“Static offers aren’t working anymore. Personalization is taking over, and brands need to embrace the idea of developing a living loyalty profile to drive positive experiences and emotional connections.”
Not our words, but that of Adrian Trzaskus of Deloitte, made during a discussion on current customer loyalty industry trends. One way that brands can deliver personalised experiences is through expanded redemption options in loyalty Marketplaces.
Redemption Marketplaces give members the ability to choose from a wide selection of actions: buy rewards, bid or buy experiences, purchase items, donate points, sign up for a subscription, enter a contest, upgrade or maintain a tier, transfer or pool points, answer polls or surveys etc.
All of these redemption opportunities/actions give the Marketplace owner significant sources of data for personalization purposes.
If a Points program member answers a Poll giving their favourite sports team name (‘preference personalization’), the Marketplace will place that specific teams products on the front page whenever the member browses the Marketplace.
If the same Member has a habit of looking at the donation pages (‘behavioral personalization’) the Marketplace can present donation offers on the marketplace pages OR in various triggered emails.
If another Member has bid or purchased certain items in the past (‘transactional personalization’) the Marketplace can present similar offers on the marketplace pages OR in various triggered emails. This highly personalised approach allows customers to redeem points for products and experiences relevant to their individual interests and needs.
Marketplaces also enable easy integration of new redemption partners, making it simple for brands to regularly refresh options to align with emerging customer preferences.
Partners provide the tech
To power expanded redemption Marketplaces, brands are partnering with technology providers who can offer robust redemption solutions. As Oliver Page from Deloitte notes, brands are shifting away from owning all their own technology and instead leveraging partners to gain the personalization capabilities needed to thrive. Loyalty Marketplaces that drive true personalization, require advanced integration, inventory management and tracking to operate smoothly. Partnering with expert platforms enables seamless execution.
Plug-in and play
Suppliers like Commerce Dynamics offer turnkey marketplace solutions to handle the complexities of running a personalised, dynamic redemption program. Our technology handles integrations, provides scalability, and applies data insights to optimize highly specific offers to specific Members. This allows brands to focus on core business operations while delivering a personalised loyalty experience.
Keep up with customer expectations
As loyalty programs become more integral to overall brand experiences, redemption Marketplaces will continue evolving as a key strategy. The personalization, choice and integration capabilities offered by Marketplaces align perfectly with the industry trends highlighted in Deloitte’s report.
Partnership with specialised technology providers like Commerce Dynamics will be crucial for brands seeking to stay ahead of customer expectations. Create a trusted digital ecosystem that offers everything your customers are looking for with Commerce Dynamics end-to-end Marketplace platform, OpenCanvas.
