Loyalty programs are the new trend in retail, and they're here to stay.
Shopping mall loyalty programs unite different brands and create a common loyalty program with interdependent point earn-and-burn mechanics among shopping mall tenants. Shoppers can earn points when they buy in-store or use services inside the mall – like restaurants, beauty services or entertainment options – and then use these points to redeem partnership rewards or take advantage of joint offers.
In today's hypercompetitive market, it's important for retailers to offer their customers something more than what their competitors are offering. By launching a loyalty program, retailers can create a better shopping experience for their customers and gain an advantage over their rivals.
But what makes a good loyalty program? It all comes down to understanding your customers' needs, building relationships with them over time, and creating an environment that is fun for everyone involved.
What are shopping mall loyalty programs?
A Coalition Loyalty Program is an online or offline program that gives members or customers a way of earning rewards, such as discounts and freebies, for shopping in stores, or for other activities. It is typically associated with a company or brand, to encourage the customer to shop there more often, while the company benefits from the increased customer awareness. More recently, shopping malls have been using loyalty programs to encourage shoppers to spend more time inside the mall, and have been turning retail stores into "destinations" that are part of the mall.
Benefits of shopping mall loyalty programs
Shopping mall loyalty programs allow people to earn points for shopping at different stores in a mall. If you're a frequent customer at a particular store, you'll earn points at a faster rate. In addition to the points, these programs provide a place where customers can consult their point balance and participate in cross-brand events and discounts. It is estimated that businesses spent $14.9 billion on these programs in 2018. They can provide tons of innovative time-saving features that make each visit to the mall worthwhile. They can also provide marketing benefits.
- Understanding and mapping the behavior of today's shoppers
- Customers are impressed with your ability to impress them
- Achieving cost-effective value for occupants
- Increasing sales, revenue, and customer traffic
Understanding and mapping the behavior of today's shoppers
Today's shoppers are not just walking through stores and waiting to be approached by sales people. They are constantly assessing the world around them, whether it be through social media, the newspaper or their mobile phone, to determine what their next purchase will be. This gives retailers a chance to create a unified 360º customer view that creates an accurate picture of the transactions, behaviours and interest of shopping mall shoppers.
Customers are impressed with your ability to impress them
Loyal customers are important to any business, and they are worth it. Loyalty is built by constantly meeting and exceeding customer’s expectations. At the core of customer loyalty is the customer experience. Consulting firms have found that customer satisfaction is the top driver of customer loyalty. In order to create a customer experience that is unforgettable, you must understand your customer. Seeking out their interests, discovering what their needs are and catering to their needs will help you create a shopping experience that your customer will be talking about for a long time to come.
Achieving cost-effective value for occupants
The best way to achieve cost-effective value for your mall is by developing a strong and long-lasting relationship with the mall's stores and brands. Loyalty programs are the fastest, most effective way to grow your store's business, and the best way to build and maintain a positive relationship with them. The following are some of the top tips to help you implement a successful loyalty program.
Increasing sales, revenue, and customer traffic
As a business, it’s important to have a sense of what your customer wants. In order to do that, you should create customer personas and use them to analyze customer behavior. When you have a sense of what your customer wants, you can then create customer journeys. Customer journeys are created to help your business sell more products. As a business owner, you will want to focus your customer journey on making customer purchase as easy and seamless as possible. In order to do that, you should create a loyalty program. Loyalty programs are programs that reward customers for doing what they were already doing, i.e. purchasing products from your company. Loyalty programs increase customer engagement and improve customer retention rates. They also help you to create a sense of personal connection with your customers.
Loyalty programs at malls should include the following main feature
- Enrolling mall customers should be easy
- Create a user-friendly loyalty app that is branded, modern, and easy to use
- Enhance the shopping experience
- The mall experience should include a comprehensive lineup of favorite brands, restaurants, supermarkets, and entertainment
- Utilize gamification with in-store treasure hunts and cross-brand contests
- Ensure shoppers can earn and burn points in real time, so they can use their points and redeem rewards right away
- Encourage shoppers to return more often and spend more by offering an attractive coalition rewards catalog and joint deals
- You can easily access tenant performance reports, points allocations, rewards redemptions, and returns.
The research report on Global Loyalty Programs market offers a comprehensive study of the key market segments and sub-segments. The report provides a detailed analysis of the current market trends, market size, and growth prospects of the global market.
This report is a valuable source of information for managers, analysts, marketing executives and others who are interested in this market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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