Are you a retailer or small business that is looking for fresh and innovative ways to attract new customers while increasing your revenue? Loyalty programs are a great way for businesses to gain repeated business, gather useful data and analytics, and boost the customer experience. As more retailers and small businesses step up the way they connect and engage with their customers, it’s important to take note of the latest statistics regarding loyalty programs.
Here are 12 of the latest statistics for loyalty programs for 2017:
- 89% of customers are currently enrolled in a reward/loyalty program.
- 71% of customers choose to sign up for a loyalty program to receive money off purchases while 63% join to receive free products.
- 52% of customers enrolled in a loyalty program would not want to pay a membership fee.
- 74% of Baby Boomers, 58% of Gen X, and 41% of Millennials declared they would be persuaded to shop with a business if they had a loyalty program.
- The two main reasons customers drop out of a loyalty program are the program did not offer rewards that were of interest (56%) or it was too challenging to earn points towards rewards.
- 77% of customers said mobile offers have a positive impact when it comes to loyalty rewards.
- 40% of retailers have a loyalty app.
- 58% of businesses using a loyalty program have noticed an increase in customer satisfaction within the past 12 months.
- 68% of customers expect to receive loyalty points for shopping in-stores and during returning visits.
- 67% of women compared to 64% of men feel that rewards are worth paying for.
- 78% of customers wish they could redeem their points more easily, while 72% want better access to online rewards.
- 21% of customers are more persuaded to re-visit a business that offer a more personalized digital experience compared to those that do not.
Loyalty programs are a great feature for both retailers and small businesses to build a loyal base of shoppers and customize the shopping experience. By becoming familiar with the latest statistics on loyalty programs and what they can offer, retailers and small businesses can boost their overall sales and improve relationships with their customers.