Millennials as they are rightly called or generation ‘Y’ so to say; expect a more personalised and evolved approach from brands they interact with in their day-to-day life. Given they are fast paced, lazy to do hard work, have short engagement span, lose interest quickly, love speed and expect the world to be handed over to them, they are equally impressed with the companies and programs that echo the same synergy.
So in order to cater to the needs of the millennials more effectively, retailers today are tailoring loyalty programs to best match the demands and have a satisfied consumer at the end of the day.
According to a survey:
- 37% of millennials prefer discounts as their chosen choice of reward.
- 30% prefer receiving points for $ spent.
- 20% preferred points for number of visits respectively.
- 70% of 20-34 year old’s would be up for changing where they buy things from if there is a better rewards system.
- Consume information from all sorts of social media channels like Facebook (88%), Youtube (83%) and Instagram (50%).
- 62% report that brand engagement is more likely to make them a loyal customer
However, if we summarise the stats and pointers, here is what they expect:
- The term “points” is losing its effectiveness for the new e-commerce businesses and programs are based on missions and rewards and game mechanics, which appeal more to a consumer and engages him better.
- Segmentation: Loyalty programs can no longer function on a broader perspective, they have to work upon targeting life stages, lifestyles and interests of varied segments of the society and cater what they want.
- Consumers look for visual appeal: A loyalty rewards programs that’s more visual than being text heavy is likely to gain more attention and traction.
- Consumers look for more one-on-one interactions with the brand: Users are looking for a much more frequent interaction with the brand where they can address their likes and dislikes openly and feel heard. Therefore, brands today are putting more effort in creating contact points with their users more so via social media.
- Instant rewards are gaining significance: Customers are looking for instant gratification and want to be rewarded with a benefit then and there. So they hook up with a programs that promise and allow consumers to reap benefits quickly.
- Mobile: As experience and convenience are now the key factors for a loyalty program to be successful, platforms like mobile wallets have become more critical.
With millennials accounting for an ever larger percentage of consumer spending, expect to see more pay-to-play loyalty programs. Till then, here is a quick and easy to use #LoyaltyMobileWalletApp that has been designed for people like you who love speed and want everything on the tap of their finger. So install #LoyaltyPassportApp today and store, track and manage over 1750+ memberships on one tap. Download Now for Android https://goo.gl/zGoG6m Apple https://goo.gl/9bHO7L