Loyalty Programs Fall Short of Consumer Expectations, Says Clarus
Two-thirds of consumers in traditional retail loyalty programs aren’t satisfied with them, and 40% aren’t interested in joining one due to a lack of perceived value, blogged Clarus Commerce Friday. COVID-19 has accelerated the need for retailers to differentiate, Clarus…
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said, citing a McKinsey study saying 35% of U.S. consumers tried a new brand since the start of the pandemic, and 77% have engaged in new shopping behaviors. Two-thirds of consumers said their loyalty is harder for retailers to secure at a time when large retailers are stepping up efforts to launch premium programs. Best Buy is testing a $199 annual program in 60 stores (see 2105270052), offering exclusive member pricing, unlimited Geek Squad tech support, two-year warranties, free delivery on all products and free installation on most products and appliances, said CEO Corie Barry on a call last week. Walmart is offering a 15-day free trial to its latest loyalty program, Walmart+, a $98 annual plan that offers free shipping with no order minimum, a 5-cents-per-gallon discount on gasoline, and the ability to check out by phone in store.