The best loyalty programs evolve to recognize new redemption trends and offer new rewards to keep members engaged. Here are some of the key insights related to B2B loyalty from this informative report:
- Travel rewards are losing their luster as lingering pandemic uncertainty continues, while merchandise rewards remain appealing
- Redemption patterns are currently being influenced by macro-economic trends associated with inflation
- While discounts, cash back and gift cards remain strong options for members in this environment, appealing merchandise works when it has perceived value.
- Pay With Points is emerging as a strong option for redemption in the mind of today’s members. The technique continues to grow in loyalty program member awareness, consideration and usage.
The redemption landscape is definitely changing on multiple fronts and additional “new age” redemption choices like Crypto, NFTs and carbon offsets have quickly emerged (and some submerged again!) but still play a minor role in redemptions.