In the omnichannel retail environment, where digital and physical channels are interconnected, the consumer is spoilt for choice with where, how and with whom they shop. And their expectations across these channels continue to rise.
This has made securing customer loyalty significantly more challenging for retailers. Market competition is intense, and even a single bad experience can be enough to push regular shoppers towards competitors.
In order to cultivate customer longevity in this highly competitive environment, the retail loyalty market has exploded. In fact, market research forecasts that loyalty management spend will surpass $4.5 billion by 2021, according to ABI research.
But while investment is increasing, many retailers are finding their loyalty schemes are more effective in nurturing customer retention and spend online than ….