Over the years, loyalty marketing programs have helped thousands of brands to boost sales and profits. Traders who realized that the cost of retaining an existing consumer is lesser than attracting newer faces subscribed to loyalty programs of different forms. Decent sales led to good profits. Everyone, the seller and the buyer, is happy with win-win tradeoffs. But, contemporary approach to ‘loyalty marketing’ is grossly different from established practices. Examining the trends and course may help us as to how would ‘loyalty marketing in India’ look like in 5 years from now.
The world of loyalty marketing programs is a continuously evolving one. The proprietary loyalty programs are slowly making way for novel concepts like ‘Crossover Rewards,’ ‘Coalition Loyalty,’ to lead loyalty market. Western markets have migrated to the newer concepts and buyers and sellers have embraced it with both arms. These programs have shown that retaining existing customers and acquiring new clients can be achieved simultaneously.
Techniques like ‘Social Branding’ is slowly making its presence felt. A handful of corporates are veering towards such innovations to score over its competitors, highly improbable happenstance due to democratization of technology. Social Branding promotes conversation between like-minded shoppers on a platform developed by the brand and hence, ensures that flow of ideas continues.
‘The Great Indian Retail Market’ is not a baby anymore. Now, it’s a teen longing to establish a unique identity amidst chaos. Global trends are as critical as domestic monetary policies and India is coupled to global market like never before. Would these innovations lead to another revolution in the retail sector? Let time answer it.