This is What Millennials Expect from Their Loyalty Rewards Software Solutions


Millennials are set to become the most influential customer segment in the coming years. As a result, businesses are going all out to cultivate loyalty among a generation which is used to instant gratification and is infamous for being restless. Traditional tactics and strategies might not yield the best results with millennials, and businesses need to keep up. The first step towards the same is understanding what millennials want and expect from a Loyalty Rewards Software solution. Let’s take a look at some trends in the consumer industry regarding the same:
Millennials like Loyalty Programs
A study by Hawk Incentives found that millennials find loyalty programs enticing as they are enrolled in an average of 6.5 loyalty program, which is higher than the overall average. Furthermore, they are also active in more programs as compared to other consumer segments. A notable 82% of millennials admitted that they would be interested in redeeming loyalty rewards points in exchange for a gift card or a prepaid reward card.
Millennials Value Time
Speedy and direct communication regarding orders and offers from the Loyalty Rewards Software solution is the biggest factor that cultivates loyalty of customers from all segments, says a Narvar study. That’s not all! Limited-time offers are one of the most effective ways to engage millennials as over 50% of all millennials said that they are on the lookout for the same, a study undertaken by Coca-Cola noted.
Millennials Are Fiercely Loyal
Although it is hard to win customer loyalty (as 63% of millennial and Gen Z say that a business must show loyalty in order to earn their business), 76% of them give a brand up to two to three chances before they stop shopping. Furthermore, once a customer becomes a loyal customer of a business, 55% of the older millennials, 53% younger millennials and 51% of Gen Z millennials rarely purchase something different. These insights have been a part of a study by Alliance Data.

While a Loyalty Rewards Software solution can help businesses establish a loyal base of returning customers and enhance brand awareness, understanding different types of customers and appealing to them accordingly goes a long way in making the said solution more effective.

How should businesses engage millennials and earn their loyalty? What do you think?
Location: United States

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