As studies show that "68% of Millennials will remain loyal to a program that offers them the most," flexible reward systems that extend themselves to a number of different establishments are the way to go. Online Danish beauty retailer Matas, for example, partners with more than 15 other businesses -- from shopping platforms to cinema -- in order to bring the best possible loyalty system to its consumers. It allows shoppers to earn points not only when they are purchasing beauty products but also when they are engaging with Matas' partners.
This flexible reward program does not only boost customer satisfaction and return rate by allowing a more efficient and industry-wide approach to point earning. It also grants partnering businesses with exposure, brand awareness and more sales for all establishments involved.
Partnering Business Loyalty Programs
Beauty E-Retailer Matas Boasts a Flexible Reward System
Trend Themes
1. Flexible Reward Systems - Flexible reward systems that extend themselves to a number of different establishments are the way to go, as they boost customer satisfaction and return rate and enable a more efficient and industry-wide approach to point earning.
2. Partnerships with Multiple Businesses - Partnering with multiple businesses, like Matas does, allows for increased exposure, brand awareness, and more sales for all establishments involved.
3. Expanded Customer Engagement - Engaging with partners, beyond just purchasing beauty products, allows customers to earn points and fosters a deeper level of customer engagement.
Industry Implications
1. Beauty E-retail - Beauty e-retail companies like Matas can benefit from partnering with other businesses to offer a more comprehensive loyalty program, boosting customer satisfaction and expanding sales.
2. Shopping Platforms - Partnering with beauty retailers like Matas for loyalty programs offers shopping platforms the opportunity to attract and retain more customers by providing additional value.
3. Cinema Industry - By partnering with beauty retailers like Matas for loyalty programs, cinema businesses can increase customer loyalty and drive more foot traffic to their theaters.