A loyalty program is any initiative by a company to increase and retain its base of existing customers. The popularity of customer loyalty programs has spread to such an extent that they seem almost ubiquitous now in many business verticals and across the world.
The hotel, airline, BFSI and retail industries, particularly, have recognized the immense value of having a repeat purchaser of their products or services.
Traditionally, loyalty programs rewarded customers for their purchases, either through discounts, cash back or points. According to Forbes, with the high rate of mobile and social network adoption, consumers are now also being rewarded for other actions, such as online interactions, in what is being seen as a convergence of loyalty programs, gamification and engagement.
Techmomin It Solutions also helps you take your rewards program online by designing and implementing online modules where your customers can redeem, you can approve the redemptions and the rewards fulfillment updates are uploaded for members to track.