Is it Time for Digital Rewards
Shoppers today are more savvy than ever before. They’re connected 24/7 via mobile devices and have come to expect rewards for their purchases. You can engage shoppers in ways that make sense for their instant-gratification, on-the-go lifestyles by leveraging a digital rewards program.
In a recent article published in Modern Marketing Xchange, our own Jennifer Worley presented trends in digital rewards for consideration in rewards programs.
Here’s a quick excerpt:
There are several types of digital rewards — a broad umbrella term describing things like egifts, virtual rewards, online and mobile-friendly rebates, and other incentives. Consumer preferences for certain types of digital rewards are emerging, and shoppers are becoming increasingly confident about finding and using them.
Digital rewards that complement today’s shoppers’ purchasing habits include:
eGifts: Consumers’ adoption of egifts has risen in the past few years. In 2011 Mercator Advisory Group found that about two percent of the dollars loaded onto gift cards went onto egifts. By 2015, it was nearly ten times that amount. Versatile and convenient, egifts are essentially digital versions of physical gift cards delivered to consumers via email or text.
Virtual Rewards: Different from an egift, virtual rewards can only be spent online — unlike egifts, which can be redeemed in many ways. Though in the past, online-only rewards may have felt limiting, Forrester found 244 million consumers browsed or bought online in 2015. They also predicted that the numbers will rise.
Mobile Wallets: Marketers have been discussing mobile wallets for years. After an initially slow start, they’re finally gaining some traction. Credit and debit cards have led the charge in penetrating mobile wallet integration, but prepaid isn’t far behind. Especially since it can now integrate into several wallets thanks to advancing tokenization technology.