11 Updates
Game of Trust: Shopyourworld.com’s Take on Customer Loyalty Programs
Photo Credit: PR.com

Game of Trust: Shopyourworld.com’s Take on Customer Loyalty Programs

Apr 19 2014, 5:42am CDT | by

Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the customer’s attention.

Mumbai, India, April 19, 2014 --(PR.com)-- Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the...

Filed under: news

YouTube Videos

 
 
 

19 weeks ago

Game of Trust: Shopyourworld.com’s Take on Customer Loyalty Programs

Apr 19 2014, 5:42am CDT | by

Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the customer’s attention.

Mumbai, India, April 19, 2014 --(PR.com)-- Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the customer’s attention.

ShopYourWorld believes that in Business, as in all relationships, retaining one another’s interest is the crucial thing. Every business tries to come up with a game plan to lure customers to their court and keep them fenced, lest they are swayed by other distractions. In India, especially, most lap up ‘buy one get one free’ offers and sign up to get the best deals. In fact, every shopaholic out there is hunting down the best in terms of price, quantity, quality and more.

Since a business cannot survive solely on its one-time customers and needs new and returning customers to hold its fort, apart from attractive discounts and special sales, it also needs a loyalty program. Aiming at this, the industry uses strategies like free sample distribution, sign up offers, and free subscription to let new consumers experience the service or products that they have to offer. Once they win their support, they believe that a loyalty retention program can help them build a strong customer base.

The whole concept of loyalty programs can be traced way back to America in 1793 where a merchant gave away copper tokens so his customers could exchange it for goods in his store. Trading stamps, coupons, “With every box of cereal, a new toy” and other marketing gimmicks helped businesses motivate consumers to keep coming back. So what began so simply with trading stamps grew to reach today’s structured rewards programs like Payback which has tie-ups with multiple retailers and chains of stores spread across countries.

With the advent of the internet, all one needs is a number, app or a plastic card that can let one avail the most charming deals. Companies have come up with tiered rewards program where you get upgraded benefits with more purchases or offer high-value privileges and services than competing market players. The aviation sector has proved to be a stellar example of this with its frequent-flyer program enticing customers through flying miles, exclusive lounges and other special perks.

The more personalized an approach to the shopper, the more a company stands to benefit by retaining their interest. Thanks to innovations such as the QR code and mobile apps the retailers get up-to-date information detailing the consumer’s visit, purchase and shopping methods with which they can work on increasing the consumer base, both in terms of behaviour as well as demographics. ShopYourWorld, for instance, offers a Personal Shopper Program that benefits Indian customers and allows them to shop from any online store in the US by merely filling in a custom order form. These kinds of perks are what have great recall value for the customer.

In all this competition, the customer is the winner, if they manage to operate smartly. While companies fight it out with strategic promotions and differentiated product placements, with a mere click, the consumer now has all the data to compare and choose what’s best for them. A simple check-in using an app like FourSquare can establish not just brand loyalty but also win freebies and points. Additionally, big brands/mega stores like Lifestyle and ShopperStop tie up with private banks (Standard Chartered and Citibank respectively) and issue loyalty credit cards that gives discounts, special sales and whatnot. The ones who smartly capitalize on this feature are the Chinese shoppers who go shopping or dining, armed with multiple credit cards. This way, they get to clinch different benefits in different categories, so they don’t lose out on any.

With this kind of an ‘all I want is everything’ attitude, businesses find it exhausting to play their game and get an edge over competition. The reward programs with the most incentives may not be efficient in terms of cost to company. In a connected world, it is easy for a competitor to ape one loyalty program, gloss it over and pass it off as an original. Since most reward programs work over time, there is a huge lack of instant gratification for the consumer that may not be beneficial. It is difficult to evoke an emotional response in consumers in a media-frenzied over-exposed environment. Occasionally, the downfall of one brand may cause the customers to question the merit of fellow brands in the same sector. For instance, the downfall of a famous airline giant had the faith of millions of Indians staggered, as they had painstakingly accumulated many airline miles over the years in the hope of concessions and perks.

Despite the ever expanding market and the fight to stay ahead, companies do realize that ultimately more resources and time are needed to expand one’s customer base than to maintain an existing one. Last year, the Boston Consulting Group’s Center for Consumer and Customer Insight surveyed 25,000 Indian consumers and concluded that “out of India’s 90 million urban Internet users, 40 percent report that their online activities influence what they buy”. So, loyalty programs continue to woo consumers, albeit in smarter ways by establishing multiple points of contact online. For instance, using Social Media, brands now generate a sense of ‘belonging’ and create a ‘following’ with less or no cost at all. Many a time, attention towards many aspects of a website has reached the customer’s eye through social media; this has also proved true for shopyourworld.com. Games, contests, promos are other time-effective ways to keep the customer constantly engaged with the brand. Cross-selling techniques, referral requests, tie-ups and advertising help in expanding and establishing brand popularity, while also educating the consumer. This digital impact is expected to grow fivefold to $150 billion by 2016, which is highly heartening.

Brands are going to increasingly use the internet to constantly keep a conversation going with the customer. However, at the end of the day it is quality in terms of product, service and follow-up that sets the best from the rest by making any brand authentic. Holding the trust of the customer is an uphill task, especially considering how competitive the field is today. The future promises some exciting times with brands aggressively introducing the latest and best loyalty schemes and rewards to excite the consumer. At the end of the day, no matter which age and time one lives in, the old adage that Shopyourworld completely believes in, still seems to rule the roost – “The customer is king.”

Contact Information:
Shopyourworld.com
Abhishek Agarwal
02261325050
Contact via Email
www.shopyourworld.com

Read the full story here: http://www.pr.com/press-release/553318

Press Release Distributed by PR.com

 
Update
11

6 days ago

Genius creates new VP of consumer products role

Aug 26 2014 10:44am CDT | Source: kid screen

Genius Brands International appoints licensing veteran Lloyd Mintz to the newly created role of VP of Consumer Product ...
Source: kid screen   Full article at: kid screen
 

 
Update
9

6 days ago

WPP PR operating profits climb 8.3% in H1 2014

Aug 26 2014 3:06am CDT | Source: pr week

The holding company behind Burson-Marsteller and Finsbury has put its underperformance in PR behind it with a substantial increase in operating profit for the first six mont ...
Source: pr week   Full article at: pr week
 

 
Update
8

1 week ago

Like Netflix for kids, but different

Aug 21 2014 1:56pm CDT | Source: kid screen

Start-up kids VODs can't compete with the likes of Amazon when it comes to money, the amount of content available on YouTube, or the subscriber base of Netflix. So how ...
Source: kid screen   Full article at: kid screen
 

 
Update
7

1 week ago

Crafting up Adventure Time

Aug 21 2014 10:08am CDT | Source: kid screen

Cartoon Network gets crafty and opens up a new licensing category with the first DIY craft book based on its hit toon Adventur ...
Source: kid screen   Full article at: kid screen
 

 
Update
6

2 weeks ago

4 Things Game Designers Can Learn from Classroom Teachers

Aug 18 2014 9:23am CDT | Source: kid screen

Whether or not you are interested in making games specifically for the classroom, spending some time with teachers can teach you plenty about how to be a better game designer. Here's some of what I picked up in just two short days talking with teachers at the annual Games in Education conference. Rea ...
Source: kid screen   Full article at: kid screen
 

 
Update
3

3 weeks ago

eONE grows SO SO Happy

Aug 7 2014 10:16am CDT | Source: kid screen

Entertainment One Licensing (eOne) is continuing to bolster the US licensing program of its teen lifestyle brand SO SO Happy.Read Mor ...
Source: kid screen   Full article at: kid screen
 

 
Update
2

3 weeks ago

McDonald's fights back Islamist boycott threat

Aug 7 2014 9:10am CDT | Source: pr week

In a bid to stem a nationwide boycott and possible attacks on its establishments McDonald's ran a full-page advertisement in a Malaysian daily denyin ...
Source: pr week   Full article at: pr week
 

 
Update
1

3 weeks ago

Wolfblood adds to its pack of licensees

Aug 6 2014 10:16am CDT | Source: kid screen

Bulldog Licensing signs on GB Eye and Titan as licensees for the CBBC show. ...
Source: kid screen   Full article at: kid screen
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/29" rel="author">PR.com</a>
PR.com press-releases.

 

blog comments powered by Disqus

Latest stories

Pakistan protesters break into PTV office
Islamabad, Sep 1 (IANS) Protesters Monday took over the Pakistan Television (PTV) network office here, as a result of which transmission has disrupted in Islamabad.
 
 
Geo News office attacked in Islamabad
Islamabad, Aug 31 (IANS) Pakistan television channel Geo News came under attack early Sunday from a crowd of protestors, gathered in Islamabad, as they attacked the media office with stones.
 
 
British secret service aided Nepal in torture of rebels: Book
London, Aug 31 (IANS) Thomas Bell, a journalist who writes on Nepal for The Economist and other publications, has in his new book, "Kathmandu", accused British secret service MI6 of aiding Nepal authorities in the torture of Maoist rebels during the South Asian country's civil war, a media report said Sunday.
 
 
US reporter requests privacy after release
Washington, Aug 28 (IANS/EFE) The US journalist, who was freed this week by the miltants in Syria after two years in captivity, Wednesday thanked everyone for their efforts to secure his release and asked for privacy to be with his family.
 
 
 

Latest from the Network

'Ukrainian conflict has escalated into war'
Kiev, Sep 1 (IANS) Ukrainian Defence Minister Valeriy Geletey Monday said the conflict in eastern Ukraine between government troops and pro-independence insurgents has escalated into a "war". "A great war came at our...
Read more on Politics Balla
 
IS slogan found on school walls in Saudi Arabia
Riyadh, Sep 1 (IANS) Slogans praising Sunni militant group Islamic State (IS) were found on the walls of some schools in the Saudi Arabia capital following Saudi King Abdullah bin Abdulaziz's call for coordinated...
Read more on Politics Balla
 
Japan to aid connectivity upgrade in northeast India
Tokyo, Sep 1 (IANS) India and Japan Monday decided to strengthen cooperation for improving connectivity and socio-economic development in northeastern states of India. According to an Indian government release issued...
Read more on Politics Balla
 
Words cannot describe Abe's hospitality, says Modi
Tokyo, Sep 1 (IANS) Prime Minister Narendra Modi Monday said he could not describe in words the hospitality he received in Japan, saying it was an indication of Japanese Prime Minister Shinzo Abe's special affection...
Read more on Politics Balla
 
PTI president says political crisis in Pakistan scripted (Roundup)
Islamabad, Sep 1 (IANS) In a clear sign of a revolt brewing within, Pakistan Tehreek-e-Insaf (PTI) president Javed Hashmi Monday claimed that the ongoing political crisis in the country was scripted amidst more clashes...
Read more on Politics Balla
 
Three Ebola cases recorded in Nigeria oil hub
Abuja, Sep 1 (IANS) At least three cases of Ebola virus disease (EVD) have been recorded in Nigeria's oil hub of Port Harcourt, where a fatality was confirmed last week, the country's Minister of Health Onyebuchi...
Read more on Business Balla
 
Blake Shelton and Miranda Lambert reject $1m Vegas offer
Blake Shelton and Miranda Lambert rejected a $1 million deal to perform three shows in Las Vegas. The country couple turned down the offer and tried to negotiate a $1.25 million deal, meaning they would earn $416,000...
Read more on Celebrity Balla
 
Adam Levine splashes out $4.55m on new home
Adam Levine and his wife Behati Prinsloo are set to splash out $4.55 million on their first apartment together. The Maroon 5 frontman and the Victoria's Secret Angel - who tied the knot in July - are said to be in...
Read more on Celebrity Balla
 
Seth Rogen says stolen celebrity photos shouldn't be posted
Seth Rogen has urged people not to post the naked photos stolen from Jennifer Lawrence's phone. The 'Knocked Up' star is disgusted by the leak of explicit images of the Oscar-winning actress and is adamant that what has...
Read more on Celebrity Balla
 
Miley Cyrus: Elvis was the original twerker
Miley Cyrus has claimed Elvis Presley was the original twerker. The 'We Can't Stop' singer has attracted much attention and criticism for her penchant to perform the butt-shaking dance on stage in various flesh-flashing...
Read more on Celebrity Balla