What is Customer Reward Management Software and How Do They Work? How Important Is Loyalty Program Software To Apply Advanced Technologies In These Programs? How It Is Beneficial For Businesses?
Any successful business must stay connected with its existing customers as it’s easy to return them to the business.
A customer reward management software creates a loyalty program to retain existing customers to the business again.
Loyalty programmes are on fleek to increase the possibilities of retaining existing customers. Businesses create loyalty programmes to provide rewards for frequent purchases.
How does a Customer Reward Management Software work?
The software is a tool that tracks customer behaviour after visiting the website or mobile app and purchase. Through their purchasing history, a few reward points being added to their account for a limited period as they can use those on their next purchase.
All the customer loyalties aren’t only rewarded points. Various forms of customer loyalties such as time-limited content, access to uniqueness, or gamification features that come up with several offers, gifts, coupons, free offers, reward points, etc. to influence customers to return and purchase based on the purchasing power of customers.
Customer Behaviour of Customer Loyalty Program:
Rare consulting says on a study that 83% of consumers doing continue their purchasing from the same business or brand for the attractive loyalty program but the rest of potential customer switch their business provider to get better loyalty services from the competitors.
The graph of stats about customer loyalty by using customer rewards management software showing customer engagement:
Retailers face high competition in the market and they prefer to put up transactional loyalty in the form of discount, an extension of exchange or return period, festive or inauguration offers, etc.
The main focus is to make the transaction easier with the rewards. 69% of customers use retail loyalty program and purchase from the same store and 64% of them are agreed that a better customer experience is more meaningful than reward value.
During the pandemic COVID-19, the penetration of retailing online swapped up to 27% within 8 weeks from March 2020-April 2020 in the US and 14% in the middle east region.
Brands upright by the advocacy of their different and objective nature. 76% of consumers love to stick with the brand for the loyalties provided by the brands to build their long-term engagement.
Features of rewards custom software: Customer rewards program software must follow some features to increase retention, engagement, and promotion. The fundamental is invariably from non-buyers to potential buyers and converts into existing buyers by using the best technological features. Most advanced custom software tools use artificial intelligence, business intelligence, or machine learning to boost ROI.
Means of online engagement with a business are mainly on desktop, laptop, tablet or mobile phone. Custom software has featured with the accessibility of all the means to reach a business online. In addition, the loyalty rewards must work on each online transactional platform.
Try to understand with an example: If a customer gets rewards for paying bills online, it must be useful when the user will try to use it during shopping from another app.
Custom reward software must be integrated through API with several content management systems such as Magento, Drupal, WordPress, etc. to avoid any sort of error on installation. In addition, CRM integration along with the custom reward software, advantages for tracking customers behaviour and data.
The most crucial feature for a successful campaign or reward program, is analytics. Its matrices help to track and understand the buyer persona and the behaviour during the buyer’s journey of a customer. Through analytics, a business can target its right prospects or existing customers at the right time. This strategy uplifts the probabilities of sales and generates higher revenue.
Benefits of customer rewards software:
Businesses use customer reward management software tools to set foot on their goals by targeting and retaining the existing customers. The top 5 benefits of using customer rewards or customer loyalty programmes are following:
- Consumer behaviour data:
The software built-in process to gather consumers data assemble from the customer behaviour on their previous purchase history. This data is used to provide loyalties for the customers according to their engagement and product affinity.
- Save money:
It’s 6 times less costly to retain existing customers with the business than engaging new customers. Businesses save money and balance their marketing budget by the re marketing methodology using customer loyalty. In addition, satisfied customers share their experience and recommended for engagement with your business. It’s a good way of organic advertisement and saving money.
- Customer retention and Improve relationship:
As clarify previously that it takes a low price to retain existing customers. Loyalties appealing to existing consumers to set off and continue their buying process from the same brand. It also improves relationships between the business and the consumer.
- Increase traffic and growth:
Improving and increasing loyalty programs according to marketing aspects can increase traffic and sale. If customers can use the loyalty rewards within their reach, shoot up rapid sales the growth of the business.
- Increase sale and generate revenue:
It is beneficial for businesses by increasing 25%-95% of profits only by 5% retention of existing customers. Loyalty programmes must be strategically implemented and well-improved to attract customers to shop frequently.
Engage 360 customer reward solution:
Powered by Microsft Dynamics CRM is a loyalty program platform present by Yegertek to build retail loyalty solutions, digital loyalty program, restaurant loyalty program, and enterprise loyalty program in UAE.
Using Engage 360 rule engine, businesses can be personalise their services to their customers, retain and engage them with the business.
It can provides community-based, participatory omnichannel features to meet a new level of customer engagement.
Yegertek is a Dubai based leading customer loyalty program provider company in UAE, leveraging Engage 360 to help businesses by design, develop and implement the loyalty program and create a high potential customer and generate revenue.
Your interest in searching for the best customer engagement company and loyalty programs in UAE reached you in the right place. Download our Factsheet and contact Yegertek today to reach the highest potential of your business.