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Research And Markets, an e-commerce retailer of market research, has published the “Gamification and Other Strategies for Merchants to Enhance Customer Loyalty” report on its website. The report, as its name suggests, explores how brands can enhance loyalty by offering gamification. It also discusses, among other things, the relationship between loyalty program structure and customer participation, different loyalty program features, and kinds of loyalty programs used in different industries.
According to the report, most studies find that merchants spend at least five times more to gain a new customer than to keep an existing one. Further, higher customer retention typically leads to greater business profits. The report assesses different types of customer loyalty programs and discusses key success factors.
Getting shoppers to keep coming back is critical for both brick-and-mortar stores and e-commerce in the retail world. Because consumers can choose from a variety of competing brands, engaging loyalty programs are often a differentiating factor encouraging continued patronage. Gamification can help loyalty programs stand out.
Highlights of the report include:
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