Highlights of the week (March Week 1)

Why do customers want reward points above other rewards?

According to recent Insider Intelligence data, nearly 60% of consumers worldwide believe that the points-based rewards program model is the most effective way for them to return to the brand and engage more. According to the report, three-quarters of customers are still concerned about rising prices, prompting many business executives to anticipate consumers to value prices today. As a result, many brands are considering strengthening their businesses by implementing a point-based rewards program. This is because points-based rewards provide numerous benefits. One of the key reasons is that many individuals enjoy the feeling of earning rewards as well as the feeling of redeeming rewards collected in various locations for various items. Rewards programs are also becoming increasingly popular as consumer behavior changes, with many preferring to save as much money as possible while earning value, which point-based schemes can easily offer. The use of reward points typically leads to increased engagement as well because they can be incorporated with a variety of elements, including gamification. Points-based awards are also said to be easier to understand and more user-friendly than other reward program models. In the end, with these benefits, reward points serve as crucial elements with numerous advantages that people currently enjoy and value.?

The Psychology of Subscriptions Rewards Programs for customer retention

The retail environment is dynamic with many trends that tend to come and go in the industry. Among those trends, one in particular has quickly taken the retail world by storm and established itself as a lasting force: a subscription program. In recent years, the number of brands offering subscriptions has increased dramatically, making it a part of people's daily lives. Subscriptions provide businesses with a recurrent touch point with a subscriber rather than depending on a single purchase. The tight relationship fosters collaboration and enables brands to be more personal in their interactions with subscribers. Implementing a subscription rewards program can also increase retention by leveraging the psychology of affiliation and community, providing tangible value and convenience, expanding interaction, and enabling more sophisticated personalization and insights into customer behavior. Brands typically design subscription programs to evoke emotions and improve consumer savings while also making them feel appreciated. The continuing interaction typically fosters a sense of belonging, which has increased their engagement as well as long-term commitment as well. This strategy is also efficient for those who want to drive customer retention, as this model presents a substantial opportunity that brands can leverage to stand out in the competitive market.?

How experience plays a role in reshaping the way a brand provides reward experiences to customers

Many businesses today compete with one another to win people's hearts by demonstrating that they care, and one of the most effective techniques is to offer exclusive experiences. People nowadays are also attempting to strike a balance between their need for rewards and their expectations of convenience, value, and experiences. There is also a change in consumers’ lifestyles in which, any of them are demanding. They expect efficient and intuitive experiences with rapid gratification, which leads to increased competition among rewards program providers. The ongoing transformation in many aspects changes the way brands nowadays give reward experiences to their members. Not only do they provide a simple way to earn and spend points, but many are also beginning to incorporate their program points into the creation of unique events and experiences. Brands that can successfully balance these two are expected to be well-positioned to triumph in the future phase of the global rewards program market.?

Beyond businesses: why are many cities launching their rewards programs worldwide?

In recent years, we've seen an increasing number of cities throughout the world implement reward programs to incentivize beneficial behaviors among their citizens and tourists. From recycling campaigns to public transit usage, these programs provide real incentives for people to participate in activities that benefit both individuals and the community as a whole, while also rewarding them with something in return. What are the causes for this trend's sudden popularity? One of the main reasons is that this program can support sustainable practices in a variety of ways, particularly since many of these cities face greater pressure to address environmental degradation and climate change. With the help of rewards programs, individuals can implement environmentally friendly behavior into their daily lives such as recycling, lowering energy use, and taking public transit. Another reason is that this program can create a feeling of community and benefit the local economy. Cities typically collaborate with local small companies to provide discounts or special promotions, which can assist the city's economic viability and showcase these businesses. Many cities are also creating reward programs to gather data that can be used in strategic planning and decision-making. Cities can learn about citizens' preferences, identify areas for improvement, and design future initiatives to better fit their needs by measuring participation rates, demographic trends, and program outcomes.

Despite the topics above, I have compiled a summary from many countries and cities throughout the world on their attitudes toward rewards programs along with the latest news and innovations.?

New strip resort is developed for Las Vegas resort’s members

One of this week's news comes from the newest resort in the Las Vegas Strip, Fontainebleau, which is launching a new rewards program. The resort implemented tier-matching during its first 24 hours of opening back in December and decided to bring it as a strategy to attract new customers from competitors. Points in the program can be easily acquired through a variety of activities and places including casino gaming, restaurants, bars, day and nighttime venues, spas, fitness centers, and Fontainebleaue-owned retail stores. Members of the program can also earn “play points” by playing slot machines and redeem them for slot play credits at approved casinos.? Members can use this reward program to get various prizes and get tailored experiences from the resort. According to the CMO, the new rewards program is all-inclusive and takes use of everything that Fontainebleau Las Vegas has to offer. Higher tiers will provide members with benefits such as dining and spa credits, free self-parking and valet, VIP check-in, priority reservations, and many more. Members of the rewards program can also enhance their level based on their existing tier status at any qualifying competing property on the strip.? The rewards program is gaining popularity since it includes major casino operators on the strip, as well as other downtown and regional programs. This tier-matching offer will likewise go until June and will add something fresh to the competitive scene of the Las Vegas Strip.?

The first-ever cross-border telco rewards program for people in Asia has been announced?

Seven leading Asian operators, including AI, Singtel, Globe, Optus, Taiwan Mobile, and Telkomsel, have joined forces to launch a first-of-its-kind cross-border rewards program aimed at providing more value to eligible customers traveling to Thailand, Singapore, the Philippines, Hong Kong, Australia, Taiwan, or Indonesia, where the operators are based. The programs would allow tourists to earn and use rewards, claim and redeem special offers for transportation, food, goods, and exclusive services, as well as the possibility to enjoy other exclusive benefits when traveling to those nations. They would also be able to get free customer service from their carrier by phone or online from other countries. The service will be gradually carried out in the second part of the year, allowing users to seamlessly access and enjoy unique advantages from their telco apps while traveling. The collaboration is a significant global milestone since it brings together major telecommunications service providers in the Asian region to improve the customer experience across borders. The rewards program is also designed to deliver the maximum experience and exclusive benefits when traveling and using services from these networks in seven countries, which serves as something new.?

This Hispanic food retailer will be more rewarding in 2024

One of the biggest and leading Hispanic food retailers Heritage Grocers recently announced the expansion of their business operation through its rewards program initiatives. The innovative rewards program is designed to provide value and added benefits to customers of Cardenas Market, Heritage Grocers banner company. The rewards program was created as a means for the organization to engage with its local community and express gratitude to its loyal consumers. According to reports, the rewards program will focus on providing personalization to members through data and trends, as well as progressively customizing their offers to meet our consumers' changing buying needs. A mobile app that supports the rewards program can be downloaded from the Apple App Store or Google Play. There are many benefits members can get such as 1 point for every $1 spent, earn and redeem points on all purchases, access to exclusive weekly offers, clip digital coupons, and get advantage of exclusive seasonal offers and promotional discounts. Aside from Heritage Grocers, many retail companies have also begun to build rewards programs as a strategy to attract consumers in a competitive market, particularly since people currently like participating in rewards programs more than before.

The biggest online Poker operator in the world PokerStars expanded into the rewards program industry

PokerStars, the world's largest online poker operator kicked off 2024 by announcing significant changes to how players are rewarded on the platform with a new rewards program. The new PokerStars rewards program has a clear methodology and improves prize distribution for the majority of players. Under the new system, players can earn up to an enhanced rakeback, a major increase over the previous level; weekly challenges are no longer available, under the goal of more clarity and transparency; and two new tiers have been added.? The new PokerStars rewards system is entirely volume-based and completely transparent, allowing individuals to collect reward points every time they play real-money poker, and if they accumulate enough points, they may open chests brimming with gifts. Furthermore, all PokerStars prizes may now be redeemed for cash, making things considerably simpler. Regular gamers are also reported will be rewarded more lavishly and have far greater flexibility with their awards. The good news is that the new rewards program is also operating in many locations on the global "dot-com" or "dot-EU" website, including Canada, South America, and portions of Europe. This effort by PokerStars has gone back to its roots, bringing back the best rewards for the players and creating a fun and rewarding gaming experience.