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

 
 
 

27 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

15 hours ago

From the mag: Hasbro ratchets up user-generated licensing efforts

Oct 27 2014 10:54am CDT | Source: kid screen

From spinning fan-fiction to 3D printing, Hasbro has met with success in letting fans dabble in product creation.Read ...
Source: kid screen   Full article at: kid screen
 

 
Update
10

5 days ago

Mega Bloks welcomes Minions

Oct 22 2014 10:20am CDT | Source: kid screen

Mattel-owned Mega Brands teams up with Universal Partnerships & Licensing to launch Despicable Me building sets this holiday seaso ...
Source: kid screen   Full article at: kid screen
 

 
Update
9

6 days ago

Bulldog Licensing adds Shopkins to its basket

Oct 21 2014 10:49am CDT | Source: kid screen

Bulldog will target back to school, publishing, apparel and plush for the initial licensing program based on the popular grocery-themed collectibles line from Moose Toys.Read Mo ...
Source: kid screen   Full article at: kid screen
 

 
Update
8

1 week ago

Me, Mum & Myself comes to TV with m4e

Oct 20 2014 10:08am CDT | Source: kid screen

m4e AG has inked an option deal with Atlantyca IP Agency for the TV and licensing rights for the comedy-mystery book series Me, Mum & Mystery, written by Lucia Vaccarin.R ...
Source: kid screen   Full article at: kid screen
 

 
Update
7

1 week ago

Kidscreened

Oct 17 2014 10:36am CDT | Source: kid screen

Canucks plan to do more online shopping this holiday season (Canadian Business) Netflix's 4K/UHD price hike mistake (Forbes) The five-year plan for DC Comics to take on Marvel (Businessweek) Amazon.ca dominates online shopping in Canada (Fin ...
Source: kid screen   Full article at: kid screen
 

 
Update
6

2 weeks ago

A shot at redemption for the children of Disney’s most memorable villains

Oct 10 2014 10:39am CDT | Source: kid screen

Descendants aims to be the Disney Channel biggest original movie production since High School Musical. Licensing opportunities are up for grabs.R ...
Source: kid screen   Full article at: kid screen
 

 
Update
4

2 weeks ago

Stanfield’s goes streaking

Oct 10 2014 9:21am CDT | Source: Strategy Online

The Guy at Home in His Underwear now wants consumers to run in their skivvies to raise money for th ...
Source: Strategy Online  Full article at: Strategy Online
 

 
Update
3

2 weeks ago

Sweet deal of the week

Oct 9 2014 1:48pm CDT | Source: kid screen

It's sweet news for TV networks: Candy Crush maker King Digital Entertainment spending more money on television ads ...
Source: kid screen   Full article at: kid screen
 

 
Update
2

2 weeks ago

Octonauts resurfaces to sign US licensing agent

Oct 9 2014 11:00am CDT | Source: kid screen

The underwater adventure preschool series from Silvergate signs Licensing Street to develop a secondary licensing program in the US. Re ...
Source: kid screen   Full article at: kid screen
 

 
Update
1

2 weeks ago

PlayKids recharges kids content with new pick-ups

Oct 9 2014 10:41am CDT | Source: kid screen

PlayKids could very well be the little content engine that could. The video distribution app from Movile, Latin America’s largest mobile content platform, is proving that smaller services can take on giants like Netflix or Amazon. According to app analytics database App Annie, PlayKids is currently t ...
Source: kid screen   Full article at: kid screen
 

 
 

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

 

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

 
 
 

27 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

15 hours ago

From the mag: Hasbro ratchets up user-generated licensing efforts

Oct 27 2014 10:54am CDT | Source: kid screen

From spinning fan-fiction to 3D printing, Hasbro has met with success in letting fans dabble in product creation.Read ...
Source: kid screen   Full article at: kid screen
 

 
Update
10

5 days ago

Mega Bloks welcomes Minions

Oct 22 2014 10:20am CDT | Source: kid screen

Mattel-owned Mega Brands teams up with Universal Partnerships & Licensing to launch Despicable Me building sets this holiday seaso ...
Source: kid screen   Full article at: kid screen
 

 
Update
9

6 days ago

Bulldog Licensing adds Shopkins to its basket

Oct 21 2014 10:49am CDT | Source: kid screen

Bulldog will target back to school, publishing, apparel and plush for the initial licensing program based on the popular grocery-themed collectibles line from Moose Toys.Read Mo ...
Source: kid screen   Full article at: kid screen
 

 
Update
8

1 week ago

Me, Mum & Myself comes to TV with m4e

Oct 20 2014 10:08am CDT | Source: kid screen

m4e AG has inked an option deal with Atlantyca IP Agency for the TV and licensing rights for the comedy-mystery book series Me, Mum & Mystery, written by Lucia Vaccarin.R ...
Source: kid screen   Full article at: kid screen
 

 
Update
7

1 week ago

Kidscreened

Oct 17 2014 10:36am CDT | Source: kid screen

Canucks plan to do more online shopping this holiday season (Canadian Business) Netflix's 4K/UHD price hike mistake (Forbes) The five-year plan for DC Comics to take on Marvel (Businessweek) Amazon.ca dominates online shopping in Canada (Fin ...
Source: kid screen   Full article at: kid screen
 

 
Update
6

2 weeks ago

A shot at redemption for the children of Disney’s most memorable villains

Oct 10 2014 10:39am CDT | Source: kid screen

Descendants aims to be the Disney Channel biggest original movie production since High School Musical. Licensing opportunities are up for grabs.R ...
Source: kid screen   Full article at: kid screen
 

 
Update
4

2 weeks ago

Stanfield’s goes streaking

Oct 10 2014 9:21am CDT | Source: Strategy Online

The Guy at Home in His Underwear now wants consumers to run in their skivvies to raise money for th ...
Source: Strategy Online  Full article at: Strategy Online
 

 
Update
3

2 weeks ago

Sweet deal of the week

Oct 9 2014 1:48pm CDT | Source: kid screen

It's sweet news for TV networks: Candy Crush maker King Digital Entertainment spending more money on television ads ...
Source: kid screen   Full article at: kid screen
 

 
Update
2

2 weeks ago

Octonauts resurfaces to sign US licensing agent

Oct 9 2014 11:00am CDT | Source: kid screen

The underwater adventure preschool series from Silvergate signs Licensing Street to develop a secondary licensing program in the US. Re ...
Source: kid screen   Full article at: kid screen
 

 
Update
1

2 weeks ago

PlayKids recharges kids content with new pick-ups

Oct 9 2014 10:41am CDT | Source: kid screen

PlayKids could very well be the little content engine that could. The video distribution app from Movile, Latin America’s largest mobile content platform, is proving that smaller services can take on giants like Netflix or Amazon. According to app analytics database App Annie, PlayKids is currently t ...
Source: kid screen   Full article at: kid screen
 

 
 

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

 

blog comments powered by Disqus

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