Marketplaces provide the technology and features to deliver next-level “earn and burn” experiences consumers crave.
Consumer appetite for better points redemption (PwP) options continues to rise. A recent survey by The Wise Marketer found 84% of US shoppers are interested in using loyalty points as a form of payment if given the choice.
Simply put, PwP allows consumers to save money by offsetting purchases with earned rewards currency. This is especially valuable for everyday spending categories like grocery, retail, dining and gas.
Creating flexible PwP journeys with Marketplaces
Providing seamless PwP capabilities poses technology and operational challenges for brands. This is where Redemption Marketplaces come in – key capabilities empowered by Marketplaces include:
- Auctions & Bidding: Members use points to bid on products in real-time auctions. Bidding fosters engagement and gives control over ‘price’.
- Contests/Sweepstakes: Enter points for chances to win high-demand rewards (goodies like – concert tickets, VIP experiences, luxury items) for an added excitement factor.
- Fixed Pricing: Members directly exchange points for set item prices – this is the simplest form of PwP.
- Group Buy: Pool points with others to unlock group pricing on big rewards – this helps create and foster a community.
- Subscription: Members’ Points can be regularly deducted in return for a monthly/quarterly/yearly item or experience.
These options move PwP far beyond basic (boring!) redemption models. When combined, the above options empower full versatility in creating interactive redemption paths personalized to evolving member needs and interests.
Your Points Members can engage with a Redemption Marketplace in so many powerful ways!
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