Loyalty programs for SMEs are undergoing a long overdue upgrade. Gone are the days of your grandpa’s punch cards that get forgotten at home collecting dust in the top drawer. Even standalone loyalty apps are being abandoned; customers aren’t interested in downloading another app just to log a stamp towards a free coffee. Yet loyalty remains one of the most powerful tools for customer acquisition, retention, and referral.
Enter: The digital loyalty card for wallets
All your loyalty cards, stored in your phone, popping up to scan for gains when you’re ready to pay, seamlessly integrating into your natural buying habits. It’s super convenient for customers which means they actually want to use it, and businesses love it too.
Why should SMEs care?
- Happy customers, happy business: When your customers feel valued, they’re far more likely to keep coming back for more.
- Data-driven decisions: Digital wallets give you a goldmine of information about your customers. You can use this to optimise your marketing strategies and product offerings.
- Boosting sales: A well-crafted loyalty program encourages customers to spend more and more often.
- Building brand loyalty: By rewarding your customers, you’re building a loyal following which leads to a stronger reputation and referrals for your business.
But how great are the returns, really?
By implementing a well-designed wallet-based loyalty program, SMEs can significantly improve their bottom line. The ease and seamlessness leads to 2X more new customers from online ads to offline business with coupons and vouchers. Wallets are seeing a 25-30% increase in usage rate compared to 5-7% for traditional loyalty programs. Done right, over time you can expect to double your customer retention rate, increase average order value by 30% and turbo charge your online reputation with authentic reviews.
