A digital rewards platform is a platform where businesses can give digital rewards to their customers, to help increase their engagement and loyalty to the business. The digital rewards given can range from gift cards, points, or even free items or services. The possibilities are completely endless and depends on what works best for your specific business.
Why do you need a digital rewards platform?
A digital rewards platform is one of the ways a business can adapt to this digital era. It is completely different from conventional rewards marketing where physical rewards such as vouchers or coupons are used. Physical rewards lack versatility, convenience, and can be misplaced, torn, or lost.
A digital rewards platform also maximizes customer retention. It gives customers a reason to be loyal, and loyal customers are good news to any business, as they spend up to 67% more than new customers! It even opens the door to referral, as customers can be given rewards for sharing about your business to a friend.
What can you do with a digital rewards platform?
Imagine what your business can achieve with a digital rewards platform! It’s not just useful to nurture loyalty in your customers, but to anyone your business is involved with.
If your business has...
- Distributors all over the country, hundreds or thousands of kilometers apart, you can easily reward them when they achieve their target.
- Many branches or thousands of employees, you can reward them instantly on their birthday / working anniversary.
- Many clients located all over the country, you can reward the VIP client group.
What are the benefits of a digital rewards platform?
Although the concept of a digital rewards platform may be completely new for your business, the fact is starting one is not as hard as you may think, especially if you consider the benefits it can give you!
With a digital rewards platform, you can fully personalize the digital rewards you give. You can greet recipients by name and tweak the offers you send based on their purchase habits or even their birthday. This kind of personalized offer is surely more attractive than general physical rewards.
- Greater variety
Physical rewards are more limited when it comes to the choice of what recipients get. For example, after collecting a certain number of stamps, every customer is entitled to get one cup of drink at a coffee shop. However, with a digital rewards platform, you can tailor more options for the customers to redeem their points with.
- Easy to activate and deactivate
If you are giving rewards in the form of items, there may be times when those items are out of stock. With digital rewards, you can instantly deactivate the related offer, so you don’t have to deal with recipients who come a long way to your store just to redeem an out-of-stock item.
- Valuable data insights
When recipients signed up on your digital rewards platform, they will have an account which gives you an accurate picture of who they are, how they purchase from you, and so on. This useful information can help you segment and understand them better, and come up with more targeted rewards marketing campaigns. You can also easily reach out to them to send surveys to gain even more feedback from them.
- Omni-channel redemption
During this pandemic era, recipients do not always have the freedom to visit your physical store and redeem their digital rewards. With a digital rewards platform that is integrated with a delivery system, they can choose whether they want to redeem them in-store or via delivery right to their doorstep.
Are you ready to start your own digital rewards platform? If you are not sure where to start, we are more than happy to help you create one that is best suited for your business. Contact us today to learn more!