Retailer Loyalty Programs - US - July 2015
"While loyalty memberships for retail are likely to increase through 2018, many consumers are beginning to feel fatigue from the sheer number of loyalty accounts they have. For market segments experiencing growth, digital and multichannel engagement has become key to ensuring that loyalty promotions remain relevant. Struggling segments need to evaluate their programs more closely and ensure that the value offered matches consumer demand."
- Bryant Harland, Technology Analyst
This report discusses the following key issues:
- Total loyalty memberships are set to grow
- Average number of loyalty memberships increasing
- Loyalty programs dramatically impact shopping behavior
Loyalty memberships will continue growing at comparable rates to historical trends through 2018. The majority of segments are poised for increases, including loyalty memberships for specialty retailers, department stores, mass merchandisers, and drug stores. Fuel and grocery loyalty memberships are expected to stagnate or decline through the forecast period. The former is hampered by competition from financial services loyalty programs, while grocery stores have had to closely monitor the cost and value their loyalty programs provide – in cases like Safeway, these programs have been discontinued.
Loyalty programs clearly have the potential to drive changes in consumers’ shopping behavior. However, it is becoming increasingly difficult to differentiate one program from another. Loyalty participants are highly receptive to personalized offers and promotions, suggesting that the future success of these initiatives will be depend on retailers’ ability to build hyper-relevant incentives into their loyalty initiatives.
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