How Any Convenience Stores Can Grow Their Loyalty Programs?
To their credit, C-Stores have started paying much more attention to various loyalty programs. Approximately 89 percent of American people visited a Convenience Store in the previous six months, according to a study on C-Store Shoppers.
42.5 percent of the 89 percent of consumers surveyed said they were members of C-Store reward programs. Now, the latter figure has increased by 6% during 2017, indicating that interest in various store loyalty programs is growing.
According to marketing information regarding Loyalty Marketing Trends particularly for Convenience Stores acquired in 2020, there are 3.8 billion participants in successful retail loyalty programs among Americans.
Today, establishing tailored, choice-driven programs, which will meet and surpass consumers’ ever-higher expectations is the key to effective retail loyalty programs.
Retailers must weigh the financial costs against enhanced consumer loyalty and further purchases, whether it be through a point system, cash back, discounts, or members-only coupons.
Additionally, technology-based loyalty programs have increased access to more customer preference data as compared to ever before.
Customers’ engagement is increased by the ability of shops to provide them with individualized, tailored rewards, offers, and also experiences. It provides the customer the impression that shops know them, are quite interested in their choices, and are providing what they prefer and need even much before they are aware of it, similar to how Amazon and Netflix do.
Are convenient stores leveraging loyalty?
Retail loyalty programs are being used by several C-Stores to build personal relationships with their customers. Consumers are consistently retained via C-Store loyalty programs, and these customers increase the ROI for C-Stores. Retail loyalty programs also help businesses attract new clients and give existing clients the most perks possible.
By ensuring that the customer experience will be taken into account at every customer touch point, you can build client loyalty from the very day one. This covers interactions before, during, and also after the sale. You can always make sure that every consumer has a satisfying experience even if you do not initially establish a loyalty program.
According to the shopper’s report of a convenience store:
- A Convenience-Store loyalty program is in place in the vast majority (73 percent) of convenience stores. Out of this, about 73%, the vast majority of convenience stores indicate that their programs were running for more than 1 year, with many running for more than 5.
- In comparison to non-members, C-Store reward program members spend an average of $11.17 on every visit, which is a spending increase of 29%!
- Declining business visits and attracting new customers are two of the owners of C-Stores’ top concerns. In addition, 42% of respondents said their largest challenge is training staff to explain retail loyalty programs to customers.
- Other challenges faced by C-Store owners include keeping up with the technology and the rate of change (55 percent), preferring a certain mobile app for tracking or redeeming (52 percent), and concerns over consumer fraud (43 percent).
Currently, only 72% of C-Stores in operation in the US collect user information. The companies who acquire client information don’t fully exploit it.
