The importance of customer loyalty has grown in a time of disruption and rising uncertainty. A central place is taken by consumer-centric strategies, retention efforts and the need to provide added value to loyalty scheme members. One-size-fits all is no longer relevant a tactic, replaced by decentralised and multidimensional ecosystems, which establish an emotional connection with customers and embrace personalised segmentation, with a positive customer experience aided by innovative technologi
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Customer loyalty is ripe for disruption in a time of digital transformation, which requires new integrated ecosystems to be established across the whole customer journey and channels of operation, ie digital, social and mobile, alongside traditional retail platforms.
Establishing a balance between emotional and transactional loyalty schemes can help boost retention, encourage referrals, and build trust and brand reputation as customer loyalty evolves.
Shifting business models require customer loyalty schemes to be very adaptive and multidimensional, combining price-based benefits with emotional experiences and continuous interaction with loyalty members. These can combine tiered, points-based, partnered, decentralised powered by blockchain, and game-based features in order to provide more flexibility and relevance to different customer segments.
Decentralised platforms, which combine blockchain technology and NFTs, can deliver value for all participants or established brand communities, alongside new channels to redeem loyalty rewards with digital assets, supported by exclusive personalised benefits and enticing experiences.
Eco-conscious behaviour and sustainable consumption take central place among consumers, who are favouring customer-centric green experiences. Loyalty programmes which reflect environmental credentials will acquire, engage and retain customers at scale.
Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.
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