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

Comments

Post a Comment

Popular posts from this blog

Get the right value using restaurants billing software in your restaurant

Managing a restaurant business is frightening. The restaurant’s business operations involve a series of interconnected processes that need to be handled with precision to cater to the best guest experience. The hospitality industry is booming and using technological tools provide hotel industrialists an amazing opportunity to capitalize to the fullest. Most restaurants are already in the game of using this impressive billing software to serve better to their consumers. However, the food service industry is on the verge of a dynamic revolution and expected to display a growth rate of 7.01 CAGR by 2022. Therefore, adoption of technological solutions in the hospitality sector, like restaurant management software, mobile apps, artificial intelligence powered tools and self-service kiosks are recent trends that have grown in modern age restaurants. The utilization of billing software has changed the way cafes, food trucks, pubs, coffee shops, and the hotel operates its busines
Read more

Know more about Cafe POS software

Are you running a café or a coffee shop? Are you struggling to draw your customer’s attention? No worries! You are at the right platform. We are here to help you with some objective facts and figures, and try to understand how the café industry can make the best use of  loyalty software  for impressive growth. The increment in consumption of coffee Do you know, over two out of seven people in the world drinks coffee every day? Even almost 83% of the population of America drinks coffee. Well, the consumption of coffee matters if you want to initiate a loyalty program. However, having a cup of coffee in regular is a habit that is hard to shake off. Therefore, customers like your coffee, they will automatically turn to your loyal customers. Also, if you are offering them some rewards, it will be like icing on the cake. Why is the loyalty program necessary? According to a report mentioned in Technomic’s Bakery & Coffee Cafe, one in third of consumers consider a loyalty
Read more

How to install a POS software in your retail stores?

Image
Retail businesses need to look forward to identifying their point of sale system to make sales effective and efficient. While some retailers allow their customers to order at the cash counter, some take orders from the table only. On a brighter side, some of them automate their customer-operated point-of-sale solutions.  By using POS software, retail businesses can understand their customer profile, interests, preferences, while identifying the POS software which will work for them to generate maximum revenue. If you are too looking for a smart retail stores POS software , doing a thorough research on where you want to install this software in your retail business can be beneficial. Let’s understand the placement of POS – Cash counter – It is a conventional way of putting POS at cash counters, where customers can purchase the products and pay at the same time. Order counter – Products are displayed at the order counter where the salesperson has control ove
Read more