Welcome to our weekly roundup of articles, news, and insights about customer loyalty, retention, and rewards programs. Today we're looking into a recent report from Criteo that shares the two main reasons shoppers have stopped buying from a brand they were once loyal to. Other highlights of today's roundup include how companies that give loyal consumers stock are seeing great success, why dynamic loyalty programs that lead with mobile-first might have stronger impact than those that don't and and what retailers should consider when revamping their business model with subscription-based offering.
"Seventy-three percent of US consumers are open to considering a new brand in at least one shopping category, according to a report from Criteo sent to Business Insider Intelligence. This doesn't mean that consumers are constantly looking to abandon the brands they're loyal to, but it does suggest brands are always at risk of losing customers."
"...there is a new loyalty incentive strategy emerging—one that benefits both members and the brands they love, because the incentive itself creates a symbiotic bond between the two. What is this mutually rewarding strategy? Simply put, it’s offering equity in the company."
"Personalization has become a key tool to keeping customers happy — from customizable items in your favorite webstore to personal discounts from your favorite brand in your inbox. However, as a growing number of shoppers look for their next purchase on their smartphones, retailers need to go beyond simply taking their businesses online"
"...there’s no argument that subscription retail remains one of the industry’s most compelling growth areas. Its opportunities are only now being tapped, and its problems — mostly concerning customer retention — are just now being reckoned with."
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