Rewarding Loyalty - An Age-old Concept


Businessmen and merchants have been using Customer Loyalty Programs from ages.

Their shapes and forms have changed, but loyalty programs seem to hold a great deal of importance for a business, still.

Here are a few loyalty reward practices that were followed in the olden days. They still find application in business today to retain customers.

Allowing credit period

Merchants were known to offer credit to their trusted and important customers. Customers who stayed associated with a vendor for long were allowed a credit period of a fortnight or more, depending upon the relationship of the merchant and customer.

Giving finance options

This worked well for merchants selling expensive items. Merchants allowed customers to pay in installments and charged a nominal rate of interest. This helped customers purchase expensive products and helped develop goodwill for a continued business relation.

In those days, at times, even a credit collateral was requested from customers by merchants.

Financing options like installment payment options are still widely used by offline and online merchants. The collateral is replaced with collection of customers’ credit or debit card details.

Giving discounted price

Merchants offered discounts to their loyal customers. This made loyal customers feel special, and kept them loyal to the merchant, as they couldn't get the same price elsewhere for the same quality of products.

Offering bulk discount

Merchants also offered discount on bulk purchases to customers. This helped loyal customers get higher benefit for higher quantities.

Offering complementary products at discounted prices

Complementary products were offered at low prices to increase the basket size of customers.

Gifts and rewards

Merchants got exotic gifts from far-away lands to offer to their loyal customers. This made them feel special and connected with the merchant for continued business.

Such Customer Loyalty Programs still hold true today, and are used in different forms and shapes by offline and online businesses through sophisticated loyalty software solutions like Loyera.

The way business is done might have changed over time, but what keeps customers motivated and loyal seems to have the same scent of the past.

Location: United States

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