Retailers are increasingly looking for ways to get customers shopping again.
As inflation continues to dig into shoppers' pocketbooks, many are pulling back on unnecessary purchases. To counteract the exodus, retailers are looking to boost their value proposition in the eyes of their customers. Several retailers have recently introduced loyalty programs--or they've enhanced programs they already maintain--to offer customers discounts, cashback-bonuses, and other incentives to get them in stores again, both online and in-person.
On September 12, the Delft, Netherlands-headquartered home goods company IKEA announced that it would add new benefits to its free loyalty program, IKEA Family. In addition to its existing benefits, like occasional sales and free workshops, the loyalty program will now offer customers a five percent discount on eligible in-store purchases. In August, the Reynoldsburg, Ohio-headquartered fragrance and body care company Bath and Body Works launched its free loyalty program, My Bath & Body Works Rewards, nationwide. In addition to benefits like a birthday gift, sneak peeks, and exclusives, the program will also give customers receive a free product valued up to $16.50 with every $100 spend.
Perhaps most notable is Walmart's recent foray into the world of customer loyalty programs. In August, the Bentonville, Arkansas corporation launched Walmart+, a free program that the retailer says will "offer a suite of benefits and services that are additive for [its] members." Those benefits include cashback rewards that can be applied to future purchases. Shoppers can use Walmart+ online or in-store with the help of the Walmart app.
Loyalty programs have become increasingly popular among American shoppers, according to a survey of 2,082 U.S. consumers by the Charlotte, North Carolina-based online lending marketplace LendingTree. The survey, published in July, found that 52 percent of shoppers spend more when they are a member of a loyalty program, and 50 percent of customers say that loyalty programs are "more important than ever," as they face inflationary pressures.
These programs are not limited to big retailers; they can also help smaller businesses to improve customer loyalty and increase sales. While facing cost inflation for her business, Isfahan Chambers Harris, CEO of the Bowie, Maryland company Alodia Hair Care, hopes that a her company's loyalty program--a points-based VIP rewards program--will help customers "get excited" about shopping, she recently told Inc.
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September 13, 2022 at 01:30AM
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Why IKEA, Walmart, and More Are Rolling Out Loyalty Programs--and You Should, Too - Inc.
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