A recent Stocard survey has explored consumer’s perceptions of loyalty programs, uncovering the new ways shoppers would like to earn and burn points.
The current, post-pandemic environment has disrupted the classic loyalty program as an appetite for change grows among consumers. This means reward programs need to be modernised to meet a willingness toward new concepts, especially for younger members looking for new ways to digitally engage with programs. Retailers need to innovate to attract these audiences to their programs as well as their stores.
According to Stocard’s survey, more than half (55%) of Australian consumers want to earn loyalty points for healthy behaviours, for example purchasing fruit and vegetables and 17% for recycling such as buying at a charity shop.
Consumers would like retailers to consider new ways to reward consumers, with 20% saying that they want to earn cash back rewards which are redirected to their super fund and 8% want to earn cryptocurrency.
More broadly, 59% of Australians feel more loyal and connected to the brand as a result of the loyalty programs with more than three quarters (78%) saying they shop more often when they are getting close to earning a reward.
Further, 42% of consumers haven’t thought much about how companies use their data and 34% say that it is invading their privacy, although 24% say it is fine if they get a personalised experience. More than half (55%) say the thing that concerns them most about loyalty programs is whether their data is secure and how it is being used.