Customer retention is one of the vital factors that has a long lasting impact on business growth, and this is why companies are conceptualizing and deploying various customer loyalty programmers to drive customer engagement and stickiness.
Customer retention strategies are evolving, as the focus moves from brick and mortar shops to e-commerce. Strategies are moving away from free shipping, coupons, gift cards, and shop discounts. World over, the e-commerce industry has witnessed a major breakthrough in the last five years. This is because increasing internet penetration, aggressive marketing strategies coupled with safe and secure payment modes have played a significant role in the booming –e-commerce sector.
Because it is easy to do business with just an online click, online retailers (and even physical businesses that maintain an online presence) are going all out to woo the customers from their competitors. To do so makes it imperative to have a well-formulated customer relationship programme to attract loyal customers for repeat purchases.
Customer loyalty programmes leading to customer retention is one of the key factors that impacts business growth, and a successful loyalty programme will ensure that businesses acquire new customers and keep them for longer periods while engaging and rewarding existing customers.
Loyalty Wallet is one of the core drivers of a universal and unified reward ecommerce world and is introducing Arawcoins as a unifying and universally accepted means/medium of exchange/reward.
Any customer getting value from a brand becomes a repeat client at that store, accumulating loyalty points and earning loyalty rewards in the form of Arawcoins. The beauty and ingenuity of Arawcoins is that it is a digital coin that focuses on valuable, digital-based rewards system that outperforms traditional rewards programmes.
Customers will be more engaged with businesses’ loyalty programmes and acquire better rewards for their consumption. This digital coin will serve as the medium of exchange in the rewards system, and customers can earn the coin when making purchases at participating merchants. Arawcoin is then returned to merchants when customers redeem available rewards.
When customers earn Arawcoins, they can then use it in more ways than traditional customer loyalty programmes offer. Customers can use the points earned from one merchant to acquire rewards from other merchants within the LoyaltyWallet system. This thus allows customers to do business across several industries without restriction.
Loyalty Wallet is partnering with businesses and merchants across the UK, the US and other countries to support this omnichannel idea of customer loyalty enabled e-commerce world. These businesses and merchants will support the issuance of ArawCoins to replace their conventional points systems. These businesses will also enable the use of Arawcoins earned from an alliance participant on other merchants in the partnership.
This allows for a wider scope of usage for Arawcoins, a more satisfying customer experience, and an inducement for customers to stay loyal with the brands that are part of The Loyalty Wallet Alliance.
The benefits to acquiring Arawcoins whether as customers or as participating businesses in the Loyalty program are endless. It has the unique ability to facilitate peer to peer payment; facilitate micro payments between customers and merchants; and can be used by virtually everyone from around the world, and does not require any special qualifications for use. Thus, it boosts the growth of the global digital rewards industry.
Loyalty Wallet will also reduce costs because a unified customer reward system based on blockchain technology will bring about trade-off cost savings in customer acquisition system, management, and transactions. It will help businesses reduce system management costs with smart contracts that report secure, transparent, and tracked transactions to legacy systems, thereby reducing costs that are typically associated with errors and fraud.
Loyalty Wallet will also be providing and enabling a frictionless loyalty reward system. While businesses and loyalty providers decide the basic parameters of how a customer might use his or her rewards, that customer’s ability to access and manage such rewards is practically frictionless.
What more, we are making the process of customer loyalty real-time, because transactions can be recorded and accessed by all involved parties in real time, and this significantly increases the chance for participating businesses to cut through coordination inertia to credit points faster.
The way forward for any customer loyalty programme to work is to create it as a decentralized e-commerce ecosystem on the Blockchain, and this is what Loyalty Wallet is doing. Customers and brands can interact without restrictions in a reliable, trustworthy and mutually beneficial manner.
Customers’ expectations are daily changing and increasing when it comes to interactions with businesses. Because smartphones and tablets are now the focal point rather than laptops and PCs, Loyalty Wallet is also bringing the competitive edge through its design as an Open Enterprise API Platform. Because of this, the Loyalty Wallet Platform is fully flexible, scalable and secure.
Using Loyalty Wallet’s decentralized e-commerce marketplace also allows users to get access to and enjoy the best offers and rewards possible. Apart from using the points earned from one merchant to acquire rewards from other merchants within the LoyaltyWallet system, users also have access to information about nearby deals and nearby offers, which they can capitalize on by grabbing deals (at a discount and at the same time earning ArawCoins) and/or check in from the Loyalty platform app for every of their visits to a shop.
Customers also have access to information about nearby businesses offering deals, discounts and loyalty points.
Not only do customers benefit in terms of loyalty rewards, businesses also gain through higher sales, customer retention and stronger brand loyalty.
Shop/business owners use the business app and have easy access to information about who checked in to their businesses from the app and can assign points based on how much such customers purchased from their businesses.
The Loyalty Wallet platform provides a win-win situation for all participating businesses and customers, and is the future of e-commerce and customer loyalty made available now.