From insight to action: Creating unique loyalty experiences in retail

From insight to action: Creating unique loyalty experiences in retail

In a cost-of-living crisis where consumers need to scrutinize the value they get from every purchase, loyalty has never been so important, especially in retail. Retailers today are increasingly relying on data to develop effective loyalty programs and deliver personalised shopping experiences for their customers. Our In-depth research from OSF Digital shows that over 80% of retailers intend to invest in loyalty over the next two years, so the race to compete for customer loyalty is on.

The research shows that a staggering 64% of retail loyalty schemes are still free to consumers, which is music to the ears of hard-pressed shoppers but just where will investment make the most impact? By leveraging first-party data, retailers can create distinct and memorable experiences that meet individual customers’ needs and preferences, such as bespoke recommendations, targeted promotions, and exclusive access to promotions and products.

• How can businesses best collect and analyse first-party data to gain insights into customers’ behaviours and preferences?
• What are some key metrics retailers can use to measure the effectiveness of their loyalty program and the impact of their data strategy on customer loyalty and retention?
• How can businesses ensure they are collecting and using customer data in a transparent and ethical way, while still delivering value to their customers?