with Generation X closely follows at 73%.
According to the study, there are even some shoppers who have taken extra steps to maximize their rewards points.
Studies show that some shoppers are purchasing items to make sure that they’re getting more bonus rewards in return, 42% of shoppers buy in bulk while 25% of them shop at late times just to get the promo.
For small businesses, to add loyalty program may require purchasing an extension to their eCommerce platform or using a service like Swell Rewards which integrates with many shopping platforms.
It may be too late to add these program for the holiday season, but a loyalty or rewards program should be something you add to your To-Do list for 2018.
How do you feel about loyalty rewards programs? Comment down below and share your experiences with us.
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