360° Coverage : Game of Trust: Shopyourworld.com’s Take on Customer Loyalty...

11 Updates
Game of Trust: Shopyourworld.com’s Take on Customer Loyalty Programs
Photo Credit: PR.com

Game of Trust: Shopyourworld.com’s Take on Customer Loyalty Programs

Apr 19 2014, 5:42am CDT | by

Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the customer’s attention.

Mumbai, India, April 19, 2014 --(PR.com)-- Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the...

Filed under: news

YouTube Videos

 
 
 

27 weeks ago

Game of Trust: Shopyourworld.com’s Take on Customer Loyalty Programs

Apr 19 2014, 5:42am CDT | by

Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the customer’s attention.

Mumbai, India, April 19, 2014 --(PR.com)-- Shopyourworld.com, one of India’s novel e-commerce portals dealing with cross-border trade, analyses the many ways the retail industry tries to hold the customer’s attention.

ShopYourWorld believes that in Business, as in all relationships, retaining one another’s interest is the crucial thing. Every business tries to come up with a game plan to lure customers to their court and keep them fenced, lest they are swayed by other distractions. In India, especially, most lap up ‘buy one get one free’ offers and sign up to get the best deals. In fact, every shopaholic out there is hunting down the best in terms of price, quantity, quality and more.

Since a business cannot survive solely on its one-time customers and needs new and returning customers to hold its fort, apart from attractive discounts and special sales, it also needs a loyalty program. Aiming at this, the industry uses strategies like free sample distribution, sign up offers, and free subscription to let new consumers experience the service or products that they have to offer. Once they win their support, they believe that a loyalty retention program can help them build a strong customer base.

The whole concept of loyalty programs can be traced way back to America in 1793 where a merchant gave away copper tokens so his customers could exchange it for goods in his store. Trading stamps, coupons, “With every box of cereal, a new toy” and other marketing gimmicks helped businesses motivate consumers to keep coming back. So what began so simply with trading stamps grew to reach today’s structured rewards programs like Payback which has tie-ups with multiple retailers and chains of stores spread across countries.

With the advent of the internet, all one needs is a number, app or a plastic card that can let one avail the most charming deals. Companies have come up with tiered rewards program where you get upgraded benefits with more purchases or offer high-value privileges and services than competing market players. The aviation sector has proved to be a stellar example of this with its frequent-flyer program enticing customers through flying miles, exclusive lounges and other special perks.

The more personalized an approach to the shopper, the more a company stands to benefit by retaining their interest. Thanks to innovations such as the QR code and mobile apps the retailers get up-to-date information detailing the consumer’s visit, purchase and shopping methods with which they can work on increasing the consumer base, both in terms of behaviour as well as demographics. ShopYourWorld, for instance, offers a Personal Shopper Program that benefits Indian customers and allows them to shop from any online store in the US by merely filling in a custom order form. These kinds of perks are what have great recall value for the customer.

In all this competition, the customer is the winner, if they manage to operate smartly. While companies fight it out with strategic promotions and differentiated product placements, with a mere click, the consumer now has all the data to compare and choose what’s best for them. A simple check-in using an app like FourSquare can establish not just brand loyalty but also win freebies and points. Additionally, big brands/mega stores like Lifestyle and ShopperStop tie up with private banks (Standard Chartered and Citibank respectively) and issue loyalty credit cards that gives discounts, special sales and whatnot. The ones who smartly capitalize on this feature are the Chinese shoppers who go shopping or dining, armed with multiple credit cards. This way, they get to clinch different benefits in different categories, so they don’t lose out on any.

With this kind of an ‘all I want is everything’ attitude, businesses find it exhausting to play their game and get an edge over competition. The reward programs with the most incentives may not be efficient in terms of cost to company. In a connected world, it is easy for a competitor to ape one loyalty program, gloss it over and pass it off as an original. Since most reward programs work over time, there is a huge lack of instant gratification for the consumer that may not be beneficial. It is difficult to evoke an emotional response in consumers in a media-frenzied over-exposed environment. Occasionally, the downfall of one brand may cause the customers to question the merit of fellow brands in the same sector. For instance, the downfall of a famous airline giant had the faith of millions of Indians staggered, as they had painstakingly accumulated many airline miles over the years in the hope of concessions and perks.

Despite the ever expanding market and the fight to stay ahead, companies do realize that ultimately more resources and time are needed to expand one’s customer base than to maintain an existing one. Last year, the Boston Consulting Group’s Center for Consumer and Customer Insight surveyed 25,000 Indian consumers and concluded that “out of India’s 90 million urban Internet users, 40 percent report that their online activities influence what they buy”. So, loyalty programs continue to woo consumers, albeit in smarter ways by establishing multiple points of contact online. For instance, using Social Media, brands now generate a sense of ‘belonging’ and create a ‘following’ with less or no cost at all. Many a time, attention towards many aspects of a website has reached the customer’s eye through social media; this has also proved true for shopyourworld.com. Games, contests, promos are other time-effective ways to keep the customer constantly engaged with the brand. Cross-selling techniques, referral requests, tie-ups and advertising help in expanding and establishing brand popularity, while also educating the consumer. This digital impact is expected to grow fivefold to $150 billion by 2016, which is highly heartening.

Brands are going to increasingly use the internet to constantly keep a conversation going with the customer. However, at the end of the day it is quality in terms of product, service and follow-up that sets the best from the rest by making any brand authentic. Holding the trust of the customer is an uphill task, especially considering how competitive the field is today. The future promises some exciting times with brands aggressively introducing the latest and best loyalty schemes and rewards to excite the consumer. At the end of the day, no matter which age and time one lives in, the old adage that Shopyourworld completely believes in, still seems to rule the roost – “The customer is king.”

Contact Information:
Shopyourworld.com
Abhishek Agarwal
02261325050
Contact via Email
www.shopyourworld.com

Read the full story here: http://www.pr.com/press-release/553318

Press Release Distributed by PR.com

 
Update
11

13 minutes ago

Senator Questions Wasteful Spending During Unaccompanied Minors Influx

Oct 30 2014 6:27pm CDT | Source: The Daily Caller

'It’s disturbing that HHS is funding such expensive facilities ...
Source: The Daily Caller   Full article at: The Daily Caller
 

 
Update
10

26 minutes ago

Big gain in Visa drives Dow average higher

Oct 30 2014 6:14pm CDT | Source: Mercury News

Solid quarterly results from a range of big companies helped send the stock market slightly higher Thursday. The standout was Visa, whose 10 percent jump helped tug the Dow Jones industrial ave ...
Source: Mercury News   Full article at: Mercury News
 

 
Update
9

1 hour ago

Traders eye oil earnings, consumer data clues

Oct 30 2014 5:34pm CDT | Source: CNBC

Earnings from Exxon and Chevron, and data on consumer spending, income and inflation are highlights ahead of Frid ...
Source: CNBC   Full article at: CNBC
 

 
Update
8

1 hour ago

MarketWatch First Take: LinkedIn roller coaster on outlook

Oct 30 2014 5:08pm CDT | Source: MarketWatch

LinkedIn shares take a wile ride after the company’s fourth-quarter revenue outlook comes in a bit lighter than expected, with increased hiring and spending, but investors calm down after realizing the company might once again be low-balling. They also may have liked the price h ...
Source: MarketWatch   Full article at: MarketWatch
 

 
Update
7

1 hour ago

Is It A Commodity Bare Metal Storage World?

Oct 30 2014 5:04pm CDT | Source: Forbes Real Time

NetApp indicated that this creates the capability of Cloud Brokering, where a customer can shift their compute layer between competing providers in a given data center and even multi-cloud brokering, between data centers. This is an interesting model and if this works, could offer customers even more ways to control their IT spending. So, is this a commodity bare metal storage world? Well maybe not all of it, but customers are certainly getting more options for monitoring and controll ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
5

1 hour ago

Booming with Purpose finalist uses commercial real estate experience to help nonprofits

Oct 30 2014 4:53pm CDT | Source: Business Journal of Phoenix

Editor's note: This is the second of five articles looking at the finalists of the Booming with Purpose contest. Joe Brown spent his entire career working in commercial real estate. He always believed in helping others, he even studied to be a priest at one point, but he did not think his two passions would cross. "Never in a million years did I feel that any charitable organization would have opportunities for a commercial real estate property manager," Bro ...
Source: Business Journal of Phoenix   Full article at: Business Journal of Phoenix
 

 
Update
4

1 hour ago

Game 7 Of World Series A TV Ratings Hit For FOX, Keeps 2014 From Lowest-Watched

Oct 30 2014 4:41pm CDT | Source: Forbes Real Time

Here's television ratings details for each game in the 2014 Wo ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
3

2 hours ago

Groupon Reports a Solid Third Quarter, but Outlook Disappoints

Oct 30 2014 4:35pm CDT | Source: Fool.com

Groupon's third-quarter results exceeded analysts' projections, but its outlook is underwhelmi ...
Source: Fool.com   Full article at: Fool.com
 

 
Update
2

2 hours ago

Outside Groups Spending Huge Money On Colorado Senate Race

Oct 30 2014 4:25pm CDT | Source: The Daily Caller

Dems are still throwing money at tiresome 'war on w ...
Source: The Daily Caller   Full article at: The Daily Caller
 

 
Update
1

2 hours ago

Local investor snags third building in Sunnvyale

Oct 30 2014 3:55pm CDT | Source: San Jose Business Journal

A local real estate investor who also runs a tech company is assembling a tidy little portfolio in the South Bay. Rani Properties LLC paid $3.51 million, or $195 per square foot, in recent weeks for an 18,000-square-foot industrial building at 1276 Hammerwood Ave. in Sunnyvale. The new owner plans to occupy about half the building with its business, Paciwave, which makes microwave components for military applications, the medical industry and tele ...
Source: San Jose Business Journal   Full article at: San Jose Business Journal
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/29" rel="author">PR.com</a>
PR.com press-releases.

 

blog comments powered by Disqus

Latest stories

Syria ensures medicine supplies for chronic diseases
Damascus, Oct 31 (IANS) Despite the nearly four-year crisis and the suffocating economic sanctions against Syria, the health sector in war-torn country is still able to secure medicines for the chronic diseases free of charge, health officials said Thursday.
 
 
China's aid to fight Ebola arrives in Ghana
Accra, Oct 30 (IANS) Chinese medical supplies and equipment to aid Ghana's fight against the outbreak of the deadly Ebola Viral Disease arrived at the Kotoka International Airport in Accra late Wednesday night.
 
 
EU lifts decade-long economic sanctions on Zimbabwe
Harare, Oct 30 (IANS) The European Union (EU) has lifted its decade-long economic sanctions on Zimbabwe in a move that will see the trading bloc extending 234 million Euros (about 300 million dollars) to support programmess in the country.
 
 
World Bank pledges more funds for Ebola flight in West Africa
Accra, Oct 30 (IANS) The World Bank announced Thursday an additional $100-million support package in its Ebola response activities for three West African countries ravaged by the epidemic.
 
 
 

Latest from the Network

11 held for digging women's graves for 'ghost marriages'
Beijing, Oct 30 (IANS/EFE) Chinese police have arrested 11 people for allegedly digging up dead women's bodies from their graves to sell them for rituals known as "ghost marriages", Hong Kong's South China Morning Post...
Read more on Politics Balla
 
Argentina's Congress passes energy-overhaul bill
Buenos Aires, Oct 30 (IANS/EFE) Argentina's lower house of Congress, controlled by President Cristina Fernandez's allies, gave final approval Thursday for a new Hydrocarbons Law that was harshly criticised by...
Read more on Politics Balla
 
UN chief seeks help against female genital mutilation
Nairobi, Oct 30 (IANS/EFE) UN Secretary General Ban Ki-Moon called on the media Thursday to speak out and help put an end "within this generation" to Female Genital Mutilation (FGM), a practice suffered by 130 million...
Read more on Celebrity Balla
 
Over 9,000 kg marijuana seized in Tanzania
Arusha (Tanzania), Oct 30 (IANS) Tanzanian police Thursday said they have seized 9,102 kg of marijuana in an ongoing crackdown operation in northern part of the country. The seizure follows an operation carried out in...
Read more on Politics Balla
 
China's aid to fight Ebola arrives in Ghana
Accra, Oct 30 (IANS) Chinese medical supplies and equipment to aid Ghana's fight against the outbreak of the deadly Ebola Viral Disease arrived at the Kotoka International Airport in Accra late Wednesday night. The...
Read more on Business Balla
 
US 'deeply concerned' about Burkina Faso situation
Washington, Oct 30 (IANS) The US is "deeply concerned" about the deteriorating situation in Burkina Faso resulting from efforts to amend the constitution, the White House said Thursday. "We believe democratic...
Read more on Politics Balla
 
Israeli PM calls for halt to incitement
Jerusalem, Oct 30 (IANS) The world must end its silence and condemn "Palestinian incitement" that fuels violence in Jerusalem, Israeli Prime Minister Benjamin Netanyahu said Thursday, hours after a Palestinian gunman...
Read more on Politics Balla
 
Mozambique's ruling party wins general elections
Maputo, Oct 30 (IANS) Mozambique's electoral authorities Thursday announced Filipe Nyusi, the candidate of the ruling Frelimo party, as elected the fourth president in general elections since the country gained...
Read more on Politics Balla
 
EU lifts decade-long economic sanctions on Zimbabwe
Harare, Oct 30 (IANS) The European Union (EU) has lifted its decade-long economic sanctions on Zimbabwe in a move that will see the trading bloc extending 234 million Euros (about 300 million dollars) to support...
Read more on Politics Balla
 
Chris Hemsworth wants to raise kids in Australia
Chris Hemsworth wants to raise his children in Australia. The 'Avengers' actor is keen to return to his home country with wife Elsa Pataky and their kids India, two, and twins Tristan and Sasha, seven months, after...
Read more on Celebrity Balla