Shopping center loyalty programs are a big craze these days. What’s at stake? Revenue, profit, customers, and everything else that makes up a big business Of course, such loyalty programs are beneficial to businesses, but they also offer a lot to customers—ccashbacks, gifts, discounts, etc.—making them integral to a positive customer experience. Here you will have to note one thing: just like the rules of business, customer loyalty programs are also evolving, and technology has become their great enabler, leading to the presence of many digital loyalty apps in the market. As a shopping center owner, you will have to ensure that the customer loyalty program is intertwined with the customer experience because a recent survey has found that more than half of the customers will stop purchasing from a brand after two negative experiences, foregoing brand loyalty. Marketing managers are under pressure to elevate loyalty program ROI and, at the same time, improve customer retention. As a result, they are expanding their loyalty program to incorporate customer behaviors such as referrals and user-generated content. But then again, its success will depend on the right Customer Loyalty Reward program. But are these all worth the effort? Many would say yes! Here we will take you through six benefits of a shopping mall loyalty program.
Six benefits of a loyalty program
Increase revenue:
Customized loyalty and rewards programs are likely to achieve better customer retention, which in turn boosts profit because loyal customers trust your brand, and therefore, in all probability, they will spend more in comparison to a less loyal customer. As we scratch our heads to understand the nuances of loyalty programs, researchers are already on their way, and a recent study has found that a 5% increase in customer retention amounts to anything between a 25% and 90% increase in revenue.
Save money:
Its comparative advantage over other parallel efforts, such as investment in attracting new customers, is significant. Running customer loyalty programs that tend to increase customer retention is far less expensive than other programs that are crafted for acquiring new customers. As we stated earlier, researchers are up to it; a recent study found that acquiring new customers can cost 25% more than retaining existing customers.
Know your customers.
Marketers are leaving no stone unturned to understand their customers. Also, customers these days prefer a personalized experience over a generic one from the company. In order to run their loyalty programs, marketers are trying hard to get a complete profile of their customers, which has valuable data. While this data is of utmost importance for running loyalty programs, it also helps in understanding your customers and providing a tailored experience to win their hearts through the best loyalty apps.
Send out warm feelings.
Customer loyalty programs through shopping mall apps use various tactics to win customers; one of them is ‘surprise and delight. Such programs create warm feelings in the customers’ hearts about your brand. An example is wishing customers on their birthdays; will it not really warm up your customers for you? They will appreciate you and establish an emotional connection with your brand.
Improve communication
Communication mediums such as emails, calls, and WhatsApp are the backbone of shopping mall loyalty programs. If you run a successful loyalty program, you are bound to have a strong grip on customers through various communication mediums. These are really helpful. They can help you exchange information, which can provide a more targeted approach towards customers.
Attract new customers.
A shopping center loyalty rewards program has one more important benefit: it attracts new customers who visit the mall but don’t purchase from your tenants. How does it work? It usually promises heavy discounts or rewards on new signups, leading customers to head towards you. There is another way your loyal customers are likely to refer your shopping center to their acquaintances, leading to new customers in your basket. Either way, loyalty programs help attract new customers.
OKEN SaaS platform
Understanding the importance of shopping center loyalty programs, WovVTech, a business productivity software company, has launched OKEN, a SaaS platform that can power a mobile app. An app can be easily configured, designed, and launched in just 3 to 4 weeks. Shopping malls can use them to run and manage loyalty programs for their shopping centers and also provide positive customer experiences. Let me tell you some key features of this software:
- One app to manage all the brands within your shopping mall
- Helps you manage offers and loyalty for customers.
- You can even conduct surveys and collect feedback.
- Fully capable of guiding you for indoor navigation.
- It has a smart car parking facility.
- Sends digital copies of bills to customers on purchase.
- Your visitor can even upload a bill manually to avail reward points.
- Share shopping mall offers and event details.
Conclusion
Shopping malls have become a melting pot of shopping, dining, playing, using certain services, watching movies & just hanging out. Shopping mall owners don’t want to miss this opportunity to convert these mall visitors into loyal customers, so they are doling out rewards for anyone who is ready to turn in. In this blog, I have mentioned six benefits of customer loyalty programs for shopping center owners. Towards the end of the blog, I have also introduced you to OKEN Mall App, a loyalty program management app and the best amongst loyalty tools.
