Eighty-one percent of members of retail loyalty programs don't know the benefits of their programs, or how or when they will receive rewards, finds Edgell study
RANDOLPH, New Jersey
December 19, 2012
– Retailers have historically emphasized monetary rewards for repeat customers, but now loyalty programs need to be used to build gratifying personal relationships with customers, according to a new research study from Edgell Knowledge Network (EKN). "State of the Industry Research Series: Customer Loyalty in Retail" provides a review of the retail industry's loyalty programs, changing consumer behavior and retailers' expansion into new channels.
The report surveyed 60+ retailers to benchmark the current state of loyalty programs in the retail industry. Results from these surveys and interviews with retail executives lead to findings that while customers are enrolled in a growing number of loyalty programs, they are not truly loyal to any one retailer. Some of the highlights from the report include:
The report also includes a Loyalty Assessment Program and Customer Segmentation Framework in addition to recommendations on how to encourage more effective customer engagement.
About Edgell Knowledge Network
Edgell Knowledge Network (www.eknresearch.com) is a research and content service that was built based on feedback and advice from retail executives. Part of the Edgell Communications family, Edgell Knowledge Network (EKN) is a subscription-based portal that provides retailers with access to the site's powerful decision-support and data analysis tools, allowing them to leverage EKN's industry-leading database of original research, user-generated vendor indexes and market trends. EKN also lets members share insights and real-world experiences through ongoing peer forums, both virtual and in person.
Retail technology vendors can participate in EKN through a limited number of sponsorships that are available. For information, please contact Ana Weinand at firstname.lastname@example.org or (904) 619-2681.