Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "The Transformation of Customer Loyalty: A Pan-Industry View" report has been added to ResearchAndMarkets.com's offering.
In a time of uncertainty, brands must ensure that the value proposition provided by their loyalty schemes is firmly aligned with customer needs, priorities and expectations, continuously refined and adapted to withstand disruption and changing market conditions. This report explores how loyalty programmes are evolving across key industries worldwide.
The report offers an insight into the size and shape of the luxury goods industry, highlights buzz topics, emerging trends as well as pressing industry issues, their effects on luxury goods retailing in markets around the world and on the development of consumers' shopping patterns. Forecasts illustrate how the market is set to change and criteria for success. In short, it identifies the opportunity zones within luxury goods industry
Key Findings
Lifestyle loyalty schemes
Creating lifestyle loyalty programmes has become an essential focus for brands across different industries by rewarding actions rather than purchases. They aim to become part of the everyday lives of their consumers, incentivising wellness and wellbeing behaviours, delivering utility as well as innovative but highly personalised benefits. By forming relevant partnerships and delivering more choices for members with the help of these schemes, brands are able to stand out from the crowd and remain relevant.
Elevating value proposition vital more than ever
As consumers become savvier, they seek to gain more added value from their regular purchases and from their membership participation. This is forcing brands to adapt and deliver wide-ranging rewards offerings, more prestigious membership status, enjoyable experiences, and personalised services.
Communities and co-creation in huge demand
Building a brand community as part of the loyalty programmes is imperative for deepening the customer engagement, supporting peer-to-peer interaction and social impact initiatives, creating more lasting relationships with members and ultimately accessing vital feedback and information about the brand's customer base. Brand communities are the perfect platform for product and marketing co-creation with the business, which further entices more innovation as well as loyal and top-spending consumers.
Innovation and technology revive stale legacy structures
In a time of technological disruption and innovation, customer loyalty is changing. Companies are embracing new business models to expand the potential of loyalty schemes, ensure borderless reach and deliver new incentives. With digitalisation extending its reach, using mobile strategies to drive loyalty is essential, and in turn offers a direct connection to the customer.
Why buy this report?
- Get a detailed picture of the Luxury Goods market;
- Pinpoint growth sectors and identify factors driving change;
- Understand the competitive environment, the market's major players and leading brands;
- Use five-year forecasts to assess how the market is predicted to develop.
A selection of companies mentioned in this report includes, but is not limited to:
- BeautyCounter
- Bubble
- YSL Beauty
- Liberty
- General Mills
- Kraft Heinz
- Tim Hortons
- Boba Guys
- Taco Bell
- Accor
- ANA Pocket
- The Fresh Market
- Marks & Spencer
Key Topics Covered
Introduction
- Scope
- Key Takeaways
- Exploring customer loyalty
- Drivers of customer loyalty
- Capitalising on the power of mobile growth
- Experiences high on the agenda for loyalty programmes to help drive added value
- Grocery retail brands: lead the way for global loyalty programmes
- Loyalty programmes more important than ever
- Designing loyalty programmes: key considerations for businesses
- The core principles of effective loyalty programmes
Loyalty in beauty and personal care
- Beauty loyalty programmes are most influential in colour cosmetics and among Millennials
- Fluctuations in subscription box demand and direct selling salesforce are major challenges
- BeautyCounter builds loyalty through ingredient safety positioning, "clean beauty" mission
- Bubble builds loyalty through app frequented by Generation Z and co-creation approach
- Bond over shared ethos, co-create with younger consumers, and build community in beauty
Loyalty in luxury goods
- Elevating customer loyalty through value-driven rewards and exclusivity across luxury
- Leveraging digital platforms for loyalty programmes across luxury is essential
- Building emotional loyalty and nurturing brand advocates is pathway for future consumers
- YSL Beauty: Nurturing exclusivity with NFT loyalty approach to connect better with Gen Z
- Luxury department store Liberty London gives its loyalty members more bang for their buck
- Fusing exclusivity, quality, heritage and storytelling to build a strong strategy in luxury loyalty
Loyalty in apparel and footwear
Loyalty in packaged food
- Digital trends have the potential to reshape loyalty programmes in the food industry
- General Mills opens path to data-driven loyalty programmes
- Kraft Heinz's NFT integration with Oscar Mayer Wiener Whistle
- Enhancing customer engagement through loyalty programmes in the evolving food industry
Loyalty in drinks
- Supporting ubiquitous brands with targeted loyalty programmes, particularly in foodservice
- Coke ON consumer loyalty app helps to kickstart vending growth in Japan
- Drinks brands invest in B2B digital loyalty programmes for traditional and independent retailers
- Tim Hortons extends loyalty programme with new Tims credit card
Loyalty in Drinks
- Drinks programmes to foster both consumer and retailer loyalty
Loyalty in consumer foodservice
- Foodservice programmes must transcend discounts and foster lasting loyalty through experiences
- Boba Guys' reward system adds an element of surprise through mystery boxes
- Taco Bell empowers loyalty members to take part in the design of hot sauce slogans
Loyalty in Consumer Foodservice
- Delivering value aligned with their consumers' needs and wants
Loyalty in travel
- Loyalty ecosystems target growing leisure travel segment
- Accor uses subscriptions to increase loyalty programme participation
- ANA Pocket offers lifestyle ecosystem rewards
- Future travel loyalty programmes will be lifestyle ecosystems
Loyalty in retail
- Loyalty and personalisation, a match made in heaven
- Direct to consumer model makes it easier to achieve maximum personalisation
- The Fresh Market launches Ultimate Loyalty Experience, exploring personalisation
- Marks & Spencer finds new heights by shining the light on Sparks
- Loyalty nirvana is now the ultimate goal for consumers and retailers alike
Loyalty in nicotine
- Loyalty in nicotine is largely a feature of emerging cigarette alternative categories
- Ecigwizard Vape Rewards: Addressing price sensitivity
- BAT's B-Lounge: Rewarding and educating uptake of an emerging category
- Where viable loyalty programmes offer approaches to key industry challenges
Conclusion
- Key Takeaways
- Customer Loyalty: How to win
- Evolution of customer loyalty
- Questions we are asking
For more information about this report visit https://www.researchandmarkets.com/r/p38m2n
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
