New data out from Universal Reward Protocol should have merchants, restaurants, and other brands thinking about how to improve their rewards programs. According to the report most (80%) of shoppers throw away loyalty/reward punch cards rather than using them to redemption, and that 50% believe rewards programs are ‘too much work’ for the benefits received.
Data, according to consumers, what what is missing from rewards programs. Just over three-quarters (77%) believe stores that understand their buying behaviors could create more useful loyalty programs, and 57% say they are willing to sharing their data in exchange for better loyalty rewards.
“The findings from the Reward Program Survey show exactly why retailers need to improve the way that they incentivize their customers,” states Yves Benchimol, CEO and co-founder of Univeral Reward Protocol. “Nearly all consumers feel that rewards programs are beneficial, but about half of them still feel that traditional rewards programs are too restricted, and more than half are actually willing to share their data with their favorite stores. This means that retailers are potentially missing out on a big opportunity to better understand their best customers, and we’re looking to fix that through URP. Blockchain will help retailers implement more personalized rewards for their most loyal shoppers, in a way that benefits both their brand and their customers.”
Other interesting findings from the Reward Program Survey include:
▪ 80% of shoppers believe loyalty programs could be a benefit to them
▪ 50% say loyalty programs require too much work to get to the benefit
▪ 73% like promotional notifications from favorite retailers
▪ 46% prefer digital reward programs