Webinar: How Retailers are Using Loyalty Programs to Increase Per-Customer Revenue by 2.4X
Loyalty programs are the #1 Revenue drivers for online retailers. They are one of the most useful strategical tools which help an online seller capture, increase and maintain their share of customers. When customers are loyal to a store, it is just a matter of time when they start contributing to the growing revenues of the business. A business which does not have a loyalty program in place is like having a leaky bucket, running the risk of loss all the time. In fact, Macy, a department store in New York, publicly admitted that loyalty programs were the reason they did well in the third quarter of 2017.
To propagate the usefulness of having loyalty programs and how they can be the #1 revenue drivers for businesses, we organised a webinar – “How Retailers are using Loyalty Programs to increase Per-customer Revenue by 2.4X”.
The webinar was conducted in collaboration with Zinrelo, and we had Mr. Samir Palnitkar, Founder at Zinrelo, as the Webinar speaker. He is a senior entrepreneur and has completed 4 successful start-ups prior to Zinrelo. We also had Mr. Subhajit Goswami, Head of Business Development at InSync Tech-Fin Solutions Ltd. He is a business development enthusiast and has helped many businesses gain better performance.
The webinar was held on 6th December 2017 and the key points of discussion in the webinar were:
- Why Loyalty Programs/Importance of rewarding the customers?
- Constituents of a good loyalty program.
- Setting up a loyalty program.
- Mapping all touchpoints for the customers.
- Case studies
- Customer engagement.
We would like to thank all the attendees for this amazing and helpful Webinar. In case, you have missed the Webinar, you can check out this Webinar Recap Video which we have recorded for you:
Here are some of the Questions and Answers addressed during the webinar:
1. If a Loyalty program is so important, when should a business implement a loyalty program?
To fill your revenue bucket, a loyalty program is so important that ideally a business should have it implemented in place even before they acquire their first customer or sale. However, businesses are so inclined to show their rapid growth to the investors or the stakeholders that they don’t indulge too much in retaining the customers which proves to be a loss for them. As Samir said, the ideal time to implement a loyalty program is even before the first sales happen.
2. Do the points system for loyalty programs have a negative connotation?
As Samir said, point system and loyalty programs are indeed one of the most beneficial way of engaging with the customers – rather than loyalty programs, if the business deals in providing discounts to the customers, they undergo a huge risk of loss and yet don’t acquire any sort of loyalty from the customers. Loyalty programs have a feeling of thanking the customer and has a very positive impact. In fact, t also creates a hook or prospect from the customer for future sales as well – customers get vested with the brand.
3. How much time will it take to implement a loyalty program?
If it’s a website or an online store, it generally takes about 2 weeks to implement completely. However, it can be done sooner if a business is using a pre-integrated cart like Shopify, PrestaShop or Magento. If it is a physical store, it takes an additional 2 weeks to be implemented.
Here is the Webinar SlideShare for you:
Now, you can easily integrate all your business applications viz. ERP, CRM, Ecommerce Store, Marketplace, Shipping and POS Systems under one single platform to automate the business process!
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