What are the experts, surveys and latest research reports saying about small business and consumer trends? Welcome to our monthly roundup of research small businesses can use to do business better.
Perceptions of Loyalty
- Most consumers plan on maintaining their level of loyalty program participation, as 76% reported planning to make no changes in 2017, 12% expected they’d participate more, and 12% said it was likely they’ll participate less. Colloquy/LoyaltyOne
- 77% of consumers surveyed said they retract their loyalty more quickly than they did three years ago. Accenture
- 68% of consumers expect loyalty points for visit frequency and spending time in store. Capgemini’s Digital Transformation Institute
- In order for a loyalty program to be attractive enough to join, 73% of consumers said rewards must be relevant, 68% said rewards must be easy to redeem, and 55% said the program must be easy to understand and use. Oracle Hospitality
Loyalty & Technology
- Only 7% of retailers are currently offering mobile loyalty programs. Boston Retail Partners
- However, 33% of consumers say they use their smartphones to sign up for a rewards program after making a purchase on their smartphone. Nielsen
- 43% of customers are willing to share personal data with a retailer, with 61% of those doing so in exchange for loyalty program points and rewards. Retail Dive
Program Personalization Preferences
- 21% of shoppers are more likely to engage in repeat purchases from brands that personalize their digital experience, and 17% are more loyal to brands that do personalize. Episerver
- In response, 34% of retailers offer personalized, customized rewards based on customer loyalty. Boston Retail Partners
Clover is sold by leading U.S. banks including Bank of America, BBVA, Citi, PNC, SunTrust and Wells Fargo. You’ll also find Clover at our trusted partners including CardConnect, Restaurant Depot, and Sam’s Club. For more information, visit us at clover.com.